GOT WOKE, SLOWLY GOING BROKE: Hollywood Lost More Than $500 Billion in Market Value in 2022.
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.
Woke companies paid the highest price in 2022.
As Rob Long wrote in the December issue of Commentary: The Good Times Lasted a Century. “From Herman Mankiewicz’s 1926 telegram [to Ben Hecht, in which he cabled, ‘Millions are to be grabbed out here. And your only competition is idiots.’] to the most recent depressing Warner Brothers Discovery earnings call, the business was doing, as we used to say when there was still a reason to say it, boffo business. Today, the worst thing you can do for young people trying to break into show business is encourage them. The number of movies in release has never been smaller, and studios are still trying to figure out the economics of the feature-film business in the age of streaming. They have only recently discovered that spending $100 million on a feature film that goes directly to streaming is a money-loser—but then so are multi-episode series that sit, unwatched, on the servers of Netflix, Hulu, Peacock, you name it.”