For a while now, the catch-phrase “go woke, go broke” has become part of the American lexicon.
The far-left push by corporations, media, and entertainment outlets has sometimes resulted in stunning losses in profits, though the bosses typically point to other reasons for the sudden downturn.
The entertainment industry especially seems resistant to blaming the “woke” on their financial woes.
However, that doesn’t change the fact that 2022 was a historically miserable year for Hollywood.
Disney’s well-documented fall from grace this year shocked investors and parents alike. The Mouse House’s stock fell over 42 percent and the company brought back its old CEO in the hopes of a revival.
But the bad news doesn’t end with Disney.
According to a Financial Times report, all of Hollywood is in trouble — the world’s largest media conglomerates are suffering badly, and some experts say they’ve never seen numbers this bad (from Breitbart):
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.
Yes, that’s a total net loss of $542B in just one year.
Banking and the advertising market has plummeted as well, but it looks like it’s “woke” companies who are paying the highest penalties right now.
Disney was once flying high on providing the best entertainment for children in the U.S. and around the world. The legendary company is often considered one of the biggest and strongest on earth.
But their entire structure has been shaken to the core, and their embracing of LGBTQ ideals hasn’t worked out at all.
On top of that, Netflix reported two consecutive quarters of subscriber losses, which caused the company to issue several rounds of huge layoffs. The stock is down over 50 percent for the year.
Other entertainment corporations – like Paramount Global (down over 40%) and Warner Bros. Discovery (down over 60%) — also suffered badly in 2022.
Said SVB MoffettNathanson media analyst Michael Nathanson:
It’s been a perfect storm of bad news. I’ve been covering this sector a long time and I’ve never seen such a bad collection of data points before.
Again, most corporate leaders attribute this “perfect storm of bad news” to a variety of economic factors, but rarely (if ever) blame the cultural direction of the companies themselves.
However, it seems clear to many that the “go woke, go broke” mantra really does hold a lot of water.
And unless these companies decide to stop cramming it down the throats of consumers, those consumers will simply continue to avoid those products. Even the biggest companies can’t survive that forever.
- The entertainment industry plummeted in 2022.
- A new report shows that Hollywood and major entertainment providers lost over a half-trillion dollars (a decline of $542B in market value).
- Critics say it’s a result of the “woke” agenda, though some blame other economic conditions.