It was announced at shareholder meetings. I don’t know where to find the recordings, but
@lazyboy97o is right. NextGen and FP+ were part of a “Blue Ocean” strategy* to avoid further investments in new attractions. The company also hoped the ease of tapping a band would lead to increased merch sales, helping offset the cost of the initiative. All of that is known fact.
Now here’s where the speculation comes into play. The increased sales didn’t happen. Fans have guessed it’s either because the necessary PIN process emphasized “you are spending money” more than Iger realized, or because merch quality and variety dropped while prices rose, or because the company greedily raised prices far above inflation, or a combination of those factors. Bottom line, merch didn’t offset the sunken costs of NextGen. The FP+ shell game also didn’t negate the need for investment. So now we’re here.
*a gross misunderstanding of true Blue Ocean business strategy