The Walt Disney Company

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"Disney" redirects here. For the company's namesake co-founder, see Walt Disney. For other uses, see Disney (disambiguation).

The Walt Disney Company
Disney
Formerly
  • Disney Brothers Studio
    (1923–1926)
  • Walt Disney Studio
    (1926–1929)
  • Walt Disney Productions
    (1929–1986)
Type
DJIA component
  • S&P 100 component
  • S&P 500 component
    • ISINUS2546871060
    Industry
    PredecessorLaugh-O-Gram Studio
    FoundedOctober 16, 1923; 99 years ago (1923-10-16)
    Founders
    HeadquartersTeam Disney Building, Walt Disney Studios,
    Burbank, California
    ,
    U.S.
    Area served
    		Worldwide
    Key people
    • Chairman
      )
    • CEO
      )
    Products
    Services
    RevenueIncrease US$82.722 billion (2022)
    Increase US$12.121 billion (2022)
    Increase US$3.145 billion (2022)
    Total assetsIncrease US$203.631 billion (2022)
    Total equityIncrease US$98.879 billion (2022)
    Number of employees
    		c. 220,000 (2022)
    Divisions
    Subsidiaries
    Websitethewaltdisneycompany.com Edit this at Wikidata
    Footnotes / references
    [1][2][3]

    The Walt Disney Company, commonly known as Disney (

    synchronized sound, to become the first post-produced sound cartoon.[5]
    The character would go on to become the company's mascot and corporate icon.

    After becoming a major success by the early 1940s, the company diversified into live-action films, television, and theme parks in the 1950s. Following Walt Disney's death in 1966, the company's profits, especially in the animation division, began to decline. Once Disney's shareholders voted Michael Eisner as the head of the company in 1984, it became overwhelmingly successful during a period called the Disney Renaissance. In 2005, under new CEO Bob Iger, the company started to expand and acquire other corporations. Bob Chapek became the head of Disney in 2020 after Iger's retirement. Chapek was ousted in 2022 and Iger was reinstated as CEO.[6]

    Since the 1980s, Disney has created and acquired corporate divisions to market more mature content than is typically associated with its family-oriented brands. The company is known for its film-studio division Walt Disney Studios, which includes Walt Disney Pictures, Walt Disney Animation Studios, Pixar, Marvel Studios, Lucasfilm, 20th Century Studios, 20th Century Animation, and Searchlight Pictures. Disney's other main business units include divisions in television, broadcasting, streaming media, theme park resorts, consumer products, publishing, and international operations. Through these divisions, Disney owns and operates the ABC broadcast network; cable television networks such as Disney Channel, ESPN, Freeform, FX, and National Geographic; publishing, merchandising, music, and theater divisions; direct-to-consumer streaming services such as Disney+, Star+, ESPN+, Hulu, and Hotstar; and Disney Parks, Experiences and Products, which includes several theme parks, resort hotels, and cruise lines around the world.

    Disney is one of the biggest and best-known companies in the world, and has been ranked number 53 on the 2022 Fortune 500 list of biggest companies in the United States by revenue. Since its founding, the company has won 135 Academy Awards, 26 of which have been awarded to Walt. The company has been said to have produced some of the greatest films of all time, as well as revolutionizing the theme park industry. Disney has been criticized for supposed plagiarism, depicting racial stereotypes in the past, and both including and lacking LGBT-related elements in its films. The company, which has been public since 1940, trades on the New York Stock Exchange (NYSE) with ticker symbol DIS and has been a component of the Dow Jones Industrial Average since 1991. In August 2020, just under two-thirds of the stock was owned by large financial institutions.

    History

    For a chronological guide, see Timeline of the Walt Disney Company.

    1923–1934: Founding, Mickey Mouse, and Silly Symphonies

    Publicity photo of Walt Disney from the Boy Scouts of America. Disney was given an award by them in 1946.
    Roy O. Disney (1893–1971), the American businessman; partner and co-founder of The Walt Disney Company with his brother Walt Disney. This 1965 photograph shows Roy Disney and his brother with Florida's Governor W. Haydon Burns (1912–87), announcing plans to create a Disney theme park in the state. Walt Disney World opened in 1971. Located just southwest of Orlando, Florida, the attraction grew to become the largest resort in the world, covering 47 square miles (122 square kilometers) and encompassing four theme parks, two water parks, a wilderness preserve, and numerous hotels.
    Walt Disney (left) and his brother Roy O. Disney (right) co-founded The Disney Brothers Studios in 1923, which later became The Walt Disney Company

    Walt Disney and his animator friend Ub Iwerks had founded a film studio named Laugh-O-Gram Studio in Kansas City.[7] Iwerks and Disney made a short film entitled Alice's Wonderland, which depicted child actor Virginia Davis interacting with animated characters. In 1923, soon after the short was made, Laugh-O-Gram Studio went bankrupt but the film later became a hit after New York film distributor Margaret J. Winkler purchased it. Disney signed a contract to create six series of Alice Comedies with an option for two more six-episode series.[8][9] Before signing the contract, Disney decided to move to Hollywood, Los Angeles, to join his brother Roy O. Disney, who had tuberculosis.[10] Walt and Roy founded Disney Brothers Studio on October 16, 1923, to produce the films.[11] Walt later persuaded Iwerks' and Davis' families to move to Hollywood as well.[9]

    In January 1926, the Disney studio on Hyperion Street was completed, and Disney Brothers Studio's name was changed to Walt Disney Studio.[12] After producing several Alice films for the next four years, Winkler handed the role of distributing films to her husband Charles Mintz. In 1927, Mintz asked for a new series of films to be made under Universal Pictures. In response, Walt created his first series of fully animated films, which featured the character Oswald the Lucky Rabbit.[13] Walt Disney Studio created 26 films with Oswald in them.[14]

    In 1928, Walt wanted a larger fee for his films but Mintz wanted to reduce the price. Soon after, Walt discovered

    Pat Powers' distribution company distributed Steamboat Willie, which became an immediate hit.[17][20][21] In 1929, the company successfully re-released the two earlier films with synchronized sound.[22][23]

    Black and white rabbit in pants jumping
    One of Disney's first animated characters Oswald the Lucky Rabbit, which Disney lost the rights to

    After the release of Steamboat Willie at the

    Walt Disney Enterprises, and subsidiaries called Disney Film Recording Company, Limited and Liled Realty and Investment Company; the latter of which managed real estate holdings. Walt and his wife held 60 percent (6,000 shares) of the company, and Roy owned 40 percent.[31]

    The comic strip Mickey Mouse debuted on January 13, 1930, in New York Daily Mirror and by 1931, the strip was published in 60 newspapers in the U.S., and in twenty other countries.[32] After realizing releasing merchandise based on the characters would generate more revenue for the company, a man in New York offered Walt $300 for license to put Mickey Mouse on writing tablets he was manufacturing. Walt accepted and Mickey Mouse became the first licensed character.[33][34] In 1933, Walt asked Kay Kamen, the owner of an Kansas City advertising firm, to run Disney's merchandising; Karmen agreed and transformed Disney's merchandising. Within a year, Kamen had 40 licenses for Mickey Mouse and within two years, had made $35 million worth of sales. In 1934, Walt said he made more money from the merchandising of Mickey Mouse than from the character's films.[35][36]

    Later, the

    Waterbury Clock Company created a Mickey Mouse watch, which became so popular it saved the company from bankruptcy during the Great Depression. During a promotional event at Macy's, 11,000 Mickey Mouse watches sold in one day; and within two years, two-and-a-half million watches were sold.[37][32][36] As Mickey Mouse become a heroic character rather than a mischievous mouse, Disney needed another character that could produce gags.[38] Walt invited radio presenter Clarence Nash to the animation studio; Walt wanted to use Nash to play Donald Duck, a talking duck character that would be the studio's new gag character. Donald Duck made his first appearance in 1934 in The Wise Little Hen. Though he did not become popular as quickly as Mickey Mouse had, Donald Duck had a featured role in Donald and Pluto (1936), and eventually was given his own series.[39]

