This could go well beyond viewership for them.
Growing up we didn't have the Disney channel. Back then it was a premium, paid channel. So with the options being renting tapes, seeing theatrical releases, or the special weekends where the channel was free, I watched very Disney growing up.
Now, as an adult, I have little connection to their characters, movies, shows, etc. I see others my age making yearly treks to Disney World and I don't have the same draw. I see people buying Disney merch, and again, I don't have the same need.
And because I don't have strong nostalgia feelings for Disney, I didn't raise my kids on Disney either.
If kids aren't connecting with the Disney IP, as they grow up, they could end up like me - an adult that spends little to no money with Disney.
And that would be a major disaster beyond viewership for them.
Walking distance is only part of this equation.
We have no sidewalks and I would need to cross a 6 lane interstate if I were to go to the "closest" anything.