Woke entertainment doesn't bring in revenues. Disney learned that a little too late.
Overall, Hollywood's profits have crashed as theater audiences dropped by 50 percent in the past four years. Disney in particular incurred at least $1 billion in losses this year due to a string of major box office failures. The company's stock recently plunged to a nine-year low.
Subscriber losses continued over the last three months, with the company reporting 146.1 million Disney+ subscribers during the most recent quarter, a 7.4 percent decline. Disney recorded $2.65 billion in one-time charges and impairments, dragging the company to a rare quarterly net loss. The only bright spot came from its parks, experiences and products division, which saw a 13 percent increase in revenue to $8.3 billion during the quarter.
Those who criticize the social shift in media to the far-left are labeled a bigot or fascists, even monsters by some. The public has been told that woke entertainment is the wave of the future, and that the majority of Americans want to see such stories more often.
Yet, crashing audience numbers and plummeting profits for Hollywood have indicated the opposite.
Consumer boycotts of woke brands have erupted this year, leading to the implosion of brands like Bud Light and the continued sales rot of retailers like Target.
"Stakeholder capitalism," a notion developed by the World Economic Forum, argues that corporations must engage in social engineering rather than being concerned with making money.
This notion suffers from the lack of a single decision rule for resolving trade-offs, which can lead to confusion and inefficiency. The interests and goals of different stakeholders can often conflict, making it challenging to balance the needs of all stakeholders.
Without ample Environmental, Social and Governance (ESG) funding to backstop the losses, these companies have to fund their political propaganda from their coffers. And now, the results are inevitable.
Disney injecting far-left propaganda into its films
Disney has been injecting far-left propaganda into its film productions and streaming productions for many years. In the past, consumers used to let subversive progressive preaching slide, but with the rapid decline in story quality as well as the open hostility shown by companies like Disney toward conservatives, the tide is turning. Related: Woke Disney hasn’t learned anything from costly boycotts of Target and Bud Light, moves ahead with "Pride" gear offerings.)
American journalist Megyn Kelly blamed Disney's emphasis on "wokeness" for its decline. "The people are not buying this content," Kelly said during her recent podcast. "They don’t want this content."
Kelly noted that several heads of diversity in Disney, Netflix and Warner Bros. have left their jobs.
"Bit by bit, all these media companies and big-tech companies are eliminating their heads of diversity, because it’s just a wasted position where somebody just glorifies their wokeness," Kelly said. "So, it’s failing."
In a recent video, Kelly claimed that Disney's last eight studio releases have failed to generate box office dollars that would offset the expenses in production, marketing, publicity and advertising. Among those films are "Lightyear," "The Little Mermaid," "Elemental" and "Strange World."
There are a few important questions that have been begging for answers the past several years: (1) Is there a market for woke propaganda in popular media?; (2) If so, how much of the population is going to spend to consume that propaganda?; and (3) If there is no market and the business model is a money-losing prospect, then why are so many major corporations abandoning traditional American audiences and pumping out such garbage anyway?
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