Walt Disney Company admits culture wars inflicted major impact across the board, warns investors that company's wokeness is financial risk in 2023 SEC report
www.theblaze.com
As Disney tries to convert as many children into their woke cult, it appears they have suffered financially for it. This just shows that they are more interested in indoctrination than they are making money.
Disney suffered a 14% decrease in domestic advertising revenue due to fewer impressions.
Disney revealed that ESPN subscribers decreased by 7% from the previous year.
The company noted that costs of products have increased by 11% – in part due to inflation.
Walt Disney Company admitted that engaging in culture wars has inflicted major impacts across the board.
"We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products, which impact demand for our entertainment offerings and products and the profitability of any of our businesses," the SEC filing stated. "Our businesses create entertainment, travel and consumer products whose success depends substantially on consumer tastes and preferences that change in often unpredictable ways."
Disney said the "misalignment" with its consumers has impacted "broadcast, cable, theaters, internet or mobile technology, and used in theme park attractions, hotels and other resort facilities and travel experiences and consumer products."
Disney said its products are sometimes "introduced into a significantly different market or economic or social climate from the one we anticipated at the time of the investment decisions."
The entertainment conglomerate confessed that its environmental and social goals present "risks."
"Further, 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," Disney admitted. "Consumer tastes and preferences impact, among other items, revenue from advertising sales (which are based in part on ratings for the programs in which advertisements air), affiliate fees, subscription fees, theatrical film receipts, the license of rights to other distributors, theme park admissions, hotel room charges and merchandise, food and beverage sales, sales of licensed consumer products or sales of our other consumer products and services."
Disney said its leisure business is affected by various factors, including health concerns and the political environment.
It is not just Disney.
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The Washington Post, December 1, 2023
Why Hollywood is losing interest in its social justice initiatives
The tap of (practically) free money has gone dry, and it’s not clear what will replace the golden age. But it’s apt to be something more like the past, circa 2007 or so. Streaming movies will need bigger audiences, as did the mass-market films they replaced. And partly for this reason, studios are likely to dial back on their social justice initiatives...
Last summer
saw an exodus of executive women of color who had been leading diversity, equity and inclusion initiatives at companies including Warner Bros., Disney and Netflix.
As Variety noted, “When corporations tighten their money belts, DEI initiatives are often first on the chopping block.”
Nor is money the only reason that Hollywood might be backing away from diversity. Disney’s public feud with Florida over LGBTQ+ issues, which saw the corporation
stripped of lucrative tax breaks, has clearly spooked many companies, including Disney. Bob Iger, its chief executive, has been
very clear that it will no longer be taking such stands, telling CNBC that Disney is “there to manufacture fun.” “The last thing I want is for the company to be drawn into any culture wars,” he said.
