I mentioned earlier this week that streaming isn’t going to save Hollywood. Now I’ve been informed that ViacomCBS stock dropped almost 50% the past week.
Attention Hollywood, you’re investors are watching and they don’t like what they are seeing.
(They must have watched some new Star Trek…)
This is a major drop. The stock had previously hit $100+ just a few days ago and has now dropped to $48.
And this is while plenty of other stocks are CLIMBING. The market is almost green across the board for me on the stocks that I’ve been sort of watching over the past few days.
Could this be the first domino? If so, then Disney is next.
Investors have been giving the company WAY too much rope. When Disneyland finally reopens next month, and the flood of expected money does not come… And THEN the summer movie season results in NO blockbusters… Well, Disney gonna have a lot of ticked-off institutional investors. It’s gonna be an interesting year for entertainment companies.
Hollywood as it used to be is unsustainable; relying on billion dollar blockbusters, maybe a half-dozen or so, per year. Consumers will look back at the COVID lockdowns as the period when the media-hypnosis was revealed to many of us and lots of people “woke up.” And we stopped consuming Hollywood’s content.
Me? Now I read old comics, books, watch Youtube and Rumble, old movies, play videogames, and stream a couple of network shows. I used to be someone who would watch everything when it came out from new movies to TV shows. Not anymore.
And I am not alone.
Who could have guessed that Star Trek shows and movies made by people who openly admit that they never got Star Trek in the first place would be such a colossal failure? I’m just happy that since CBSViacom has ruined Star Trek enough that fans like me can pickup classic Trek memorabilia for much cheaper these days.
This is what happens when you lose all creativity and can only make sequels or “woke” remakes. Add in the loudmouth elitists and social justice activists constantly insulting over half their audience, and you have a recipe for disaster
The whole film medium itself has become too corrupt and expensive, and there is simply no way for them to replace the money that theaters bring in. They thought streaming would do it, and they bet everything to get those services online, but in reality streaming is only good at replacing the Blu Ray/DVD market – it cannot replace cinemas.
There’s going to be a reckoning for this. A YUGE reset akin to total industry collapse similar to the Video Game Crash of 1983.
They deserve every bit of looming failure coming their way.
Originally published here