I think their current difficulties are multi faceted…
I’d place D+ as culprit #1.
Why pay when I can see it for “free” in a couple months? Had HM not been “free” on my cruise I would have waited for D+.
#2 is quality, they are putting out movies that just aren’t must see, the alternating good/bad decade dilemma, which I still don’t get, between Star Wars and Marvel the teens was a never ending list of must see in the theater movies, the post Covid 20s hasn’t had that quality.
I think people have lost faith in Disney, rather than giving them the benefit of the doubt and just going they are waiting and it’s hurting the bottom line.