via worldnewsera:
More than $500bn has been wiped off the market value of the world’s biggest media companies this year as investors soured on the streaming revolution, triggering historic share price declines for broadcasting and entertainment groups.
Intensifying competition and rising costs have combined with consumer belt tightening and an advertising slowdown to spark an industry-wide decline.
Media, which for investors spans a broad range of activities from film production to advertising to cable television, has been among the hardest-hit sectors in what is set to be the worst year for global equities since the financial crisis.
“It’s been a perfect storm of bad news,” said Michael Nathanson, media analyst at SVB MoffettNathanson. “I’ve been covering this sector a long time and I’ve never seen such a bad collection of data points before.”
Walt Disney shares, down about 45 per cent, are heading for their biggest annual fall since at least 1974. The shares have come under more pressure in recent days as takings from Disney’s eagerly anticipated Avatar sequel fell short of some estimates in its opening weekend.
Paramount Global has dropped 42 per cent this year and Netflix 52 per cent, while Warner Brothers Discovery has tumbled 63 per cent since its creation this year by the combination of Discovery and AT&T’s WarnerMedia.
Elon Musk Criticizes Media for Not Covering Border Crisis
America’s border crisis has caught Elon Musk’s attention, with the Twitter CEO issuing several critical comments lamenting the lack of coverage of the problem by some media outlets.
Musk took to Twitter on Dec. 19 to remark on several posts related to the massive flow of people entering the United States without authorization, including on a Harvard poll showing Americans vastly underestimating the scale of illegal immigration.
The poll, a monthly collaboration between the Center for American Political Studies at Harvard (CAPS) and the Harris Poll and HarrisX, showed that the median U.S. voter appears ill informed about the crisis, underestimating the number of illegal border crossings by a factor of 10.
Communist Front Group “Media Matters” Has Chosen Tucker Carlson as Their “Misinformer of the Year”