The Main Street Electrical Parade made its way down Disneyland's Main Street U.S.A. from 1972 to 1996. The parade music, "Baroque Hoedown", is a classic Disney tune. The main draw of these floats were the designs highlighted with light bulbs....lots of them. When this parade was retired, they actually auctioned off the light bulbs for charity.
What could replace a very successful and beloved 24 year old parade? EXACTLY NONE.
Any parade following the Main Street Electrical Parade had big shoes to fill and had too high of expectations to fulfill. Unluckily, Light Magic followed. It was a spectacular fail as it is forever referred to by many as "Light Tragic".
Light Magic had a catchy tune and made use of fiber optic technology. There was actually some infrastructure work done to some of the the buildings along the parade route so that twinkling lights provided by fiber optics could enhance the show stops that the this parade had. Personally, I think the parade theme of fairies was a little before its time. People also confused it with River Dance which was popular at that time. The Disney characters in their pajamas kinda was a little too creepy for many. Light Magic lasted 4 months. It's "the parade that shall not be named" and simply forgotten by many.
Since then, there has not been a night time only, lighted spectacular parade at Disneyland. There have been several parades that occurred at night with new themes, grand floats and new music but not new technology.
Last October, Disney Paint the Night parade premiered at Hong Kong Disneyland. It is the first fully LED night time parade. New technology enabled new costumes that change color and react with the music. Guest can purchase a "Mickey Magic Paint Brush" to help illuminate the parade. It is a very interactive parade.