A few days back Financial Times reported that the Dow Jones Media Titans index,
which tracks the performance of 30 of the world’s largest media companies, has
a 40 percent fall this year. This caused a decline from $1.35 trillion to $808
billion in total market value.
These losses were considerably higher than those in other sectors,
such as banking, which saw a 14.5 percent drop in 2022, and telecommunications,
which witnessed a fall of 11.2 percent this year.
Major studios, streamers, cable providers, and other media giants
lost a combined $542 billion in market value in 2022
Disney Inc. the home of Donald Duck, Mickey Mouse, Mary Poppins,
Aladdin, Toy Story faltered quite badly. The stocks of this once invincible
brand and iconic American company plummeted by more than 40 percent this year.
The company faces weak
profitability for the foreseeable future, prompting the
firing of CEO Bob Chapek and the return of former CEO Bob Iger.
Netflix experienced an unprecedented two consecutive quarters of
subscriber losses this year, which resulted
in layoffs and cost-cutting across the board. For the
year, the stock is down more than 50 percent.
Other big losers include Paramount Global, whose stock has
dropped more than 40 percent, and Warner Bros. Discovery — the parent company
of CNN — whose stock has tumbled more than 60 percent.
Comcast — the parent of NBC and MSNBC, as well as Universal — is down
more than 30 percent for the year.
There are myriad reasons for these losses.
A major reason is the high inflation and the fragile economy that
is a consequence of Biden’s catastrophic misgovernance.
When the prices of essential items such as food and energy rise
steeply, consumers cut down spending on non-essential items such as movie
tickets, subscription to streaming services or cable TV, music concerts, music
albums, etc.
Another fact is the
cratering of the advertising market as households
cut spending.
Ironically Joe Biden, the man most of Hollywood championed is
responsible for their doom.
So is it just that people are financially struggling and Hollywood
will rise up once the economy is back on track?
What happens when content is freely available?
Let’s look at the Oscars which are the foremost showbiz night of
the year, broadcasted on ABC, which is free to air
Back in
2000, 46.33 million people tuned in to watch the Oscars but now 15
million people watched the Academy Awards. This is a precipitous fall. In fact,
it was much worse in 2021 when just 10 million watched.
So what’s going on here?
Hollywood like any other industry makes and sells just like a baker
The primary function of these products is to provide some quality
distraction for their duration.
This is exactly what happened in Hollywood from the golden era to
fairly recently. They told stories that engaged the mind and the heart. If
there was a message it was subtle and uplifting.
But somewhere along the line, Hollywood lost its purpose.
This undesirable trend started in 1973, Marlon Brando declined his
award for ‘Hollywood’s mistreatment of Native Americans’. But Brando also faced
harsh criticism.
https://www.youtube.com/watch?v=2QUacU0I4yU
In 1978, Vanessa Redgrave advocated for the Palestinian cause
after winning her Oscar in 1978
https://www.youtube.com/watch?v=IAcOsK9gRLk
But the difference was that Redgrave was excoriated on the stage
moments later and it received approval from the audience.
https://www.youtube.com/watch?v=JupkXrn1ahU
In 2003, Michael Moore attacked President George W Bush after
receiving his Oscar. Moore even engaged in election denialism. But unlike today
there were many who showed disapproval by booing Moore and refusing to applaud.
https://www.youtube.com/watch?v=M7Is43K6lrg
Alas, those occasional outbursts have become a norm, worst the
content has also been infected.
As time went by the lectures got shriller.
Now there is almost no pushback at all because the brainwashed
can’t see reality while the rest in the echo chamber will be petrified to state
the obvious for the risk of being
blacklisted.
There is blatant sanctimoniousness and barefaced disdain for those who see the world differently and voted differently. Some attacked their own family for being for having different political leanings.
The condescending lectures are relentless. However, they stayed mum on the occasion they should have spoken up when Will Smith engaged in violence right before their eyes.
It must also be stated that their talks are hypocritical. They lecture
everyone about respecting women but enable predators such as Harvey Weinstein.
They lecture about the environment but travel exclusively in private jets that
pollute the environment. They talk about gun control at events that are
protected by armed guards. They also think they have earned their wealth
and fame and hence they no longer need their audience.
Part of their arrogance emanates from their presumption of a
monopoly.
But it is foolish and arrogant to assume that customers will
swallow their pride and turn up.
This is why the media is all suffering losses, people don’t like to pay to be insulted and talked down to.
But an oasis of hope emerged in this desert of self-righteousness.
Top Gun: Maverick grossed
$718 million in the United States only and $770 million worldwide,
making it the best-selling film of the year.
Why did the film work?
Because the makers were solely focused on entertaining their
audiences. There were no lectures or forced agenda instead the focus was on the
valor of the armed forces. The makers of the film and its star Tom Cruise also
refrained from engaging in any political messaging during its promotion.
Recently Cruise released a video expressing gratitude for the
success of his film.
“..thank you for allowing us to entertain you. It truly is the
honor of a lifetime," were his exact words.
https://twitter.com/TomCruise/status/1604601673145614337
Tom Cruise was behaving like an old-fashioned movie star. He
focused on entertaining and delivered a superlative product. When the audience
supported him with their hard-earned money he was humble.
Now for the future.
2023, does look promising.
Harrison Ford returns for one last time as Indiana Jones, Tom
Cruise is back in another Mission Impossible film, there is Christopher Nolan’s
latest Oppenheimer and several other
highly anticipated pictures.
In the end, the experience of watching a big adventure on a big
screen with a packed audience is unique. It is perhaps among the few places
where a group of people from various backgrounds come together in a dark room,
they remain focused on the same screen while they experience the same emotions
at the same time.
Hopefully the success of Top Gun: Maverick has taught Hollywood some valuable lessons.
Also appears on American Thinker
Comments
Post a Comment