My two cents:
The wife and I usually see a Tiki Room Show about once every 3 months. Since the rehab that tightened up the show time, we've noticed that most of the show elements have been in great shape and good working order. However, if we visit within the first 2 or last 2 hours of the daily schedule (which is usually less than park hours), the place is deserted. We've been in 2 or 3 shows over the past year where we were the only people in the theater. Kind of cool, but also kind of depressing. I have a feeling that if the Tiki Room was located where Disneyland's is, there would be more visitation. But that's sadly not the case. Right now, I'd estimate that the show brings in less than 10,000 visitors per day which is simply unacceptable for anything not named Astro Oribiter. Even Stitch usually broke 10,000.
I'm not sure how they'd make the attraction more palatable for a wider audience though. I think tightening up the show made it a bit less boring for kids, and it's not falling apart or in dire need of refurbishment. I really don't know what the solution is. Even Disneyland considered shuttering the Tiki Room for a few decades between the 90's and 2000's (all discussion of that seems to be gone now since the park is just murdered with AP's and locals who patronize the Tiki Room far more than visitors seem to here at MK.
In an ideal world, I'd love to see them keep it going even if attendance isn't great. However, being realistic I can see it either being refitted to the Stitch show (UGH) or going with something related to Moana (which I wouldn't automatically dismiss/oppose like 99% of the hardcore people here, hah- as long as it's a decent replacement like Frozen I'd be satisfied). I'd be very disappointed if this were simply turned into a Meet & Greet although if the demand is there for that kind of thing then sadly I think that's a direction they'll look at.
I wonder if converting this to a dining experience might actually solve the problems. Maybe run the attraction from 9-3 every day, then do food service/dinner shows from 4 to closing. It seems like even the lesser visited dining experiences at MK are open somewhat regularly now, so having another might be in the cards. It seems like most of the reservation/table service offerings at MK are consistently booked full, so having another option doesn't seem unreasonable (aside from the Skipper Canteen being right there).
Keep in mind: Adventureland is actually the next land slated for a significant retooling, despite all of the rumors about Frontierland/Liberty Square/Tomorrowland attractions.
