I'm not saying that Disney Vacation Club is going away. But given that it's reached a critical mass where it can deliver 40k - 50k guests to the theme parks on any given day, that particular metric is not as important as it once was. (Imagine if Covid had hit in the mid-90s when
DVC only had a relative handful of villas at OKW and BWV. The theme parks wouldn't have had a fraction of the guests they had in mid-2020 to early-2021 when DVC members were largely keeping things afloat.)
Yes the DVC revenue is important. But it's also less than half of what it was in pre-pandemic 2020 and DVC isn't really doing anything to change that. In the first 3 months of 2020 they averaged 157k in riviera points sales per month. Over the last 3 months they've averaged 66k. I don't think sales are awful for a mid-pandemic stage, but Disney has the ability to goose those sales at any time via prices and incentives to help increase revenue. They've chosen not to do so.
Every DVC buyer is potentially lost hotel revenue. I think the current DVC pricing stance illustrates that there ARE limits to their willingness to move guests from cash to DVC. Sure it's great to convince someone to spend $30,000 on DVC. But broader guests spending numbers suggest that person will become a lower revenue-generator in the parks long-term, including the $600-800 per night they'll no longer be spending on poly or contemporary hotel rooms.
Both DVC and cash guests have their place. But there are limits to which Disney will attempt to move people from one classification to the other. And it's not outrageous to suggest that Disney views hotel guests as a better source of long-term profit, even if it has to work harder to earn each of those guests.