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IPFS News Link • Hollywood-Entertainment Industry

Yay! Hollywood Lost More Than $500 Billion in Market Value in 2022

•, By: RumorMail

For Hollywood, 2022 was truly an annus horribilis.

Major studios, streamers, cable providers, and other media giants lost a combined $542 billion in market value in 2022, with left-wing studios the Walt Disney Co., Netflix, and Comcast accounting for the bulk of the bloodshed.

The Dow Jones Media Titans index, which tracks the performance of 30 of the world's biggest media companies, shed 40 percent this year, with its total market value declining from $1.35 trillion to $808 billion, according to a Financial Times report.

The losses outpaced indices for other sectors, including banking, which saw a 14.5 percent drop for the year, and telecommunications, which fell by 11.2 percent.

Hollywood's horrible year was the result of a one-two punch of a downturn in the streaming market coupled with consumers continuing to cut the cord by the millions. In addition, the advertising market has cratered as households cut spending as the costs of essentials like food and energy continue to skyrocket due to President Joe Biden's (D) disastrous economic policies.

Woke companies paid the highest price in 2022.

Disney — once an invincible brand and iconic American company– saw its stock plummet more than 40 percent this year as the company faces weak profitability for the foreseeable future, prompting the firing of CEO Bob Chapek and the return of old CEO Bob Iger.