Disney did well with re-issues of Hocus Pocus and Nightmare Before Christmas this past October, so re-releases can do well if the title selected and timing of the release is done correctly.
Both of the above movies were celebrating their 30th anniversaries, were released in time for Halloween (the holiday they are closely associated with) and have a cult following that has shown a sustained interest over time.
Soul was a straight to streaming title from 3 years ago that has no cultural cache, seasonal significance or anything to make it stand out more than other recent Disney+ movies that have not been in wide theatrical release yet. There was also no clear call to action or urgency to see this movie
now and pay extra to do so
. As
@TalkingHead suggested, there needed to be something to sweeten the deal, or IMO they just should have picked a different movie.
My choice for January 2024? Sleeping Beauty in 70mm where locations are equipped to do so. Disney is releasing at least some merch for the film's 65th anniversary this month and it would have been a chance to play to the old fashioned cinema enthusiast or film school student market that likes seeing the old classics on large format stock. Have an intro from the Disney archives or something too.