Monica Harris, a former Walt Disney TV executive, has attributed the current decline of Hollywood to high-dollar investment firms that have promoted aggressive Diversity, Equity, and Inclusion (DEI) initiatives, which she claims have alienated audiences. Harris argues that the focus on DEI has overwhelmed both the creative and corporate sectors of Hollywood, leading to a prioritization of social agendas over the actual quality and appeal of the content being produced. She points out that this fixation on DEI has extended from the writers’ rooms to boardrooms, resulting in a situation where corporate artistic ambitions are undermined by compliance with these imposed ideological frameworks.
Harris highlights that numerous corporations, including Target and Kellogg’s, are suffering as a consequence of acquiescing to similar woke strategies, experiencing boycotts and significant revenue declines. This trend, she argues, reflects a short-sighted focus on corporate social responsibilities, which has also taken root in the entertainment industry. Her observation about the Academy Awards illustrates this shift, noting that nominations now demand films to meet specific demographic quotas, which she contends is contrary to the essence of artistic expression. She emphasizes that the original intention of creative work is being compromised by these arbitrary benchmarks and external pressures.
Central to Harris’s argument is the influence of major investment firms like BlackRock, Vanguard, and State Street, which she claims exert control over both corporate governance and funding. According to her, these firms, as majority shareholders of a substantial number of Fortune 500 and S&P 500 companies, have the power to dictate adherence to DEI guidelines. Harris argues that these shareholder demands place corporate executives in a precarious position, caught between the need to satisfy a shifting consumer base and the stringent requirements of their financial backers. The dilemma faced by leaders within companies, particularly in Hollywood, is underscored as they navigate the expectations of their consumers while also adhering to the mandates from their investors.
The implications of this dynamic have been made clear by Larry Fink, the CEO of BlackRock, who has publicly advocated for reinforcing these cultural behaviors within companies. In a 2017 interview, he highlighted the necessity of “forcing behaviors” to achieve equity and diversity goals within corporate structures. Fink revealed that compliance with these social standards could directly affect employee compensation, further entrenching the idea that DEI initiatives are not optional but a mandate for continued financial support from these powerful investment firms.
As a consequence of these pressures, Hollywood is experiencing a financial downturn, with major studios like Disney facing particularly severe challenges. The declining customer base has prompted significant corporate responses, including scaling back operations, closing departments, and implementing widespread layoffs. Harris’s observations suggest that the entertainment industry is in a tumultuous state, partially due to these imposed narratives that prioritize ideological conformity over consumer engagement and profitable content production.
In summary, Harris presents a critical view of the current Hollywood landscape, insisting that its troubles are rooted in the compliance with external investment pressures and DEI initiatives that detract from the intrinsic value of creative endeavors. She posits that unless the industry can disentangle itself from this web of financial dependence and ideological constraints, it will continue to struggle with its identity and market relevance.
