Instead of constant remakes, why don’t studios re-release classics?

I just watched the Moana live-action trailer, and looking back I realized the Disney live action films have made a ton of money and The Lion King sits at 88% audience rating. A cursory look at the reviews though show it's mostly nostalgia, it reminds them of childhood, a chance to see it on the big screen again, etc.

My local theater has been doing rereleases since COVID pretty regularly, but my question for discussion is why don't we see a bigger push to re-release classic films? Instead of spending the millions of dollars to remake a movie shot-for-shot, why not ramp up to a big theater event? There's precedence for it, the Disney Vault, remove the movie from streaming or physical release in the year or two prior and the theater release is the re-introduction. Movies have done this for years before home media. Gone with the Wind is the highest grossing movie ever and was released 10 times in theaters since is premiere in 1939.

I would think this would be mutually beneficial for studios and theaters, gives life to old movies, hits the nostalgia factor, and makes money on a popular IP without having to pay for production cost again.

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