Disney begins laying off 7,000 employees. Being woke leads to failure
After a long string of bankruptcies at movie theaters and streaming services, Disney has finally hit financial rock bottom: last month the company pledged to cut at least 7,000 jobs to help meet a total savings goal of 5 .5 billion dollars. The move followed the abrupt replacement of former chief executive Bob Chapek and the return of Bob Iger, and was blamed on "macroeconomic headwinds".
The first letters were delivered in March, but the bulk will be delivered in April, when new details about the mass layoffs emerge. Marvel Studios VFX director and noted advocate of the woke ideology Victoria Alonzo has already abruptly left the company, indicating the layoffs could spill over to management.
Disney did not mention the role its "diversity and inclusion" methodology may have played in the plummeting viewership for both theatrical releases and streaming subscriptions. Disney+ lost more than 2.4 million subscribers in February, while films like Lightyear, Strange Worlds, Pinocchio and Ant Man 3 have all flopped at the box office over the past year. Upcoming films, including live-action adaptations of The Little Mermaid and Peter Pan, are heavily loaded with identity politics, and audience reactions to trailers have so far been overwhelmingly negative, suggesting these films will also have a negative outcome.
Beyond the disinterest in Woke's films and media, the company appears to be recovering from a catastrophic attempt to use economic leverage to intimidate the state of Florida, which passed the Parental Rights In Education Act, designed to block classes sexualized in public schools for children aged three years. The law was specifically motivated by the proliferation of gender identity ideology in Florida classrooms and was attacked by Democratic opponents who called it the "Don't Say Gay Law."
It's now clear that Disney has backed the wrong horse in this battle. Now they have lost their special autonomy as part of the Reedy Creek Improvement District and the Florida government has taken over the area where the Disney parks of Florida are located, once governed directly by the entertainment giant. Most of the major media companies in the United States are struggling to survive falling profits and plummeting audiences, but in Disney's case, many say it was the giant's management and scheduling choices that caused its deep decline.
Disney shares rallied slightly on news of the start of layoffs, with investors happy to see cost reductions. However, if the course is not changed and the public is not attracted again, this measure will not be enough.
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Article Disney begins laying off 7,000 employees. Being Woke Leads to Failure comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/disney-inizia-a-licenziare-7000-dipendenti-essere-woke-porta-al-fallimento/ on Fri, 24 Mar 2023 14:42:29 +0000.