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A Wokecession Comes for Hollywood

I feel like I’ve seen this movie before…

flat Taylor Swift It may not be possible to save the economy from crisis Awakened In entertainment.

consumer spending It has become one of the key pillars of economic growth this year, helping to avoid a widely expected recession. Even as consumer confidence in the economy is at a historically low stagnation and polls show that President Biden’s management of the economy is popular amid the never-ending ebb and flow, the U.S. Households continued to support the economy with increased spending.

Taylor Swift performs on stage in Buenos Aires on November 9, 2023. (Marcelo Endelli/TAS23/Getty Images)

There are signs of awakening Entertainment sector could be a drag on the economy. In nominal terms, consumer spending in October grew at the slowest pace since March, increasing by just 0.22% month-on-month. Adjusted for inflation, it was just 0.17%, the slowest growth since May. Private consumption still looks good, with an increase of 2.2% in real terms. However, before adjusting for inflation, spending increased by 5.3%, the smallest nominal year-on-year growth rate since February 2021.

Expenditures on recreational servicesThis includes everything from concerts to gym memberships to streaming subscriptions, which fell 0.64% month-over-month in October, marking the second straight month of decline. It was the second weakest month of the year after May. Compared to a year ago, real spending on recreational services increased by just 1.8%, adjusted for inflation.

…and I didn’t like the ending.

Dissident Hollywood people are starting to talk about what’s next. be Awakening For watching movies. The idea is that Hollywood’s insistence on including left-wing political themes in its movies is starting to affect ticket sales.

It might more accurately be called disney walk session. While the recent big incident ended in a huge failure from Disney;marvels and wish—We won’t see it until the November and December numbers are released, but it appears Americans are already tired of spending money on box office sales.Disney’s failure creator (Released on September 29th) ghost of venice ” (released September 15th) was sacrificed.

Inflation and seasonally adjusted consumer spending is Movie theater tickets fell more than 19% Comparison of October and September. This is the second consecutive month that ticket sales have declined. Sales in September decreased by 18.7%. The seasonal adjustment part is important here. That’s because this is much larger than the normal decline in sales associated with the decline of summer blockbusters. For example, last year sales increased from September to October.

this is taylor swift Elas tour The movie was released in October. If it weren’t for America’s teenage siren queen, that precipitous decline would probably have been even more pronounced.

You are no longer my home…

This recession is even more troubling for studios. Because it is People are finally coming back to the movies. Real spending on movie tickets increased for five consecutive quarters through the third quarter through September, but remains below pre-pandemic levels. In the third quarter of this year, spending finally exceeded the last pre-pandemic fourth quarter of 2019, but only nominally. Adjusted for inflation, his spending is down more than 10%. And now it’s falling month by month.

Spending on streaming and movie rentals increased 1.8% compared to September, but only 1.5% compared to the same month a year ago, suggesting a pretty bad year for streaming services. On the other hand, the expenditure is Cable and live TV down 9.3% Compared to a year ago. Because there was nothing to watch, people spent less on TV in October than in September, after adjusting for inflation and seasonality.

spending in amusement park Campgrounds fell 3%, adjusted for inflation and seasonality. Last year, spending in this category actually spiked from September to October. So don’t ignore the recession as attendance has decreased as the weather gets colder. Spending in the amusement park sector in October was down 6.8% compared to the previous year.

real expenditure streaming music In October, it fell to its lowest level since March. Remember, in October, Swift released her re-recorded “1989” album, which features five “songs you’ve never heard before!!!” (as TMZ posted it). Without this increase in Swift sales, real spending would have been even more dire.

…So what am I guarding?

It would be easy to blame this on consumer fatigue or fears of a coming recession.but Consumers are not withdrawing everything.

Spending at hotels and motels reached the highest level of the year in October. People spent more at hair salons and dry cleaning. They significantly increased their spending on international travel and increased their spending on domestic air travel. Rental car and taxi fares have increased. Spending at bars has remained roughly stable. And these are all calculated in real inflation-adjusted and seasonally adjusted terms.

Far from an overall recession, October’s numbers show: Americans cut back on purchasing entertainment products promoted by major entertainment companies..

While the economy looks set to continue growing, Hollywood entertainment may be left behind.

in a song exilefrom Swift folklore On this album, Swift and Bon Iver sing a song that stands as a monument to the relationship between America and Hollywood.Now I I can see you in exile.

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