This assumes the Disney back-catalog strategy makes sense in the digital age. Pre-VHS, Disney would re-release movies in theaters. They could re-release Fantas

This assumes the Disney back-catalog strategy makes sense in the digital age. Pre-VHS, Disney would re-release movies in theaters. They could re-release Fantasia, or Cinderella, or whatever, and still make money in theaters in the 1970s. But, there wasn't that much content to watch at that time. You had live TV or movies. That was it. Today there is more on-demand content out there than I could watch if I lived a million years. Do you think "Bright" will keep subscribers 10 years from now for Netflix? Just as an example: "Band of Brothers" and "The Wire" are two of the best things I've ever watched. Would I _keep_ an HBO subscription forever after I've watched them? No...