http://twitchy.com/coucy/2023/11/27/turley-disney-n2390191
To say that Disney has hit a rough patch would be an understatement. For the last several years, at least, 'The House of Mouse' has seen a steady decline in attendance at its new movies and a softening in subscribership to its premier online offering, Disney+. Some of these troubles can be chalked up to a weakening in the quality of the movies and shows being produced, but it's hard to argue that the hardline stance that Disney has taken on contentious social issues hasn't been a factor in their troubles as they've alienated large chunks of their potential customer base to earn social 'good boy' points from their Hollywood compatriots. It's so hard to argue that the 'woke' messaging hasn't been a drag on the bottom line, in fact, that Disney is not only not arguing the point, but openly admitting it to their shareholders, according to Jonathan Turley writing for The Hill:
Jonathan Turley (@JonathanTurley) ~ Disney acknowledges in recent filings that its controversial political and social agenda is costing the company and shareholders. The company is concerned that "invisible hand" of Adam Smith is effectively giving the “House of Mouse” the middle finger.
http://thehill.com/opinion/finance/4326247-happy-birthday-adam-smith-the-invisible-hand-just-slapped-disney/
From the Securities and Exchange Commission Report (as quoted by Turley), Disney admits that while part of their problem is that 'we (Disney) face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products', a major problem has been:
... consumers’ perceptions of our position on matters of public interest, including our efforts to achieve certain of our environmental and social goals, often differ widely and present risks to our reputation and brands.
You don't say? That's a lot of words to say 'Get Woke, Go Broke', and while Disney may not be 'broke' at the moment, the SEC filing certainly sends signals that they're not happy with where they've found themselves from a market perspective.
Janine Curran (@janinereturns) ~ Based on their recent box office and staffing decisions, they seem to be having a really hard time internalizing this message from consumers.
Amy Curtis (@RantyAmyCurtis) ~ You want to know what’ll put the final nail in the proverbial coffin of ESG? Shareholders need to start suing companies who put virtue signaling before profits. Doing so is a dereliction of duty to the shareholders. Hitting them in the wallet is the only way.
Damian Ranger (@DamianRanger1) ~ My first boss told me to get as personally involved in politics as I would like, but to not involve the company. "No matter what your good intentions are, you'll upset half our customers."
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
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