    After a disagreement with Columbia Pictures about the Silly Symphonies cartoons, Walt signed a distribution contract with United Artists from 1932 to 1937 to distribute the series.[40] In 1932, Disney signed an exclusive contract with Technicolor to produce cartoons in color until the end of 1935, beginning with the Silly Symphonies short Flowers and Trees (1932).[41] The film was the first full-color cartoon and later that year, it won the Academy Award for the Best Cartoon.[5] In 1933, The Three Little Pigs, another popular Silly Symphonies short, was released and also won the Academy Award for Best Cartoon.[24][42] The song from the film "Who's Afraid of the Big Bad Wolf?", which was composed by Frank Churchill—who wrote other Silly Symphonies songs—became popular and remained so throughout the 1930s, and became one of the best-known Disney songs.[26] Other Silly Symphonies films won the Best Cartoon award from 1931 to 1939, except for 1938, when another Disney film Ferdinand the Bull won it.[24]

    1934–1949: The Golden Age of Animation, strike, and World War II

    Three story building with green stripes surrounded by some trees
    The original animation building at Walt Disney Studios in Burbank, California, which they fully moved into in 1940

    In 1934, Walt decided to make the feature-length animated film Snow White and the Seven Dwarfs—Walt Disney Productions' first full-length feature film. He told his animators by acting out the story. Roy tried to stop Walt from making it, saying it would bankrupt the studio, and in Hollywood it was called "Disney's Folly", but Walt continued production on the film.[43][44] He took a realistic approach to the film and created scenes as though they were live action.[45] While making the film, the company created the multiplane camera, which was pieces of glass upon which drawings were placed at different distances to create an illusion of depth in the backgrounds.[46] After United Artists attempted to attain future television rights to the Disney shorts, Walt signed a distribution contract with RKO Radio Pictures on March 2, 1936.[47] Walt Disney Productions exceeded its original budget of $150,000 for Snow White and the Seven Dwarfs by ten times; its production eventually cost the company $1.5 million.[43]

    Snow White and the Seven Dwarfs took three years to make, debuting on December 12, 1937. It became the highest-grossing film of all time up to that point, grossing $8 million (equivalent to $162,851,852 in 2022 dollars); after several re-releases, the film grossed a total of $998,440,000 in the U.S. adjusted for inflation.[48][49] After the profits of Snow White and the Seven Dwarfs, Disney financed the construction of a new studio complex of 51 acres (20.6 ha) in Burbank, California, which the company fully moved into in 1940.[50][51] On April 2 of the same year, Disney had its initial public offering, with the common stock remaining with Walt and his family. Walt did not want to go public but the company needed the money.[52]

    Shortly before Snow White and the Seven Dwarfs' release, work began on the company's next films

    Best Song and Best Score, and was said to have made groundbreaking achievements in animation.[53] Pinocchio, however, performed poorly at the box office upon its release on February 23, 1940, because its international releases were prevented due to World War II.[54][55]

    The company's next film Fantasia also performed poorly at the box office but during its production, the company made advancements in cinema technology, inventing Fantasound, an early surround sound system, for the film's soundtrack, making it the first commercial film to be shown in stereo.[56][57][58] In 1941, Walt Disney Studio experienced a major setback when 300 of its 800 animators, led mainly by one of the company's top animators Art Babbitt, went on strike for five weeks for unionization and higher pay. Walt thought the strikers were secretly communists and he fired many of the studios' animators, including some of its best ones.[59][60] Roy Disney tried to persuade the company's main distributors to invest in the studio and to secure more production funds for the studio, which could no longer afford to offset production costs with employee layoffs, but was unsuccessful.[61] During the premiere of The Reluctant Dragon (1941), Disney's fourth film, Robert Benchley toured the company's studio; protesters from the strike arrived and the film was $100,000 short of its production cost.[clarification needed][62]

    Man dressed as a gaucho with someone dressed as Donald Duck
    Walt (right) dressed as a gaucho next to Donald Duck on the company's goodwill trip to South America in Argentina.

    While negotiations with the strikers were underway, Walt accepted an offer from the Office of the Coordinator of Inter-American Affairs to make a goodwill visit, along with some of his animators, to South America, ensuring Disney would be absent during the deal because he knew the results would not be in his favor.[63] During the twelve-week visit, the animators began plotting for films and were inspired by local music.[64] As a result of the strike, Federal mediators compelled the studio to recognize the Screen Cartoonists Guild and several animators left the company, leaving it with 694 employees.[65][60] To recover from their financial losses, Disney, hurriedly and with a lower budget, created the studio's fifth animated film Dumbo, which performed well at the box office and made a much-needed financial gain for the company.[53][66] After the bombing of Pearl Harbor, many of the company's animators were drafted into the army.[67] Later, 500 United States Army soldiers occupied the studio for eight months to protect a nearby Lockheed aircraft plant. While they were there, the soldiers fixed equipment in large soundstages and converted storage sheds into ammunition depots.[68] On December 8, 1941, the United States Navy asked Walt to create propaganda films to gain support for the war. He agreed and signed a contract with the navy for 20 war-related shorts for $90,000.[69] Most of the company's employees worked on the project and created films such as Victory Through Air Power, and included some of the company's characters in several of the films.[70][67]

    In August, 1942, Bambi was released as Disney's sixth animated film and performed poorly at the box office.[71] In 1943, following the trip to South America, the studio made Saludos Amigos and The Three Caballeros;[67][72] the two films are package films, several short cartoons grouped together to make a feature film. Both films performed poorly upon their releases. Disney made more package films, including Make Mine Music (1946), Fun and Fancy Free (1947), Melody Time (1948), and The Adventures of Ichabod and Mr. Toad (1949), to try to recover from its financial losses.[67] The studio started production on less-expensive live-action films with a mixture of animation, starting with Song of the South which became Disney's most controversial film.[73][74] Because the company was short of money, in 1944, it planned to re-release its feature films to create much-needed revenue.[74][75] In 1948, Walt Disney Studio began the nature documentary series, True-Life Adventures, which ran until 1960 and won eight Academy Awards.[76][77] In 1949, during production of the animated film Cinderella (1950), the Walt Disney Music Company was founded to help with profits for merchandising, hoping the music from Cinderella would be a hit.[78]

    1950–1967: Live-action films, television, Disneyland, and Walt Disney's death

    In 1950, Cinderella, Disney's first animated film in eight years, was released and was considered a return to form for the studio. With a production cost of $2.2 million, it was Disney's most financially successful film since Snow White and the Seven Dwarfs, making $8 million in its first year. Walt had not been as involved as he was with earlier films because he was distracted with trains and visited England to make Disney's first fully live-action film Treasure Island (1950).[79] Because Treasure Island was a success, Walt returned to England to produce The Story of Robin Hood and His Merry Men.[80] In 1950, the television industry began to grow, and on 25 December, NBC aired the company's first television production "One Hour in Wonderland", which was a promotional program for Disney's next animated film Alice in Wonderland (1951) and sponsored by Coca-Cola.[81] While Walt was in England, Alice in Wonderland was released; it was financially unsuccessful, falling $1 million short of the production budget.[82] Upon his return, Walt started planning the construction of an amusement park called Mickey Mouse Park on an eight-acre (3.2 ha) site near the studio; its attractions would include a steamboat ride but business interrupted the plan and production for a third British film The Sword and the Rose began.[83] Walt supervised the film's production, which was financed by a new subsidiary called Walt Disney British Films Limited.[84]

    Several men looking at plans together
    Walt (center) showing the plans of Disneyland to officials from Orange County in December 1954

