by Sean Adl-Tabatabai, The Peoples Voice:
Disney has admitted that its recent shift towards far-left political and social ideologies has cost the company huge amounts of money.
In recent SEC filings, Disney acknowledges that becoming woke is costing the company and shareholders.
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Thehill.com reports: In its annual SEC report, Disney acknowledges that “we face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products.” In an implied nod to Smith, the company observes that “the success of our businesses depends on our ability to consistently create compelling content,” and that “Generally, our revenues and profitability are adversely impacted when our entertainment offerings and products, as well as our methods to make our offerings and products available to consumers, do not achieve sufficient consumer acceptance. 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 and other companies have previously ignored consumer backlash over corporate campaigns such as Disney’s opposition to Florida’s Parental Rights in Education law. Corporate officials once avoided political controversies and focused on selling their products and services rather than viewpoints.
Disney has reportedly lost a billion dollars just on four of its recent “woke” movie flops, productions denounced by critics as pushing political agendas or storylines. Yet until now, the company has continued to roll out underperforming movies as revenue has dropped. What’s more, Disney stars persist in bad-mouthing its fabled storylines and undermining its new productions. The company admits that it has suffered a continued slide in “impressions” (that is, viewership) by 14 percent.
For shareholders, it may seem counterintuitive that corporate executives would trade off profits for political or social agendas. However, it does serve as a rationale for individual corporate executives who are professionally advanced when they champion such causes. For example, when Alissa Heinerscheid, vice president of marketing for Bud Light, pledged to drop Bud Light’s “fratty reputation and embrace inclusivity,” she was heralded by colleagues, even though her move went on to tank that brand as a whole. Indeed, Bud Light has still not recovered from the loss of billions in profits, market share, and overall market value.
The same trend is playing out in the media. Public trust in journalists has fallen to a record low. Yet media executives continue to push advocacy journalism, abandoning objectivity. As former New York Times writer Nikole Hannah-Jones declared, “all journalism is activism.”
With falling subscriptions and public backlash (this includes the amusing “Let’s go, Brandon!” mantra), the journalists continue to saw at the thin branch upon which they are sitting.
Again, while advocacy journalism is no more popular than woke corporate agendas, it remains “wealth-maximizing” for individual journalists, who can receive accolades from contemporaries by taking steps detrimental to their profession as a whole. For each individual, the falling revenues of their media outlets are outweighed by the individual advancement that comes with embracing advocacy over objectivity.
The same is true with academia, where universities and colleges are roundly criticized for their intolerance of opposing views and for purging faculties of conservative or libertarian professors. Roughly half of this country holds conservative or libertarian views. Yet faculty members have little incentive to put themselves at risk by demanding more intellectual diversity or viewpoint tolerance.
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