Oh absolutely. Movie theaters began suffering from that and now to same extent cable. Cable has gotten so expensive and with the new streaming options people are cutting the cord. One thing I will say is that the mouse people do exceptionally well is marketing. They've marketed their product to the point where it's almost a right of passage for parents to take their kids to Disney at least once.And when they're old enough to realize just how much a trip to Disney costs, and need to pay for it themselves, they might just decide that the screens they have at home already will be enough.
I think the next few years we will see Disney running lean and tight. It's going to take a while for anything in the entertainment business to bounce back. I'm a NYer. Broadway is in the toilet, the met opera house is contemplating shutting down and the list goes on jazz concerts, music fares, you name it.
My company has already had 1 furlough, offered a nice buyout package to get a bunch of folks to jump ship AND the CEO has already said 2021 will not be pretty.