    According to Walt, he had the idea of an amusement park during a visit to

    Imagineers".[88] Walt and his friends visited parks in the U.S. and Europe to get ideas on how to build one.[89] His plan to build the park in Burbank near the studio quickly changed when he realized that 8 (3.2 ha) acres would not be enough land. Walt acquired 160 acres (65 ha) of orange groves in Anaheim, southeast of Los Angeles in neighboring Orange County, at $6,200 per acre to build the park.[90] Construction on the park began on July 12, 1954; Walt wanted it to be completed by 1955, with storytelling attractions and areas, as well as being clean and perfect.[91] By the time the park opened, it cost the company $17 million to construct.[92]

    In February 1953, Disney's next animated film

    Buena Vista Distribution, named after the street where the studio was located.[94] In 1954, Disney's first American live action film 20,000 Leagues Under the Sea, which was one of the first films to use CinemaScope, was released.[95][96] From the early-to-mid 1950s, Walt began to devote less attention to the animation department, entrusting most of its operations to his key animators the Nine Old Men, although he was always present at story meetings. Instead, he started concentrating on television, Disneyland, and other company affairs.[97]

    Children wearing white shirts with their names on them and Mickey Mouse ears
    Man dressed as Davy Crockett with a rifle in his hand, alongside two men in the background
    (left to right) Cast for The Mickey Mouse Club, which over 10 million children would watch every day, and Fess Parker as Davy Crockett in the show of the same name, which sold 10 million Crockett coonskin caps and over 10 million records of its theme song

    To finance the construction of Disneyland, Walt sold his home at

    Disneyland an anthology series consisting of animated cartoons, live-action features, and other materials from the studio's library; and would depict four segments of the amusement park's four areas.[98] The series was a success and garnered over 50% of viewers in its time slot, along with increasing audiences and praise from critics.[99] In August, Walt formed another company Disneyland, Inc. to finance the theme park, with Walt Disney Productions, Walt, Western Publishing—which had been the publisher of Disney books for over twenty years—and ABC all holding stock in the company.[100]

    In October, with the success of Disneyland, ABC allowed Disney to produce The Mickey Mouse Club, a variety show for children; the show included a daily Disney cartoon, a children's newsreel, and a talent show. It was presented by a host, and talented children and adults called "Mousketeers" and "Mooseketeers", respectively.[101] After the first season, over ten million children and five million adults watched it daily; and two million Mickey Mouse ears, which the cast wore, were sold.[102] On December 15, 1954, Disneyland aired an episode of the five-part miniseries Davy Crockett, which stars Fess Parker as the title character. According to writer Neal Gabler, "[It] became an overnight national sensation", selling 10 million Crockett coonskin caps.[103] The show's theme song "The Ballad of Davy Crockett" became a part of American pop culture, selling 10 million records. Los Angeles Times called it "the greatest merchandising fad the world had ever seen".[104][105] In June 1955, Disney's 15th animated film Lady and the Tramp was released and performed better at the box office than any other Disney films since Snow White and the Seven Dwarfs.[106]

    Walt Disney at the grand opening of Disneyland on July 17, 1955

    Disneyland opened on Sunday, July 17, 1955.

    Mark Twain Riverboat began to sink, several rides malfunctioned, and the drinking fountains were not working in the 100 °F. (38 °C) heat.[109][92] Within its first week of being open, Disneyland had had 161,657 visitors, and by its first month the park had over 20,000 visitors each day. After its first year, 3.6 million people had visited the park, and after its second year, four million more guests came, making it more popular than the Grand Canyon and Yellowstone National Park. That year, the company earned a gross total of $24.5 million compared to the $11 million the previous year.[110]

    two older men looking into the camera
    The Sherman Brothers, who composed many of the Disney songs throughout the 1960s, in 2002

    Though Walt focused more of the park than on films, the company produced an average of five releases per year throughout the 1950s and 1960s.[111] The animated feature films included Sleeping Beauty (1959), One Hundred and One Dalmatians (1961), and The Sword in the Stone (1963).[112] Sleeping Beauty was a financial loss for the company, and at $6 million, it had the highest production costs for a film up to that point.[113] One Hundred and One Dalmatians introduced animation technique using the xerography process to electromagnetically transfer the drawings to animation cels.[114] In 1956, the Sherman Brothers, Robert and Richard, were asked to produce a theme song for the television series Zorro.[115] The company later hired them as exclusive staff songwriters, an arrangement that lasted 10 years. They wrote many of the songs for Disney's films and theme parks, and several of them were commercial hits.[116][117] In the late 1950s, Disney ventured into comedy with the live-action films The Shaggy Dog (1959), which became the highest-grossing film in the U.S. and Canada for Disney at over $9 million,[118] and The Absent Minded Professor (1961), both starring Fred MacMurray.[112][119]

    Teenage girl with blonde hair in a white dress looking into the camera
    Black and white photo of a young man looking into the camera
    (left to right) Hayley Mills and Kurt Russell were two of Disney's most prominent child actors in the 1960s.

    Disney also made several live-action films based on children's books including Pollyanna (1960) and Swiss Family Robinson (1960). Child actor Hayley Mills starred in Pollyanna, for which she won an Academy Juvenile Award. Mills also starred in five other Disney films, including a dual role as the twins in The Parent Trap (1961).[120][121] Another child actor Kevin Corcoran was a prominent figure in many of Disney's live-action films, first appearing in a serial for The Mickey Mouse Club, where he would play a boy named Moochie. He worked alongside Mills in Pollyanna, and starred in features such as Old Yeller (1957), Toby Tyler (1960), and Swiss Family Robinson.[122] In 1964, the live action/animation musical film Mary Poppins was released and became the year's highest-grossing film. It won five Academy Awards, including Best Actress for Julie Andrews as Poppins and Best Song for the Sherman Brothers', who also won Best Score for the film's "Chim Chim Cher-ee".[123][124]

    Black and white photo of a man posing and looking into the camera
    Black and white photo of a man looking into the camera
    (left to right) Dean Jones, who was considered "the figure who most represented Walt Disney Productions in the 1960s",[125] and Fred MacMurray, who starred in several of Disney's comedies in the 1960s

    Throughout the 1960s, Dean Jones, whom The Guardian called "the figure who most represented Walt Disney Productions in the 1960s", starred in ten Disney films, including That Darn Cat! (1965), The Ugly Dachshund (1966), and The Love Bug (1968).[125][126] Disney's last child actor of the 1960s was Kurt Russell, who had signed a ten-year contract with the company.[127] He featured in films such as The Computer Wore Tennis Shoes (1969), The Horse in the Gray Flannel Suit (1968) alongside Dean Jones, The Barefoot Executive (1971), and The Strongest Man in the World (1975).[128]

    Three men at a table with microphones in front of them announcing something
    Walt, then Florida Governor Hayden Burns, and Roy announcing the plans for Disney World

    In late 1959, Walt had an idea to build another park in Palm Beach, Florida, called the City of Tomorrow, a city that would be full of technological improvements.[129] In 1964, the company chose land southwest of Orlando, Florida to build the park and quickly acquired 27,000 acres (10,927 ha) of land for it. On November 15, 1965, Walt, along with Roy and Florida's governor Haydon Burns, announced plans for another park called Disney World, which included Magic Kingdom—‌a larger version of Disneyland‍—‌and the City of Tomorrow, which would be at the park's center.[130] By 1967, the company had made several expansions to Disneyland, and more rides were added in 1966 and 1967, at a cost of $20 million.[131] The new rides included Walt Disney's Enchanted Tiki Room, which was the first attraction to use Audio-Animatronics; Walt Disney's Carousel of Progress, which debuted at the 1964 New York World's Fair before moving to Disneyland in 1967; and Dumbo the Flying Elephant, which opened a month after the park.[132]

    On November 20, 1964, Walt sold most of WED Enterprise to Walt Disney Productions for $3.75 million after being persuaded to by Roy, who thought Walt having his own company would cause legal problems. Walt formed a new company called

    circulatory collapse caused by lung cancer.[135][136]

