This is one of the most thoughtful and detailed posts in this thread, and gets to something that I wanted to contribute. There's the short-term softness and there's the medium term annual attendance trends, but it's always struck me that Disney's long-term strategic marketing attempts to have identify Disney as part of who they are - to have being "Disney" people as part of their identity. And so all of the things I've emboldened in
@geekza's post above could be even more successful in creating people who identify as "Disney people" than they were to the Wonderful World of Disney generation
if Disney successfully executed this strategic marketing. And that's still an open question. I'm not even sure they do it and only an insider could tell us, I suppose.
As I look at the major IP that Disney have purchased over recent years, I see them buying property that has succeeded in creating characters who we deeply identify with - or at least want to. Through this, they increase the number of people who identify as Disney. Who didn't want to be Luke Skywalker or Princess Leia at some point? But more to the point, there's someone out there who saw themselves in Spiderman or wanted to see themselves in Captain America.
You can even see another aspect of this back in the '90s in the expansion of the resort system. In making each new resort so distinctive and unique, they got people to not only identify as Disney people, and as WDW people, but as Port Orleans French Quarter people. I think they had the roots of this when the Polynesian Resort people got created in the '70s.
From this perspective, their biggest strategic mistake was in not acceding to whatever creative control Rowling wanted in order to obtain the park rights to HP. The identity draw from that property will empower generations of kids and young adults. (Though I do see how from a financial standpoint that it was more valuable to Universal than to Disney) But this is another story.
I'll end with a funny property - Hello Kitty. Somehow, Hello Kitty has been successful enough in Japan to have resulted in this. (And it's not just the outside!) How do they do it?
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