It also doesn’t take into account how Disney actually uses these movies.

Disney makes the bulk of their pure profit in the theme parks.

They just announced that they were dropping $50billion to upgrade the parks, with an expectation of making that back completely within 2-3 years.

The movies, are seen as giant commercials for new merch and Disney parks.

As long as the movie is seen favorably by the target age group (children who will want to go to Disney world) then it’s seen as a success.

Then scenes from the movie can be used in the theme parks.

As a note, the scenes used in the park, may have been made years before the movie was filmed.