    1967–1984: Roy O. Disney's leadership and death, Walt Disney World, animation industry decline, and Touchstone Pictures

    In 1967, the last two films Walt had worked on were released; the animated film The Jungle Book, which was Disney's most successful film for the next two decades, and the live-action musical The Happiest Millionaire.[137][138] After Walt's death, the company largely abandoned the animation industry but make several live-action films.[139][140] Its animation staff declined from 500 to 125 employees, with the company only hiring 21 people from 1970 to 1977.[141]

    Disney's first post-Walt animated film

    Reedy Creek Improvement District. Roy also changed Disney World's name to Walt Disney World to remind people it was Walt's dream.[146][147] Over time, EPCOT became less of the City of Tomorrow and developed more into another amusement park.[148]

    After 18 months of construction at a cost of around $400 million, Walt Disney World's first park the Magic Kingdom, along with Disney's Contemporary Resort and Disney's Polynesian Resort,[149] opened on October 1, 1971, with 10,400 visitors. A parade with over 1,000 band members, 4,000 Disney entertainers, and a choir from the U.S. Army marched down Main Street. The icon of the park was the Cinderella Castle. Three months later on Thanksgiving Day, cars traveling to the Magic Kingdom caused traffic jams along interstate roads.[150][151]

    On December 21, 1971, Roy died of cerebral hemorrhage at St. Joseph Hospital.[145] After Roy's death, Donn Tatum, a senior executive and former president of Disney, became the first non-Disney-family-member to become CEO and chairman of the board. Card Walker, who had been with the company since 1938, became its president.[152][153] By June 30, 1973, Disney had over 23,000 employees and had a gross revenue of $257,751,000 over a nine-month period, compared to the year before when it made $220,026,000.[154] In November, Disney released the animated film Robin Hood (1973), which became Disney's biggest international-grossing movie at $18 million.[155] Throughout the 1970s, Disney released several more live-action films such as The Computer Wore Tennis Shoes' sequel Now You See Him, Now You Don't;[156] The Love Bug sequels Herbie Rides Again (1974) and Herbie Goes to Monte Carlo (1977);[157][158] Escape to Witch Mountain (1975);[159] and Freaky Friday (1976).[160] In 1976, Card Walker became CEO of the company, with Tatum remaining as chairman until 1980, when Walker replaced him.[144][153] In 1977, Roy E. Disney, Roy O. Disney's son and the only Disney working for the company, resigned from his job as an executive because of disagreements with the company's decisions.[161]

    In 1977, Disney released the successful animated film The Rescuers, which grossed $48 million at the box office.[162] The live-acton/animated musical Pete's Dragon was released in 1977, grossing $16 million in the U.S. and Canada, but was considered a disappointment to the company.[163][164] In 1979, Disney's first PG-rated film and most expensive film up to that point at $26 million The Black Hole was released, showing Disney could use special effects. It grossed $35 million, which was a disappointment to the company, which thought it would be a hit like Star Wars (1977). The Black Hole was a response to other Science fiction films of the era.[165][166]

    In September, 12 animators, which was over 15 percent of the department, resigned from the studio. Led by

    Walt Disney's World on Ice, a two-year tour of ice shows featuring Disney charters, made its premiere at the Brendan Byrne Meadowlands Arena after Disney licensed its characters to Feld Entertainment.[170][171] The same month, Disney's animated film The Fox and the Hound was released and became the highest-grossing animated film to that point at $39.9 million.[172] It was the company's first film that did not involve Walt and was the last major work done by Disney's Nine Old Men, who were replaced with younger animators.[141]

    A castle painted blue and pink with the bottom layer being made of stone bricks
    Blue and white castle with the bottom layer being made of stone bricks
    ginormous ball made of triangles
    (left to right) Disneyland's Sleeping Beauty Castle, Magic Kingdom's Cinderella Castle, and Epcot's Spaceship Earth are each park's main icon.

    As profits for the company started to decline, on October 1, 1982, Epcot, then known as EPCOT Center, opened as the second theme park in Walt Disney World, with around 10,000 people in attendance during the opening.

    World Showcase representing Mexico, China, Germany, Italy, America, Japan, France, the United Kingdom, and Canada; Morocco and Norway were added in 1984 and 1988, respectively.[173][175] The animation industry continued to decline and 69% of the company's profits were from its theme parks; in 1982, there were 12 million visitors to Walt Disney World, a figure that declined by 5% the following June.[173] On July 9, 1982, Disney released Tron, one of the first films to extensively use computer-generated imagery (CGI). Tron was a big influence on other CGI movies, although it received mixed reviews.[176] In total, in 1982, the company lost $27 million.[177]

    On April 15, 1983, Disney's first park outside the U.S. Tokyo Disneyland, opened in Urayasu, Japan.[178] Costing around $1.4 billion, construction of the park started in 1979 when Disney and The Oriental Land Company agreed to build a park together. Within its first ten years, the park had over 140 million visitors.[179] After an investment of $100 million, on April 18, Disney started a pay-to-watch cable television channel called Disney Channel, a 16-hours-a-day service showing Disney films, twelve programs, and two magazines shows for adults. Although it was expected to do well, the company lost $48.3 million after its first year, with around 916,000 subscribers.[180][181]

    In 1983, Walt's son-in-law Ron W. Miller, who had been president of the company since 1978, became its CEO, and Raymond Watson became chairman.[144][182] Miller wanted the studio to produce more content for mature audiences,[183] and as a result, Disney founded the film distribution label Touchstone Pictures to produce movies geared toward adults and teenagers in 1984.[177] Splash (1984) was the first film released under the label, and was a much-needed success for the studio, grossing over $6.1 million in its first week of screening.[184] Later, Disney's first R-rated film Down and Out in Beverly Hills (1986) was released and was another hit for the company, grossing $62 million.[185] The following year, Disney's first PG-13 rated film Adventures in Babysitting was released.[186] In 1984, Saul Steinberg attempted to buy out the company, holding 11.1% of the stocks. He offered to buy 49% of the company for $1.3 billion or the entire company for $2.75 billion. Disney, which had less than $10 million, rejected Steinberg's offer and offered to buy all of his stock for $325.5 million. Steinberg agreed, and Disney paid it all with part of a $1.3 billion bank loan, putting the company $866 million in debt.[187][188]

    1984–2005: Michael Eisner's leadership, the Disney Renaissance, merger, and acquisitions

    Man in a tuxedo giving a speech
    Michael Eisner replaced Ron Miller as CEO.

    In 1984, the company's shareholders Roy E. Disney,

    E.F. Hutton, the largest amount raised for a film-financing limited partnership.[193] Silver Screen IV was also set up to finance Disney's studios.[194]

    In 1986, the company changed its name from Walt Disney Productions to The Walt Disney Company, stating the old name only referred to the film industry.[195] With Disney's animation industry declining, the animation department needed its next movie The Great Mouse Detective to be a success. It grossed $25 million at the box office, becoming a much-needed financial success for the company.[196] To generate more revenue from merchandising, the company opened its first retail store Disney Store in Glendale in 1987. Because of its success, the company opened two more stores in California, and by 1990, it had 215 stores throughout the U.S.[197][198] In 1989, the company garnered $411 million in revenue and made a profit of $187 million.[199] In 1987, the company signed an agreement with the Government of France to build a resort named Euro Disneyland in Paris; it would consist of two theme parks named Disneyland Park and Walt Disney Studios Park, a golf course, and six hotels.[200][201]

