That's the point. Disney Channel is just a place for Disney to capture the audience into the ecosystem. You watch Disney Channel, and you're likely to go see Disney movies in theater. You watch Disney Channel, then you go to Disneyland which in turn drives you to go buy Disney merch and see Disney movies. You see Disney movies, then you go to Disney Channel to watch bonus content and spin-offs and sequels. Disney+ is doing all of this now.

Granted, they do produce merch for their successful content. Mickey Mouse Clubhouse, Hanna Montana, etc. all got plenty of merch out there - we just don't see it because it doesn't have broad enough appeal to sit on Walmart shelves next to Marvel and Star Wars and Pokemon.