Americans are tired of woke Hollywood.
The market value of studios and other Hollywood-associated companies declined from $1.35 trillion to $808 billion – a loss of $542 billion.
This decline outpaced other sectors.
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, according to a Financial Times report.
The losses outpaced indices for other sectors, including banking, which saw a 14.5 percent drop for the year, and telecommunications, which fell by 11.2 percent.
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.
Disney stock is on pace for its worst year since 1974.
“Avatar: The Way of Water” couldn’t reverse Walt Disney Co.’s recent funk, which has the stock on a path for its worst year since 1974.
Disney shares DIS, +1.55% sank nearly 5% to their lowest level since March 2020 on Monday, after the blockbuster sequel and one of the priciest movies in Hollywood history fell short of the hype in its opening weekend. “Avatar: The Way of Water” hauled in $134 million domestically and had the second-largest global opening of 2022, but fell short of tracking estimates based on advance U.S. ticket sales and disappointed in one of the biggest markets for the franchise, China.
Disney had hoped to clean up in China, where the first movie in 2009 did blockbuster business. “The Way of Water” earned $57.1 million there, which Disney described in a Wall Street Journal report as disappointing but understandable.
Go woke, go broke!
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