    Hollywood Studios' park icon, the Chinese Theatre

    In 1988, Disney's 27th animated film Oliver & Company was released the same day as that of former Disney animator Don Bluth's The Land Before Time. Oliver & Company out-competed The Land Before Time, becoming the first animated film to gross over $100 million in its initial release, and the highest-grossing animated film in its initial run.[202][203] Disney became the box-office-leading Hollywood studio for the first time, with films such as Who Framed Roger Rabbit (1988), Three Men and a Baby (1987), and Good Morning, Vietnam (1987). The company's gross revenue went from $165 million in 1983 to $876 million in 1987, and operating income went from −$33 million in 1983 to +130 million in 1987. The studio's net income rose by 66%, along with a 26% growth in revenue. Los Angeles Times called Disney's recovery "a real rarity in the corporate world".[204] On May 1, 1989, Disney opened Disney-MGM Studios, its third amusement park at Walt Disney World, and later became Hollywood Studios. The new park demonstrated to visitors the movie-making process, until 2008, when it was changed to make guests feel as though they are in movies.[205] Following the opening of Disney-MGM Studios, Disney opened the water park Typhoon Lagoon on June 1, 1989; in 2008, it had 2.8 million visitors.[206] Also in 1989, Disney signed an agreement-in-principle to acquire The Jim Henson Company from its founder Jim Henson. The deal included Henson's programming library and Muppet characters—excluding the Muppets created for Sesame Street—as well as Henson's personal creative services. Henson, however, died in May 1990 before the deal was completed, resulting in the two companies terminating merger negotiations the following December.[207][208][209]

    On November 17, 1989, Disney released The Little Mermaid, which is considered to be the start of the Disney Renaissance, a period in which the company released hugely successful and critically acclaimed animated films. During its release, it became the animated film with the highest gross from its initial run and garnered $233 million at the box office; it also won two Academy Awards; Best Original Score and Best Original Song for "Under the Sea".[210][211] During the Disney Renaissance, composer Alan Menken and lyricist Howard Ashman wrote several Disney songs until Ashman died in 1991. Together they wrote six songs that were nominated for Academy Awards; with two winning songs—"Under the Sea" and "Beauty and the Beast".[212][213] To produce music geared for the mainstream, including music for movie soundtracks, Disney founded the recording label Hollywood Records on January 1, 1990.[214][215] In September 1990, Disney arranged for financing of up to $200 million by a unit of Nomura Securities for Interscope films made for Disney. On October 23, Disney formed Touchwood Pacific Partners, which replaced the Silver Screen Partnership series as the company's movie studios' primary source of funding.[194] Disney's first animated sequel The Rescuers Down Under was released on November 16, 1990, and was created using Computer Animation Production System (CAPS), a digital software that was developed by Disney and Pixar—the computer division of Lucasfilm—becoming the first feature film to be entirely created digitally.[211][216] Although the film struggled in the box office, grossing $47.4 million, it received positive reviews from critics.[217][218] In 1991, Disney and Pixar agreed to a deal to make three films together, the first one being Toy Story.[219]

    Everglades headwaters in Florida to protect native animals and plant species, establishing the Disney Wilderness Preserve.[233]

    Man in suit and glasses
    Jeffrey Katzenberg was chairman of Walt Disney Studios from 1984 to 1995.

    On April 3, 1994, Frank Wells died in a helicopter crash; he, Eisner, and Katzenberg helped the company's market value go from $2 billion to $22 billion since taking office in 1984.[234] On June 15 the same year, The Lion King was released and was a massive success, becoming the second-highest-grossing film of all time behind Jurassic Park and the highest-grossing animated film of all time, with a gross total of $968.5 million.[235][236] It was critically praised and garnered two Academy Awards—Best Score and Best Song for "Can You Feel the Love Tonight".[237][238] Soon after its release, Katzenberg left the company after Eisner refused to promote him to president. After leaving, he co-founded film studio DreamWorks SKG.[239] Wells was later replaced with one of Eisner's friends Michael Ovitz on August 13, 1995.[240][241] In 1994, Disney wanted to buy one of the major U.S. television networks ABC, NBC, or CBS, which would give the company guaranteed distribution for its programming. Eisner planned to buy NBC but the deal was canceled because General Electric wanted to keep a majority stake.[242][243] In 1994, Disney's annual revenue reached $10.1 billion, 48% coming from the film industry, 34% from theme parks, and 18% from merchandising. Disney's total net income was up 25% from the previous year at $1.1 billion.[244] Grossing over $346 million, Pocahontas was released on June 16, garnering the Academy Awards for Best Musical or Comedy Score and Best Song for "Colors of the Wind".[245][246] Pixar's and Disney's first co-release was the first-ever fully computer-generated film Toy Story, which was released on November 19, 1995, to critical acclaim and an end-run gross total of $361 million. The film won the Special Achievement Academy Award and was the first animated film to be nominated for Best Original Screenplay.[247][248]

    In 1995, Disney announced the $19 billion acquisition of television network

    ABC Radio Network, on November 18, 1996.[251][252] The Walt Disney Company launched its official website disney.com on February 22, 1996, mainly to promote its theme parks and merchandise.[253] On June 19 the same year, the company's next animated film The Hunchback of Notre Dame was released, grossing $325 million at the box office.[254] Because Ovitz's management style was different from Eisner's, Ovitz was fired as the company's president in 1996.[255] Disney lost a $10.4 million lawsuit in September 1997 to Marsu B.V. over Disney's failure to produce as contracted 13 half-hour Marsupilami cartoon shows. Instead, Disney felt other internal "hot properties" deserved the company's attention.[256] Disney, which since 1996 had owned a 25% stake in the Major League Baseball team California Angels, bought out the team in 1998 for $110 million, renaming it Anaheim Angels and renovating their stadium for $100 million.[257][258] Hercules (1997) was released on June 13, and underperformed at the box office compared to earlier films, grossing $252 million.[259] On February 24, Disney and Pixar signed a ten-year contract to make five films together with Disney as the distributor. They would share the cost, profits, and logo credits, calling the films Disney-Pixar productions.[260] During the Disney Renaissance, film division Touchstone also saw success with film such as Pretty Woman (1990), which has the highest number of ticket sales in the U.S. for a romantic comedy and grossed $432 million;[261][262] Sister Act (1992), which was one of the more financially successful comedies of the early 1990s, grossing $231 million;[263] action film Con Air (1997), which grossed $224 million;[264] and the highest-grossing film of 1998 at $553 million Armageddon (1998).[265]

    Ginormous tree along with other shrubbery
    Mainly white cruise ship out in the ocean
    (left to right) Disney's Animal Kingdom's, the largest theme park, main icon the Tree of Life, and Disney Cruise Line's first cruise ship Disney Magic, which first set sail on July 30, 1998

    At Disney World, the company opened

    Gorda Cay as the line's private island, and spent $25 million remodeling it and renaming it Castaway Cay. On July 30, 1998, Disney Magic set sail as the line's first voyage.[276]

    man in a chair
    Roy E. Disney, Roy O. Disney's son, was head of the animation department until 2003.

    Marking the end of the Disney Renaissance,

    Arturo Moreno for $180 million in 2003.[289][290] In 2003, Disney became the first studio to garner $3 billion in a year at the box office.[291] The same year, Roy Disney announced his retirement because of the way the company was being run, calling on Eisner to retire; the same week, board member Stanley Gold retired for the same reasons. Gold and Disney formed the "Save Disney" campaign.[292][293]

    Gold letters
    Disney bought The Muppets from the Jim Henson Company in 2004.

    In 2004, at the company's annual meeting, the shareholders in a 43% vote voted Eisner out of his position as chairman of the board.

