This past year, Hollywood experienced serious financial hardship. According to reports, the entertainment industry suffered a loss in market value of more than half-a-trillion dollars in 2022. This is mostly due to lackluster performance of the year’s film selection.
Breitbart reported on the matter:
“Major studios, streamers, cable providers, and other media giants lost a combined $542 billion in market value in 2022, with left-wing studios the Walt Disney Co., Netflix, and Comcast accounting for the bulk of the bloodshed.”
“The Dow Jones Media Titans index, which tracks the performance of 30 of the world’s biggest media companies, shed 40 percent this year, with its total market value declining from $1.35 trillion to $808 billion.”
The losses are much greater than other industries such as banking which saw a 14.5 percent decline and telecommunications which experienced a 11.2 percent drop.
“Hollywood’s horrible year was the result of a one-two punch of a downturn in the streaming market coupled with consumers continuing to cut the cord by the millions. In addition, the advertising market has cratered as households cut spending as the costs of essentials like food and energy continue to skyrocket due to President Joe Biden’s (D) disastrous economic policies.”
“Woke companies paid the highest price”.
It is noted that the Walt Disney Company endured the greatest financial losses in the entertainment industry by far. Mickey Mouse saw his market value plunge and stock price plummet.
“Disney, whose stock is on course for its worst year since 1974, spent 2022 embracing radical LGBTQ activism and waging a calamitous political war with Florida Gov. Ron DeSantis (R) over the state’s anti-grooming Parental Rights in Education Law.”
“Netflix experienced an unprecedented two consecutive quarters of subscriber losses this year, which resulted in layoffs and cost-cutting across the board. For the year, the stock is down more than 50 percent.”
“Other big losers include Paramount Global, whose stock has dropped more than 40 percent, and Warner Bros. Discovery — the parent company of CNN — whose stock has tumbled more than 60 percent.”
It is suggested one of Disney’s biggest mistakes was taking on a fight against Ron DeSantis who wielded his power as Governor of Florida against Disney. Disney vehemently opposed the governor’s Parental Rights Education Bill, even implying they might engage in activism to attack the legislation. DeSantis swiftly punished the corporation by ending their special tax district outside of Disney World in Orlando, which provided considerable economic benefits.
Ron DeSantis proclaimed:
“They went in on their own and not only opposed the bill. They threatened to get it repealed.”
“These are parents’ rights, important policies in our state that are very popular. And so they brought this on themselves. All we did was stand up for what’s right. And, yes, they’re a big, powerful company. But you know what? We stand up for our folks. And I don’t care what a Burbank-based California company says about our laws.”
Many feel these financial woes are a direct result of entertainment industry pursuing politics at the expense of profit. Breitbart tweeted, “Leftist Hollywood continues to deliver woke dud after woke dud…and it’s awesome to see their profits catering as a result.”