Same here. I own retail CD and installed it week ago and I didn't have such problem. Fact is, when installing from CD I skipped DirectX install (as no need on modern Windows).

I bought now Chaser also from Steam as it's not expensive. However, on first run from Steam, there's auto-install of DirectX and I suspect this brought troubles with black screen as I experience the same now.

It's annoying but not fatal. As far as I know, when you skip logos game runs okay. So this black screen is only for initial logos. I know there's no more FMV cut-scenes in mid game or after end game, as everything in game is rendered, so this really affects only startup.

Sorry to bring this back up but I just purchased this on sale and I get a black screen after I skip the logos. I believe it is at the main menu. I hear sound but only a black screen. Ryzen 9 6900hx with Radeon graphics, 16gb ram, windows 11 Pro 64 bit

I found the solution. Had to run in compatibility mode under windows xp service pack 2 and in 640x480 resolution.