    Children's Place on October 20.[301] Disney also sold the NHL team Mighty Ducks to Henry Samueli and his wife Susan in 2005.[302] Roy E. Disney decided to rejoin the company and was given the role of consultant with the title "Director Emeritus".[303]

    2005–present: Bob Iger's first tenure, Chapek's leadership, Iger's return, expansion, and Disney+
    Man in suit looking into the distance, with a blue background with words behind him
    Bob Iger became CEO of Disney in 2005, expanding the company's properties

    In March 2005, Bob Iger, president of the company, became CEO of Disney after Eisner's retirement in September; Iger was officially named head of the company on October 1.

    platinum, becoming the first Disney Channel film to do so.[312]

    Disney's 2006 live-action film

    Muppets Holding Company was moved from Disney Consumer Products to the Walt Disney Studios division and renamed the Muppets Studios as part of efforts to relaunch the division.[315][316] Pirates of the Caribbean: At World's End became the highest-grossing film of 2007 at $960 million.[317] Disney-Pixar films Ratatouille (2007) and WALL-E (2008) were a tremendous success, with WALL-E winning the Oscar for Best Animated Feature.[318][319][320] After acquiring most of Jetix Europe through the acquisition of Fox Family Worldwide, Disney bought the remainder of the company in 2008 for $318 million.[321]

    Bob Iger introduced

    ImageMovers Digital, which it started in partnership with ImageMovers in 2007, would be closing by 2011.[337]

    black letters spelling out the word Pixar
    Pixar had been making films with Disney from 1995 to 2005, until Disney bought them out in 2006 as one of their subsidiaries.
    Red background with white letters spelling out Marvel
    Marvel became a subsidiary of Disney in 2009 after Disney acquired them for $4 billion.
    Black letters spelling out Lucasfilm in a slight arch
    After purchasing Lucasfilm in 2012, Disney vowed to make more Star Wars films.
    black logo with a big 20 on the left side and underlined words on the right
    In 2019, as Disney's biggest move yet, they bought most of 21st Century Fox's assets for $71 billion, rebranding some of them like the studio 20th Century Fox as 20th Century Studios.

    The following year, Disney released its last traditionally animated film

    LucasArts.[343][344] The sale was completed on December 21, 2012.[345]

    In early February 2012, Disney completed its acquisition of

    Maker Studios, an active multi-channel network on YouTube, for $950 million.[354]

    On February 5, 2015, Disney announced

    Rogue One: A Star Wars Story, making Disney the first studio to surpass $3 billion at the domestic box office.[365][366] Disney also made an attempt to buy social media platform Twitter to market their content and merchandise but ultimately canceled the deal; Iger stated this was because he thought Disney would be taking on responsibilities it did not need and that it did not "feel Disney" to him.[367]

    On March 23, 2017, Disney announced Iger had agreed to a one-year extension of his term as CEO to July 2, 2019, and to remain with the company as a consultant for three years.

    Direct-to-Consumer & International. Parks & Consumer Products was primarily a merger of Parks & Resorts and Consumer Products & Interactive Media, while Direct-to-Consumer & International took over for Disney International and global sales, distribution, and streaming units from Disney-ABC TV Group and Studios Entertainment plus Disney Digital Network.[374] CEO Iger described it as "strategically positioning our businesses for the future" while according to The New York Times, the reorganization was done in expectation of the 21st Century Fox purchase.[375]

    In 2017, two of Disney's films had revenues of over $1 billion; the live-action

    AntiTrust approval from the United States Department of Justice to acquire Fox.[382][383] Disney again made $7 billion at the box office with three film that made $1 billion; Marvel films Black Panther and Avengers: Infinity War—the latter taking over $2 billion and becoming the fifth-highest-grossing film ever— and Pixar film Incredibles 2.[384][385]

    blue letters with a plus sign at the end and an arch above the letters
    Disney's video streaming subscription service Disney+ was launched in 2019, which has a total of over 135 million subscriptions as of June 2022.

    On March 20, 2019, Disney acquired

    Star India; streaming service Hotstar; and a 30% stake in Hulu, bringing its ownership on Hulu to 60%. Fox Corporation and its assets were excluded from the deal because of antitrust laws.[387][388] Disney also became the first film studio to have seven films gross $1 billion: Marvel's Captain Marvel, the live action Aladdin, Pixar's Toy Story 4, the CGI remake of The Lion King, Star Wars: The Rise of Skywalker, and the highest-grossing film of all time up to that point at $2.797 billion Avengers: Endgame.[389][390] On November 12, Disney's subscription video on-demand over-the-top streaming service Disney+, which had 500 movies and 7,500 episodes of television shows from Disney, Pixar, Marvel, Star Wars, National Geographic, and other brands, was launched in the United States, Canada, and the Netherlands. Within the first day, the streaming platform had over 10 million subscriptions; and by 2022 it had over 135 million subscribers, and was available in over 190 countries.[391][392] At the beginning of 2020, Disney removed the Fox name from its assets, rebranding them as 20th Century Studios and Searchlight Pictures.[393]

    Bob Chapek's leadership, and COVID-19 pandemic (2020–2022)

    Further information:
    Executive chairman until December 31, 2021, to help with its creative strategy.[394][395] In April, Iger resumed operational duties as executive chairman to help the company during the COVID-19 pandemic, and Chapek was appointed to the board of directors.[396][397] During the pandemic, Disney temporarily closed all of its theme parks, delayed the release of several movies, and stopped all operations on its cruise line.[398][399][400] Due to the closures, Disney announced it would stop paying 100,000 employees but would still provide full healthcare benefits, and urged U.S. employees to apply for government benefits, saving the company $500 million a month. Iger gave up his $47.5 million salary and Chapek took a 50% salary reduction.[401]

    In the company's second fiscal quarter of 2020, Disney reported a $1.4 billion loss, with a fall in earnings of 91% to $475 million from the previous year's $5.4 billion.[402] By August, two-thirds of the company was owned by large financial institutions.[403] In September, the company dismissed 28,000 employees, 67% of whom were part-time workers, from its Parks, Experiences and Products division. Chairman of the division Josh D'Amaro wrote; "We initially hoped that this situation would be short-lived, and that we would recover quickly and return to normal. Seven months later, we find that has not been the case." Disney lost $4.7 billion in its fiscal third quarter of 2020.[404] In November, Disney laid off another 4,000 employees from the Parks, Experiences and Products division, raising the total to 32,000 employees.[405] The following month, Disney named Alan Bergman as chairman of its Disney Studios Content division to oversee its film studios.[406] Due to the COVID-19 recession, Disney closed its animation studio Blue Sky Studios in February 2021.[407] Touchstone Television ceased operations in December, and Disney announced in March 2021 it would be launching a new division called 20th Television Animation to focus on mature audiences.[408][409] In April, Disney and Sony agreed to a multi-year licensing deal that would give Disney access to Sony's films from 2022 to 2026 to televise or stream on Disney+ once Sony's deal with Netflix ended.[410] Although it performed poorly at the box office because of COVID-19, Disney's animated film Encanto (2021) was one of the biggest hits during the pandemic, with its song "We Don't Talk About Bruno" becoming popular.[411][412]

    After Iger's term as executive chairman ended on December 31, he announced he would also resign as chairman of the board. To replace him, the company brought in an operating executive at

    Russia's invasion of Ukraine, and was the first major Hollywood studio to halt the release of a major motion picture due to Russia's invasion; other movie studios followed soon after.[414] In March 2022, around 60 employees protested the company's silence on the Florida Parental Rights in Education Act that was dubbed the Don't Say Gay Bill, and prohibits non-age-appropriate classroom instruction on sexual orientation and gender identity in Florida's public-school districts. The protest was dubbed the "Disney Do Better Walkout"; employees protested near a Disney Studios lot for about a week, and some other employees voiced their concerns through social media. Employees called on Disney to stop campaign contributions to Florida politicians who supported the bill, to help protect employees from it, and to stop construction at Walt Disney World in Florida. Chapek responded by stating the company had made a mistake by staying silent and said; "We pledge our ongoing support of the LGBTQ+ community".[415][416]

    Amid Disney's response to the bill, the Florida Legislature passed a bill to remove Disney's quasi-government district Reedy Creek; Florida Governor Ron DeSantis signed the bill, which took effect on June 1.[417] On June 28, Disney's board members unanimously agreed to give Chapek a three-year contract extension.[418] In August, Disney Streaming exceeded Netflix in total subscriptions with 221 million subscribers compared to Netflix's 220 million.[419]

    Bob Iger's return and 100th anniversary (2022–present)

    Disney's promotional logo for its centennial.

