Movies written by women make more money, yet budgets go to male filmmakers

Movies written by women generate substantially higher median profits and returns on investment (ROI) than male-only productions, yet female filmmakers remain heavily underrepresented, particularly in big-budget projects

A study has revealed a significant disconnect between financial performance and capital allocation in the film industry.

The comprehensive 30-year study published in Frontiers in Communication highlights a structural “capital allocation puzzle,” where studio greenlighting practices continue to favour male creators despite data showing higher financial efficiency from women screenwriters.

Key financial findings: The profitability gap

Analysing a financial subset of over 4,200 movies released between 1994 and 2023, the study compared production budgets, worldwide gross revenues, and ROIs across different gender configurations in writing and directing roles:

1. Higher median profits for female screenwriters:

   • Films written (but not directed) by women generated a median profit of approximately $35.9 million, 34% higher than the $26.8 million median profit of male-only productions operating on comparable budgets.

2. Superior capital efficiency (ROI):

   • Films with female screenwriters achieved an average ROI of 1.1 (a 25% advantage over the 0.88 ROI of male-only films). Movies featuring women in both directing and screenwriting roles achieved ROIs equivalent to male-only films while operating on just half the production budget.

3. Outperformance in high-budget tiers:

   • Within the top 1% of production budgets, the few films featuring female screenwriters yielded a median profit about $113 million higher than male-only films. Similar outperformance was observed in the top 5% (+$86 million median profit) and top 10% (+$134 million median profit) budget brackets.

Persistent disparities in budget and representation

Despite superior financial metrics, gender representation and budget distribution remain heavily skewed toward male filmmakers:

Slow rate of inclusion

Over 30 years, the proportion of films crediting at least one woman as a director or screenwriter rose from 21.5% in 1994 to 29.4% in 2023—meaning fewer than one in three films included women in these key creative roles.

Exclusion from blockbuster funding

Male-dominated projects accounted for 74.8% of the top 10% of budgets, 78.6% of the top 5%, and 88.6% of the top 1% of budgets.

Zero female directors in the top 1% of budgets

Across the entire 30-year dataset of 44 films in the top 1% of production budgets, not a single film involved a female director.

Post- #MeToo plateaus

While female participation increased after the 2017 #MeToo movement, the study observed no lasting acceleration in funding for movies written by women and in the overall rate of growth.