Shares of Walt Disney are down about 45% this year.

(Reuters)

[Financial Channel/Comprehensive Report] The value of the world's largest media company has evaporated this year as intensifying competition and rising costs, combined with tightening consumer spending and a slowdown in advertising, led to a historic drop in shares of broadcasting and entertainment conglomerates More than 500 billion U.S. dollars (NT$15.2 trillion).

The media industry, which invests in projects ranging from film production to advertising and cable television, has been one of the hardest-hit sectors in what has been the worst year for global stock markets since the financial crisis.

Media analyst at MoffettNathanson said it was a "perfect storm of bad news".

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Walt Disney shares are down about 45%, heading for their biggest annual drop since 1974.

Shares have come under more pressure in recent days as Disney's eagerly anticipated "Avatar" sequel made less than expected revenue during its opening weekend.

Shares of Paramount Worldwide are down 42% this year, Netflix shares are down 52%, and Warner Bros. Discovery Channel is down 63% since it was co-founded this year by Discovery and AT&T's WarnerMedia.

The Dow Jones Media Giants Index, which tracks the performance of the world's 30 largest media companies, has fallen 40% this year, with the total market capitalization shrinking from US$1.35 trillion (NT$40 trillion) to US$808 billion (NT$24.5 trillion).

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