    On November 20, 2022, Iger accepted the position of Disney's CEO after Chapek was dismissed following poor earnings performance and a series of decisions that were unpopular with other executives.[420][421] The board announced Iger would serve for two years with a mandate to develop a strategy for renewed growth and help identify a successor.[422]

    In February 2023, Disney announced that it would be cutting $5.5 billion in costs, which includes eliminating 7,000 jobs representing 3% of its workforce. Disney plans to reorganize into three divisions: Entertainment, ESPN, and Parks, Experiences and Products.[423]

    In the last week of April 2023, Disney will implement the second and largest wave of job cuts, affecting Disney Parks, Disney Entertainment, ESPN, and the Experiences and Product division. This move is part of the company's plan to cut costs by $5.5 billion.[424]

    In 2023, Disney began its "100 Years of Wonder" campaign in celebration of the centennial anniversary of the company's founding. This included a new animated centennial logo intro for the Walt Disney Pictures division, a touring exhibition, special events at the parks and a well-received commemorative commercial that aired during Super Bowl LVII.[425][426]

    Company units

    For a more comprehensive list, see list of assets owned by the Walt Disney Company and list of libraries owned by The Walt Disney Company.

    The Walt Disney Company operates three primary business segments:

    Leadership

    building with part of the columns being held up by statues of the seven dwarfs from Snow White
    Team Disney building in Burbank, which is the main building at the Walt Disney Studios, houses the offices of Disney's CEO and several other senior corporate officials.

    Current

    Board of directors[427]
    Executives[427]
    • Bob Iger, Chief Executive Officer
      • Asad Ayaz, Chief Brand Officer
      • Alan Bergman, Co-Chairman, Disney Entertainment
      • Sonia Coleman, Senior Executive Vice President and Chief Human Resources Officer
      • Josh D'Amaro, Chairman, Disney Parks, Experiences and Products
      • Horacio Gutierrez, Senior Executive Vice President, General Counsel and Chief Compliance Officer
        • Jolene Negre, Associate General Counsel and Secretary
      • Kevin Lansberry, Interim Chief Financial Officer
        • Carlos A. Gómez, Senior Vice President and Treasurer
        • Alexia S. Quadrani, Executive Vice President, Investor Relations
        • Brent Woodford, Executive Vice President, Controllership, Finance and Tax
      • James Pitaro, Chairman, ESPN
      • Kristina Schake, Senior Executive Vice President and Chief Communications Officer
      • Dana Walden, Co-Chairman, Disney Entertainment

    Past leadership

    Awards and nominations

    See also: List of Academy Awards for Walt Disney

    As of 2022, the Walt Disney Company has won 135 Academy Awards, 32 of them were awarded to Walt. The company has won 16 Academy Awards for Best Animated Short Film, 16 for Best Original Song, 15 for Best Animated Feature, 11 for Best Original Score, 5 for Best Documentary Feature, 5 for Best Visual Effects, and several others as well special awards.[429] Disney has also won 29 Golden Globe Awards, 51 British Academy of Film and Television Arts (BAFTA) awards, and 36 Grammy Awards as of 2022.[430][431][432][d]

    Legacy

    The Walt Disney Company is one of the world's largest entertainment companies and is considered to be a pioneer in the animation industry, having produced 790 features, 122 of which are animated films.[451][452] Many of their films are considered to be the greatest of all time, including Pinocchio, Toy Story, Bambi, Ratatouille, Snow White and the Seven Dwarfs, and Mary Poppins.[453][454][455] Disney has also created some of the most influential and memorable fictional characters of all time, such as Mickey Mouse, Woody, Captain America (MCU), Jack Sparrow, Iron Man (MCU), and Elsa.[17][456][457]

    Disney has been recognized for revolutionizing the animation industry; according to Den of Geek, the risk of making the first animated feature Snow White and the Seven Dwarfs has "changed cinema".[458] The company, mainly through Walt, has introduced new technologies and more-advanced techniques for animating, as well as adding personalities to characters.[459][138] Some of Disney's technological innovations for animation include invention of the multiplane camera, xerography, CAPS, deep canvas, and RenderMan.[216] Many songs from the company's films have become extremely popular, and several have peaked at number one on Billboard's Hot 100.[460] Some songs from the Silly Symphonies series became immensely popular across the U.S.[26]

    Disney has been ranked number 53 in the 2022 Fortune 500 list of the largest United States corporations by total revenue and fourth in Fortune's 2022 "World's Most Admired Companies".[1][461] According to Smithsonian Magazine, there are "few symbols of pure Americana more potent than the Disney theme parks", which are "well-established cultural icons", with the company name and Mickey Mouse being "household names".[462] Disney is one of the biggest competitors in the theme park industry with 12 parks, all of which were the top-25 most-visited parks in 2018. Disney theme parks worldwide had over 157 million visitors, making it the most-visited theme-park company in the world, doubling the attendance number of the second-most-visited company. Of the 157 million visitors, the Magic Kingdom had 20.8 million of the guests, making it the most-visited theme park in the world.[463][464] When Disney first entered the theme park industry, CNN stated: "It changed an already legendary company. And it changed the entire theme park industry."[465] According to The Orange County Register, Walt Disney World has "changed entertainment by showing how a theme park could help make a company into a lifestyle brand".[466]

    Criticism and controversies

    Main article: Criticism of the Walt Disney Company

    The Walt Disney Company has been criticized for making purportedly sexist and racist content in the past, putting

    jive talk, with their leader being named Jim Crow, believed to be in reference to racial segregation laws in the U.S.[469][470] When watching a film on Disney+ considered to have wrongful racist stereotypes, Disney added a disclaimer before the film starts to help avoid controversies.[471]

    Disney has also been accused a number of times of plagiarizing already existing works in its films. Most notably, The Lion King has many similarities in its characters and events to an animated series called Kimba the White Lion by animator Osamu Tezuka.[472] Atlantis: The Lost Empire also has many similarities to the anime show Nadia: The Secret of Blue Water that were considered so prevalent the latter show's creator Gainax was planning to sue Disney but was stopped by its series' network NHK.[473] Kelly Wilson, creator of the short The Snowman (2014), filed two lawsuits, one which came after the first was rescinded, against Disney for copyright infringement in Disney's animated film Frozen. Disney later settled the lawsuit with Wilson, allowing the company to create a sequel to Frozen.[474] Screenwriter Gary L. Goldman sued Disney over its film Zootopia, claiming he had earlier pitched an identical, same-titled story to the company. A judge dismissed the lawsuit, stating there was not enough evidence to prove any plagiarism.[475]

    Disney has been criticized for both putting LGBT+ elements into its films and for having insufficient LGBT+ representation in its media. In the live-action film Beauty and the Beast, director

    LeFou would be depicted as a gay character, prompting Kuwait, Malaysia, and a theater in Alabama to ban the film, and Russia to give it a stricter rating.[476] In Russia and several Middle Eastern countries, the Pixar movie Onward was banned for having Disney's first openly lesbian character Officer Specter, while others said Disney needed more representation of LGBT+ persons in its media.[477][478] Because of a scene featuring two lesbians kissing, Pixar's Lightyear was banned in 13 predominantly Muslim countries, and barely broke even at the box office.[479][480] In a leaked video of a Disney meeting, participants talked about pushing LGBT+ themes in the company's media, angering some people, who say the company is "trying to sexualize children", while others applauded its actions.[481]

    Some Disney Princess films have been considered to be sexist toward women. Snow White is said to be too worried about her appearance while Cinderella is deemed to have no talents. Aurora is also said to be weak because she is always waiting to be rescued. In some of the princess films, men have more dialogue, and there are more speaking male characters than female. Disney's more-recent films are considered to be less sexist than its earlier films.[482]

