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I can't imagine how an argument can be made that it isn't the latter case right now, tbh. Financially they haven't had a really knock-out success of a movie since Frozen 2 IIRC, I remember seeing headlines & reading articles noting that even Black Panther 2 underperformed, and more recently...

Honestly I don't even think racism is necessarily the overriding factor here, the Mainland Chinese definitely do not buy into 'black is beautiful' as woke advertisers might say, but they don't seem to mind black actors who are actually compelling and play actual characters whose presence...