stock prices of major entertainment companies drop significantly in 2023

In 2023, major entertainment companies such as Disney, Paramount, Sirius/XM, and Warner Brothers Discovery have experienced significant declines in their stock prices. Disney's stock fell from a peak of $122 in late March to $92, marking a 24% drop over six months, with a low of $84 in mid-August. Paramount's stock also saw a steep decline, dropping from $15.25 in January to $9.50 by mid-June, indicating ongoing downward trends. Sirius/XM's stock faced challenges as well, with a notable signal of trend issues when the 50-day moving average crossed below the 200-day moving average. The stock dropped below its previous support level of just above $24 in June. Warner Brothers Discovery's stock has shown some recovery from August lows but remains below the downtrending 200-day moving average. In contrast, Live Nation has managed to outperform these companies, although it has not regained the highs seen in mid-March. The overall trend indicates that these older, well-known entertainment companies are struggling to keep pace with the broader stock market, reflecting potential challenges in the industry. The declines in stock prices may be attributed to various factors, including changing consumer preferences, increased competition, and economic pressures. As these companies navigate these challenges, their ability to adapt and innovate will be crucial for future recovery and growth in a rapidly evolving entertainment landscape.