After years of hard work and breaking barriers,Asian Americanshave become one of thefastest-growing ethnic or racial groups in the U.S. and amassed a spending power surpassing $1 trillion.
Only several years ago, Asian Americans were seen as a “disparate community of immigrants,” but more recently, there has been a rise in the “Asian consciousness.” Rather than being separated by cultural nuances, the Asian American community stands in solidarity, celebrating our differences which have resulted in the formation of a strong cultural identity.
Breaking the Bamboo Ceiling in the Entertainment Industry
Asian Americans are rising in almost every industry. Most recently, they have done particularly well in media and entertainment. For decades, Asian Americans have been stereotyped and put into a box. However, before the current global pandemic, the Asian community reached record-breaking heights in the States. Notably, the historical Oscar wins of “Parasite” and the success of “Crazy Rich Asians,” “The Farewell,” “Mira, Royal Detective,” “Always Be My Maybe,” and more.
The Asian American Population Has Grown by 90% Since 2000
We represent the fastest-growing ethnic or racial group in the U.S., growing by 90% since 2000, and 46% in just the past 10 years. To put things into perspective, in the last decade, the total U.S. population grew 8% and non-Hispanic Whites saw a 1% decline in their population. There has been a rapid increase in U.S.-born Asian Americans, many of whom are becoming more involved in all levels of the political process. During the last presidential election, Asian Americans saw a record increase in new voters, and are projected to show up strong for the 2020 election.
Surpassing the 2019 Projected Buying Power of $1 Trillion
Asain Americans represent the nation’s fastest-growing minority market, commanding an estimated 6.2% of the country’s total buying power, according to theNewswise. For 2022, we are projected to have $1.3 trillion in buying power.
Taking Over Gaming and Esports
By 2023, the global esports revenue is projected to reach $7 billion and Asia has been a driving force in the growing industry, owning the largest gaming company in the world, Tencent. Two of the top 10 highest-paid gamers in the world are Asian American: Evan Fong, known as VanossGaming, and Mark Edward Fischbach, known as Markiplier.
Pacesetters When it Comes to New Digital Platforms
Because Asian Americans are some of the earliest adopters of new technologies, we often help in popularizing these new digital platforms. 82% of Asian Americans subscribe to at least one streaming service, compared to 72% of the total population, and Asian Americans are cutting the cord to traditional TV at a rate almost twice of the total population.
Asian Americans are also supportive of culturally relevant content. With programs such as Ronny Chieng’s Netflix comedy special or an episodic series like “Ugly Delicious,” the community tends to boost content we love on social media which fuels social engagement for Asian American content.
Asian Americans more engaged online all around. We download audio podcasts at a rate that is 69% higher than the general population, and 15% more likely to use social media for our news coverage, going beyond live TV.
Asian Americans are also the first to create a presence on these platforms. Content creators are creating inclusive content by telling culturally specific stories through universal themes. This leads to the formation of movements which have contributed to the success of Asians in Hollywood.
The hardworking creatives in our community, who are telling authentic stories from their lived experience, combined with the support of the Asian American community leads to success as a whole.
The world is finally catching on to our awesomeness.