    In 1990, Disney paid $95,000 to avoid legal action over 16 animal-cruelty charges for beating vultures to death, shooting at birds, and starving some birds at Discovery Island. The company took these actions because they were attacking other animals and taking their food.[483] When Animal Kingdom first opened, there were concerns about the animals because a few of them died. Animal rights groups protested but the United States Department of Agriculture found no violations of animal-welfare regulations.[484] Disney has been accused of having poor working conditions. A protest by 2,000 workers at Disneyland accused the company of poor pay at an average of $13 an hour, with some saying they were evicted from their homes.[485] In 2010, at a factory in China where Disney products were being made, workers experienced working hours three times longer than those prescribed by law, and one of the workers committed suicide.[486]

    Financial data

    Revenues

    Annual gross revenues of the Walt Disney Company (in millions USD)
    Year Studio Entertainment[e]
    Disney Consumer Products[f]
    		 Disney Interactive Media[487][488] Parks & Resorts[g] Disney Media Networks[h] Total Source
    1991 2,593.0 724   2,794.0   6,111 [489]
    1992 3,115 1,081   3,306   7,502 [489]
    1993 3,673.4 1,415.1   3,440.7   8,529 [489]
    1994 4,793 1,798.2   3,463.6 359 10,414 [490][491][492]
    1995 6,001.5 2,150   3,959.8 414 12,525 [490][491][492]
    1996 10,095[f]   4,502 4,142[i] 18,739 [491][493]
    1997 6,981 3,782 174 5,014 6,522 22,473 [494]
    1998 6,849 3,193 260 5,532 7,142 22,976 [494]
    1999 6,548 3,030 206 6,106 7,512 23,435 [494]
    2000 5,994 2,602 368 6,803 9,615 25,402 [495]
    2001 7,004 2,590   6,009 9,569 25,790 [496]
    2002 6,465 2,440   6,691 9,733 25,360 [496]
    2003 7,364 2,344   6,412 10,941 27,061 [497]
    2004 8,713 2,511   7,750 11,778 30,752 [497]
    2005 7,587 2,127   9,023 13,207 31,944 [498]
    2006 7,529 2,193   9,925 14,368 34,285 [498]
    2007 7,491 2,347   10,626 15,046 35,510 [499]
    2008 7,348 2,415 719 11,504 15,857 37,843 [500]
    2009 6,136 2,425 712 10,667 16,209 36,149 [501]
    2010 6,701[j] 2,678[j] 761 10,761 17,162 38,063 [502]
    2011 6,351 3,049 982 11,797 18,714 40,893 [503]
    2012 5,825 3,252 845 12,920 19,436 42,278 [504]
    2013 5,979 3,555 1,064 14,087 20,356 45,041 [505]
    2014 7,278 3,985 1,299 15,099 21,152 48,813 [506]
    2015 7,366 4,499 1,174 16,162 23,264 52,465 [507]
    2016 9,441 5,528 16,974 23,689 55,632 [508]
    2017 8,379 4,833 18,415 23,510 55,137 [509]
    2018 9,987 4,651 20,296 24,500 59,434 [510]
    Annual gross revenues of the Walt Disney Company (Re-segmented) (in millions USD)
    Year Studio Entertainment
    Direct-to-Consumer & International
    		 Parks, Experiences and Products Media Networks[h] Total Source
    2018 10,065 3,414 24,701 21,922 59,434 [511]
    2019 11,127 9,349 26,225 24,827 69,570 [512]
    2020 9,636 16,967 16,502 28,393 65,388 [513]
    Annual gross revenues of the Walt Disney Company (Re-segmented) (in millions USD)
    Year Media and Entertainment Distribution Parks, Experiences and Products Total Source
    2021 50,866 16,552 67,418 [514]
    2022 55,040 28,705 83,745 [515]

    Operating income

    Annual Operating income of the Walt Disney Company (in millions USD)
    Year Studio Entertainment[e] Disney Consumer Products[f] Disney Interactive Media[487]
    Parks and Resorts[g]
    		 Disney Media Networks[h] Total Source
    1991 318 229   546   1,094 [489]
    1992 508 283   644   1,435 [489]
    1993 622 355   746   1,724 [489]
    1994 779 425   684 77 1,965 [490][491]
    1995 998 510   860 76 2,445 [490][491]
    1996 1,596[f] −300[k] 990 747 3,033 [491]
    1997 1,079 893 −56 1,136 1,699 4,312 [494]
    1998 769 801 −94 1,288 1,746 4,079 [494]
    1999 116 607 −93 1,446 1,611 3,231 [494]
    2000 110 455 −402 1,620 2,298 4,081 [495]
    2001 260 401   1,586 1,758 4,214 [496]
    2002 273 394   1,169 986 2,826 [496]
    2003 620 384   957 1,213 3,174 [497]
    2004 662 534   1,123 2 169 4,488 [497]
    2005 207 543   1,178 3,209 5,137 [498]
    2006 729 618   1,534 3,610 6,491 [498]
    2007 1,201 631   1,710 4,285 7,827 [499]
    2008 1,086 778 −258 1,897 4,942 8,445 [500]
    2009 175 609 −295 1,418 4,765 6,672 [501]
    2010 693 677 −234 1,318 5,132 7,586 [502]
    2011 618 816 −308 1,553 6,146 8,825 [503]
    2012 722 937 −216 1,902 6,619 9,964 [504]
    2013 661 1,112 −87 2,220 6,818 10,724 [505]
    2014 1,549 1,356 116 2,663 7,321 13,005 [506]
    2015 1,973 1,752 132 3,031 7,793 14,681 [507]
    2016 2,703 1,965 3,298 7,755 15,721 [508]
    2017 2,355 1,744 3,774 6,902 14,775 [509]
    2018 2,980 1,632 4,469 6,625 15,706 [510]
    Annual Operating income of the Walt Disney Company (Re-segmented) (in millions USD)
    Year Studio Entertainment
    Direct-to-Consumer & International
    		 Parks, Experiences and Products Disney Media Networks Total Source
    2018 3,004 −738 6,095 7,338 15,689 [511]
    2019 2,686 −1,814 6,758 7,479 14,868 [512]
    2020 2,501 −2,806 −81 9,022 8,108 [513]
    Annual Operating income of the Walt Disney Company (Re-segmented) (in millions USD)
    Year Media and Entertainment Distribution Parks, Experiences and Products Total Source
    2021 7,295 471 7,766 [514]
    2022 4,216 7,905 12,121 [515]

    See also

    References

    Notes

    1. ^ "WED" is from the initials of Walter Elias Disney.
    2. ^ Although July 17 was supposed to be preview opening foregoing the public opening the next day, Disneyland uses July 17 as its official opening day.[92]
    3. ^ His official title was co. vice chairman.
    4. ^ List of references for Grammy Awards:[433][434][435][436][437][438][439][440][441][442][443][444][445][446][447][448][449][450]
    5. ^ a b Also named Films and Film Entertainment
    6. ^ a b c d Merged into Creative Content in 1996, merged into Consumer Products and Interactive Media in 2016, which merged with Parks & Resorts in 2018
    7. ^ a b Called Walt Disney Attractions (1989–2000), Walt Disney Parks and Resorts (2000–2005), Disney Destinations (2005–2008), and Walt Disney Parks and Resorts Worldwide (2008–2018)
    8. ^ a b c Broadcasting from 1994 to 1996
    9. Capital Cities/ABC Inc.
    10. ^ a b First year with Marvel Entertainment as part of results
    11. ^ Not linked to WDIG, Disney reported a $300M loss due to financial modification regarding real estate

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    Works cited

    Further reading

    External links

    Wikimedia Commons has media related to The Walt Disney Company.
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    • Official website Edit this at Wikidata
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    • Business data for Disney:
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