I guess it's not just Disney who's been "alienating its core customer" then. Comast, Paramount Global, Warner Bros Discovery, AMC Networks, Netlfix, Roku, Fox Corp, et al all must be alienating their core customers hence all the declines in their market caps.
Disney is especially being hit hard and has been declining since 2017 when it began changing its philosophy, a philosophy that's infected all of Hollywood. There's a reason why box office receipts for most studios have been awful with the few exceptions of movies that don't follow the usual Hollywood mindset. Disney's sole wins in the last couple of years have been Avatar 2 and the first two seasons of The Mandalorian. Everything else has been an utter failure or have barely broken even. The upcoming The Marvels movie and Snow White are both looking like unmitigated disasters. Indy 5 alone is expected to lose $300 million because it's a trash movie that made Kingdom of the Crystal Skull look like a masterpiece. Even the Pixar movies like Lightyear and Elemental are garbage that no one wants to see. Barbenheimer, Spider-Man, and Top Gun are proof the pandemic or the economy have little to do with those Disney movies performing so poorly. People will turn out to see things they think are good.
Disney isn't alone in suffering. Just look at Warner's DCEU or just about every movie out there that adheres to Hollywood's new philosophy of not bothering to entertain the audience. Movies that don't follow the herd have huge box office numbers, like the Spider-Man movies and Top Gun: Maverick. Why is it that Sony-controlled Spider-Man did so well while every other Marvel Phase 4-5 has been a train wreck? The pandemic isn't the excuse. It's bad movies and bad shows on Disney+, like Willow or She Hulk or Ms. Marvel or the most recent Secret Invasion. No one wants to watch them because they know ahead of time they'll be atrociously bad.
Yes, streaming is a tough business with everyone hurting, but Disney is hurting everywhere, not just in Disney+.
The near vacant theme parks are symptomatic of how Disney has alienated its core audience. Next door to Disney World is Universal Studios, which is packed full during the summer and doing quite well while Disney is at its lowest attendance in decades, excepting the closures during the pandemic. At the rate it's going, even their theme parks may go into the red soon while Universal is laughing all the way to the bank, saying "Thanks, Disney."
Disney is bleeding badly, and anyone following Disney knows why. Iger started the fall but blamed Chapik, while failing to change course when he was brought back. Disney's reputation as family friendly is gone and their bottom line is suffering for it. Millions of families are avoiding anything having to do with Disney like the plague. Some think Iger was brought back to prepare the company for sale, possibly to Apple, but Apple may not want this albatross around its neck because it would take a herculean effort to win back the audience.
ESPN is part of the fallout as well as ABC, which may also be on the sales block along with Iger's promise to cut $5 billion in expenses.
This is my last word on the subject because I don't want to stray too far off topic, but Disney's bad financial situation is very relevant to why this story on ESPN even exists.