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:
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. https://t.co/KiJ85k9s9q
— Jonathan Turley (@JonathanTurley) November 25, 2023
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.
Markets will decide
— Croakford (@frahgerdly) November 26, 2023
This is appropriate, market-based punishment. No need for government take-overs or big government solutions. The market has already done its job and Disney is course correcting.
— ClassicConservative 🇺🇸 🇮🇹 🇺🇦 (@ReturnToReagan) November 25, 2023
Based on their recent box office and staffing decisions, they seem to be having a really hard time internalizing this message from consumers.
— Janine Curran (@janinereturns) November 25, 2023
A Corporate Culture is a difficult thing to change, in fairness, especially difficult to change quickly. These things tend to have a self-perpetuating quality to them and there are incentives to just ignoring the problems that that Corporate Culture may cause to avoid rocking the boat with employees... but that can only go on so long before you face a shareholder revolt., a fact that Twitchy's Amy Curtis ably notes here:
You want to know what’ll put the final nail in the proverbial coffin of ESG?
— Amy Curtis 🇮🇱 (@RantyAmyCurtis) November 27, 2023
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. https://t.co/OCgT06gk4L
Others note that perhaps corporations need to return to a time when politics and religion were something you left at home:
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." https://t.co/dLZ2u4PCLM
— Damian Ranger (@DamianRanger1) November 25, 2023
Yup.
Perfect example of market-based correction.
— Republicans for Victory 🇺🇸 (@ElectNikkiHaley) November 26, 2023
The government doesn't need to punish businesses it doesn't like; consumers will. https://t.co/v9gsu9G4Xz
As with Bud Light, Disney has learned the meaning of corporate/capitalism FAFO. https://t.co/weyIICmEie
— Forever70 🗽🇺🇸 (@Ih8it4u2) November 25, 2023
If this is true, the entire board of directors must be dismissed for failure to fulfill their fiduciary duties to stockholders.
— OldSaltCityAce (@OldSaltCityAce) November 25, 2023
It's not rocket science. It's law. https://t.co/DlxqpvfRhS
We'll believe that can happen when we see it.
Of course an almost pathological obsession with identity politics in specific and leftist politics in general isn't the only thing ailing Disney these days, as an apparent creative bankruptcy in their film offerings in particular seems to have set in leading them to spit out little but franchise movies of diminishing quality and 'live action' remakes of beloved cartoons from better times. On the seemingly rare occasions that they do make a new film even those seem to struggle to break even, even when they're from a former powerhouse Disney Studio like Pixar. But it's hard to say if these problems themselves don't have to do with staffing and writing decisions made based on advancing a political mindset rather than making a quality product so who knows.
Let's hope that this is the beginning of Disney learning its lesson and starting to turn the ship around, but don't bet the farm on it.
***
This Black Friday, 11/24 through Monday 11/27 ONLY – Twitchy is offering the most massive discount on VIP memberships we EVER have – 60% off with promo code BLACKFRIDAY60.
That sale gets you a year of VIP Gold for about $36 – less than 70 cents per week. Just 70 cents a week for VIP Gold level access to all six of our sites – Twitchy, Townhall, PJ Media, RedState, HotAir, and Bearing Arms!
Join the conversation as a VIP Member