Disney’s business is collapsing since the company decided to prioritize a left-wing political agenda.
The beleaguered entertainment giant was handed a devastating prediction.
And Disney’s CEO was forced to confront this painful reality about the cost of going woke.
Disney was hoping that 2023 would be the beginning of a turnaround after the company suffered a disastrous 2022.
The company is facing fierce backlash from consumers after it abandoned its longstanding reputation for family-friendly entertainment to target kids with LGBT indoctrination.
This year has brought a string of financial disasters for the company that forced them to lay off 7,000 workers worldwide.
Disney’s streaming services including Disney+ and Hulu have lost billions of dollars and the company’s once reliable movie division has delivered a string of box office bombs that have lost nearly one billion dollars.
Attendance at the company’s legendary theme parks is sharply declining as the sluggish economy takes its toll.
Disney’s stock price hit a nine-year low which was 59% off of the company’s all-time closing high set in early 2021.
The company’s stock price hasn’t hit rock bottom yet according to Wells Fargo analyst Steven Cahall.
He cut his target stock price for Disney by more than $30 from $146 to $110 per share adding to the cloudy future for the entertainment giant.
Cahall pointed to the company’s dismal track record of producing hit movies and TV shows as a case for being bearish.
“Disney is not a hit factory of late, and content improvement takes a lot of time,” Cahall wrote. “Disney’s box office and Disney+ subs will suffer, especially amidst price increases.”
Disney+ lost 300,000 subscribers in the most recent quarter and recent price increases could lead to more viewers canceling the service.
The price of a monthly bill for Disney+ climbed by 75% in less than two years which is turning off price-conscious consumers.
2023 has been an absolute catastrophe for the company’s movie business which used to be one of the most reliable hit makers in Hollywood.
Expected blockbusters like Indiana Jones and the Dial of Destiny, Elemental, Haunted Mansion and The Little Mermaid remake all bombed.
Many fans criticized the films for their excessive wokeness including using a non-binary character in Elemental.
Disney CEO Bob Iger promised to “quiet things down” after the company’s political battle with Florida Governor Ron DeSantis over his parental rights bills which outlawed teaching students in K-3 LGBT indoctrination.
But as images of the new Snow White movie leaked, it’s clear the company hasn’t learned any lessons from its fight with DeSantis or the public’s rejection of its woke content.
Disney will continue to suffer financially because it refuses to pivot away from wokeness.