I am just betting that at a time in the future Disney will not be as relevant as they are today. And I would argue they already suffered over the last years. With less and less people aiming towards blockbusters in general.
Sure maybe they stay afloat but assuming they will constantly produce high quality and that no one is able to overtake them by a bigger margin is not what I experienced over my lifetime.
This streaming shift also is beneficial to Disney, with more touch points to access their audience and extract value - unconstrained by TV/theater time constraints and middlemen.
I don't know how you support that they suffered over the last years. The Marvel Cinematic Universe has crushed it, Disney Plus has more subscribers than expected (thanks in part to COVID), and many DTC purchases on Disney Plus have been successful. Not to mention this content success begets success in other parts of the business.
I think Disney's whole business model is built around insuring that never happens, both by hiring the best people and by buying any company that demonstrates a threat to their hegemony.
It looks like they took a bath on Mulan; $66.8 million box on a $200 million budget.
But the integration may work out for them in the long run if people who signed up for Disney+ keep their accounts.
Wikipedia was a boon for search, as it provides so much value for Google to show direct answers and results. But Google didn't do much for it.
Netflix and Amazon Prime has shown that content can be produced for relatively unknown "brands" and still be highly valuable. Disney is traditionally the owner of intellectual property that they want too monetize.
Doesn't take a genius to understand that at some point Disneys content will be sup-bar what others are offering. Even when they today have a head start.
I have no issue to think about a world where kids will grow up without ever touching Disney content. But some form of Netflix they will for sure have.