Do woke movies go broke?

“Go woke, go broke” is a phrase that has been frequently uttered in recent years. But is it true?

The answer is: it depends.

A study by film data analyst Stephen Follows, titled Is “Go Woke, Go Broke” True for Movies?, was unveiled at the 2025 Zurich Film Summit last month.

Follows consults for Guinness World Records, is the author of The Horror Movie Report, and his work has been featured in The New York Times, The Guardian, The Times, and Newsweek. He has taught at the National Film & Television School, NYU, and Met Film School, and was both a consultant and on-air contributor for BBC Radio 4’s The Business of Film.

Follows examined more than 10,000 films, 4 million audience reviews, and detailed profitability estimates to determine whether representation, diversity, or progressive themes correlate with commercial failure. The conclusion? Inclusive or identity-driven storytelling doesn’t make films unprofitable. Rather, poor execution does.