Hollywood experienced the consequences of their left-wing activism in 2022, proving the common saying “get woke, go broke” true.
Leftist Hollywood continues to deliver woke dud after woke dud…and it's awesome to see their profits cratering as a result. https://t.co/m92ofruh6N
— Breitbart News (@BreitbartNews) October 2, 2022
In 2022, major studios, streamers, cable providers, and other media giants reportedly lost a combined $542 billion in market value. The majority of the losses came from left-wing studios like the Walt Disney Co., Netflix, and Comcast.
The Dow Jones Media Titans Index — which tracks the performance of 30 of the world’s largest media companies — lost 40% in 2022, with the index’s total market value dropping from $1.35 trillion to $808 billion, a report from the Financial Times showed.
Breitbart News also noted that “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 devastating losses were the result of a combination of factors, one of which was the downturn in the streaming market which was coupled with consumers dropping their services by the millions. Households were forced to cut unnecessary spending as the cost of essentials such as food and energy skyrocketed as a result of President Joe Biden’s disastrous economic policies.
Many of these companies also lost revenue due to their obsessive focus on pushing woke ideology at the expense of actual entertainment.
Disney, which was once an iconic and invincible American company, saw its stock plummet over 40% in 2022 — and the stock is currently on course for its worst year since 1974. The company, which reportedly faces weak profitability for the foreseeable future, was even forced to fire its CEO, Bob Chapek, and rehire former CEO Bob Iger.
Disney spent the majority of 2022 pushing radical LGBTQ+ activism, while at the same time waging a political battle with Florida Gov. Ron DeSantis (R) over the state’s anti-grooming Parental Rights in Education law — which the left tried to rebrand as the “Don’t Say Gay” bill.
Meanwhile, Netflix lost subscribers for two consecutive quarters in 2022 — causing layoffs and cost-cutting at the company across the board. For the year, Netflix’s stock is down over 50%.
Other major losses came from Paramount Global, whose stock has plummeted more than 40%, and Warner Bros. Discovery — CNN’s parent company — whose stock has dropped more than 60%.
The stock of Comcast — the parent company of both NBC, MSNBC, and Universal — has dropped more than 30% in 2022.
Speaking with the Financial Times, Michael Nathanson, media analyst at SVB MoffettNathanson, called the drop in market value for Hollywood “a perfect storm of bad news.”
“I’ve been covering this sector for a long time and I’ve never seen such a bad collection of data points before,” Nathanson added.