I'll throw something into the fire for food for thought. I've been thinking about when
Disneyland was first released, and what movie distribution was like. Our perspective is totally different from the people of the 1950s and 60s.
Movies back then were released every several years with no way to watch them during the interim. If you loved Snow White, than it stinks for you because it could be years before you could see it. That's what made Fantasyland special. You could see real life versions of the movie retold. Want to watch Peter Pan? Go to Disneyland and experience that attraction. Have a hankering for Swiss Family Robinson? Head over to the Tree House.
Ironically as distribution has improved, theme parks have doubled down on IP based attractions. This is the difference though. Instead of just wanting to rewatch the movie, they want to live in the movie.
This is likely why many found Little Mermaid underwhelming. People don't go to the theme park to watch the movie anymore. You can do that at home with a few clicks on the computer. People want to have new unique experiences and live in the world.
Look at every attraction Disney and Universal is adding globally and you'll find few attractions just retelling the story. Iron Man, Avatar, HP, etc.
Interesting...