From a Wall Street Journal column by Andy Kessler headlined “Disney Makes a Mickey Mouse Mistake”:

Is Disney a haunted mansion? Squishy earnings. Writer and actor strikes. A woke fight with Florida Gov. Ron DeSantis. Indiana Jones bombed, and Marvel is mostly milked. But these are nothing compared with the age-old trap Disney has voluntarily walked into: When growth stops, raise prices to make up for lower volume.

The company’s earnings release last week says it all: “Lower affiliate revenue resulted from a decline in subscribers, partially offset by higher contractual rates.” And after losing subscribers, Disney raised Disney+ and Hulu ad-free streaming prices 20% last week. You can’t raise prices to infinity and beyond. Consumers eventually break.