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If you look at any public record of merch sales, they're always better when there is a movie or some other media driving it. Spider-Man merch sells better in years a movie is released. That applies to any IP. Can bad media drive people and hurt the brand? Yes it can, but so does inaction with the brand. Hence why someone like Spider-Man gets rebooted quickly. They don't want him out of the public eye for long. With Marvel, you can always shift characters who are not as popular around and push other ones. Like maybe they focus on X-Men when this Saga is over.So what happens when the ecosystem doesn't flow like it used to? If the stories you are creating turn away a section of the fanbase and the IP is not getting the returns it once did over multiple projects? Do the licensing fees, merch sales, and park attendance numbers not diminish? A much less bountiful ecosystem is still better then taking time to get a solid plan and getting it right? Everything flows downstream from the stories, if the merch is for a divisive project or a terrible film, than ultimately it's not good for anyone long term and the chickens will always come home to roost.
It's also naive to think that studios don't track or are influenced by what other studios are doing (see WB with Marvel) that's the history of Hollywood, particularly when competing against another iconic brand like DC in what is still the biggest genre at the moment. I know you dismissed it to make your point, I'm just not convinced this is the paradigm they are slaves to.
And sure, Marvel pays attention to what DC is doing. But not in the way where they don't want DC to make more BO or movies critics and such like more. DC matters to Disney in that they're a competitor for licensing. So if DC is doing better than they are, maybe Coke partners with DC instead of Marvel and things like that. But it isn't for them about quality. They're a corporation. They care about $$$$. End of story. New media makes selling the brand to others easier. Don't take my word for those. Look up revenue reports for Marvel. This is why Disney wanted Marvel. Not to sit on the brand, but to exploit it. This is why Marvel or Star Wars or whatever will always be doing something