I agree that streaming has replaced DVD sales. They barely sell DVD's now at all, and at my local Best Buy they now have a larger section devoted to vinyl records than they do to DVD's. Don't get me started on how funny I think it is that the kids are into vinyl records!
But when fans like us bought DVD's twenty years ago for $25, and blu-rays a decade ago for $30, that was impactful revenue. Now we get all the movies we want for 8 bucks a month. Soon to be 10 bucks a month. And the division that creates that service hasn't been profitable yet, and isn't scheduled to eek out a profit for at least two more fiscal years.
Meanwhile, the movie studios in Disney's stable keep gobbling up $175 to $250 Million per film in budgets that go God know's where. Honestly, why did Lightyear cost them $200 Million when Universal produced Minions this summer for $80 Million? Where's the missing $120 Million they spent on Lightyear?
Not to mention where all the missing ticket sales went for Lightyear, but that's a whole other story.
That can't be made up with 10 dollar a month streaming services and non-existent DVD sales.