Disney’s Stock Plummets to Nine-Year Low amid Culture War Backlash
After several controversial moves by Disney that observers say are entrenching them in the culture wars, including partnering with a gender-fluid identifying influencer, promoting drag shows, and banning the use of “gender greetings,” the entertainment giant has lost over half of its market capitalization — currently sitting at a nine-year low. This has resulted in declining theme park attendees, angry parents, a decreasing number of Disney+ subscribers, and upset shareholders.
“This is being driven by consumers who are fed up with their woke policies that they are cramming down our throats,” Family Research Council President Tony Perkins said on “Washington Watch” last week. Paul Chesser, the National Legal and Policy Center’s director of the Corporate Integrity Project, added, “I think we’re seeing with the decline of the share price and the value of the company that [Disney’s woke agenda is] not working.”
Perkins shared how only last week, Disney was hit with another lawsuit, which claimed the company engaged in a “fraudulent scheme” in order to cover up streaming losses. According to Chesser, Disney’s subscribership has been on a steady decline since the end of 2022, when it peaked at close to 165 million subscribers. In just a short amount of time, Disney+ fell to about 146 million subscribers.
“Now you’re seeing shareholders get a little upset. … They’re saying [they have] been misled,” Chesser shared. Disney projected subscribers to hit between 230 and 260 million by the end of 2024, but instead, the numbers are going down. Chesser continued, “There’s been a couple of other shareholder lawsuits about this, about misleading information, which is a no no under the SEC rules.”
In an interview with Newsmax, Perkins stated, “Disney has become the land of disenchantment for investors.” He continued to discuss how consumers are being more aggressive in how they spend their money, and this is being reflected in their boycotting against Disney. “They’re disrespectful,” Chesser said, adding that the list of agitated individuals does not end with the general fan base and shareholders.
Jody Hice, FRC’s senior vice president, further observed how people care about what their children are viewing, and Disney’s priority of LGBT material is yet another display of ignorance. “[Parents] care about this woke ideology being crammed down not only their throats, but that of their children when they should be watching an innocent Disney film, whatever it may be.” Consumers, investors, and employees are getting the short end of the stick all because Disney does not listen to their clientele, Hice argued.
Chesser emphasized how the media is covering up for Disney, even though they did not do the same for companies such as Target or Bud Light. “The big attention has been paid to Bud Light’s decline — and the mainstream business media is really noticing what’s happened with Bud Light, with Target,” he said. “For some reason, they’re covering for Disney … but I don’t think they can hold out much longer with that.”
“Disney leadership has cast their lot with the LGBTQ,” Perkins said, and as a result, over 7,000 employees have been laid off and their stock, theme park attendees, and subscribers are abandoning the scene. “Pretty much every arm [of Disney] has declined,” Chesser noted.
“This is serious,” he added. “Disney’s in trouble. And hopefully not only they, but others.”
Sarah Holliday is a reporter at The Washington Stand.