The Walt Disney Company
Formerly |
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---|---|
Company type | Public |
ISIN | US2546871060 |
Industry |
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Predecessor | Laugh-O-Gram Studio |
Founded | October 16, 1923 |
Founders | |
Headquarters | The Walt Disney Studios, , United States |
Area served | Worldwide |
Key people |
|
Revenue | US$88.898 billion (FY23) |
US$12.863 billion (FY23) | |
US$2.354 billion (FY23) | |
Total assets | US$205.579 billion (FY23) |
Total equity | US$103.957 billion (FY23) |
Number of employees | 225,000 (FY23) |
Divisions | |
Subsidiaries | National Geographic Partners (73%) |
Website | thewaltdisneycompany |
Footnotes / references Financials as of fiscal year ended September 30, 2023[update]. References:[1][2][3] |
The Walt Disney Company (commonly referred to as simply Disney) is an American multinational
After becoming a major success by the early 1940s, Disney diversified into live-action films, television, and
The company is known for its film studio division, the 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 television 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+, ESPN+, Hulu, and Hotstar; and Disney Experiences, 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 was ranked number 53 on the 2022
History
1923–1934: Founding, Oswald the Lucky Rabbit, Mickey Mouse, and Silly Symphonies
In 1921, American animators Walt Disney and Ub Iwerks founded Laugh-O-Gram Studio in Kansas City, Missouri.[7] Iwerks and Disney went on to create short films at the studio. The final one, in 1923, was entitled Alice's Wonderland and depicted child actress Virginia Davis interacting with animated characters. While Laugh-O-Gram's shorts were popular in Kansas City, the studio went bankrupt in 1923 and Disney moved to Los Angeles, to join his brother Roy O. Disney, who was recovering from tuberculosis.[8] Shortly after Walt's move, New York film distributor Margaret J. Winkler purchased Alice's Wonderland, which began to gain popularity. Disney signed a contract with Winkler for $1,500, to create six series of Alice Comedies, with an option for two more six-episode series.[9][10] Walt and Roy Disney founded Disney Brothers Cartoon Studio on October 16, 1923, to produce the films.[11] In January 1926, the Disneys moved into a new studio on Hyperion Street and the studio's name was changed to Walt Disney Studio.[12]
After producing Alice films over the next 4 years, Winkler handed the role of distributing the studio's shorts to her husband, Charles Mintz. In 1927, Mintz asked for a new series, and Disney created his first series of fully animated shorts, starring a character named Oswald the Lucky Rabbit.[13] The series was produced by Winkler Pictures and distributed by Universal Pictures. The Walt Disney Studios completed 26 Oswald shorts.[14]
In 1928, Disney and Mintz entered into a contract dispute, with Disney asking for a larger fee, while Mintz sought to reduce the price. Disney discovered Universal Pictures owned the
After the release of Steamboat Willie at the
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 US, and in 20 other countries.[32] After realizing releasing merchandise based on the characters would generate more revenue, a man in New York offered Disney $300 for license to put Mickey Mouse on writing tablets he was manufacturing. Disney accepted and Mickey Mouse became the first licensed character.[33][34] In 1933, Disney asked Kay Kamen, the owner of a Kansas City advertising firm, to run Disney's merchandising; Kamen 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, Disney said he made more money from the merchandising of Mickey Mouse than from the character's films.[35][36]
The
After a disagreement with Columbia Pictures about the Silly Symphony cartoons, Disney signed a distribution contract with United Artists from 1932 to 1937 to distribute them.[40] In 1932, Disney signed an exclusive contract with Technicolor to produce cartoons in color until the end of 1935, beginning with the Silly Symphony short Flowers and Trees (1932).[41] The film was the first full-color cartoon and won the Academy Award for Best Cartoon.[4] In 1933, The Three Little Pigs, another popular Silly Symphony 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: Golden Age of Animation, strike, and wartime era
In 1934, Walt Disney announced a feature-length animated film,
Snow White took 3 years to make, premiering on December 12, 1937. It was an immediate critical and commercial success, becoming the highest-grossing film up to that point, grossing $8 million (equivalent to $169,555,556 in 2023 dollars); after re-releases, it grossed a total of $998,440,000 in the US adjusted for inflation.[49][50] Using the profits from Snow White, Disney financed the construction of a new 51-acre studio complex in Burbank, which the company fully moved into in 1940 and where the company is still headquartered.[51][52] In April 1940, Disney Productions had its initial public offering, with the common stock remaining with Disney and his family. Disney did not want to go public but the company needed the money.[53]
Shortly before Snow White's release, work began on the company's next features,
The company's third feature Fantasia (1940) introduced groundbreaking advancements in cinema technology, chiefly Fantasound, an early surround sound system making it the first commercial film to be shown in stereo. However, Fantasia similarly performed poorly at the box office. [57][58][59] In 1941, the company experienced a major setback when 300 of its 800 animators, led by one of the top animators Art Babbitt, went on strike for 5 weeks for unionization and higher pay. Walt Disney publicly accused the strikers of being party to a communist conspiracy, and fired many of them, including some of the studio's best.[60][61] Roy unsuccessfully attempted to persuade the company's main distributors to invest in the studio, which could no longer afford to offset production costs with employee layoffs.[62] The anthology film The Reluctant Dragon (1941), ran $100,000 short of its production cost, contributing to the studio's financial woes.[clarification needed][63]
While negotiations to end the strike were underway, Walt and studio animators embarked on a 12-week goodwill visit to South America, funded by the Office of the Coordinator of Inter-American Affairs.[64] During the trip, the animators began plotting films, taking inspiration from the local environments and music.[65] As a result of the strike, federal mediators compelled the studio to recognize the Screen Cartoonist's Guild and several animators left, leaving it with 694 employees.[66][61] To recover from their financial losses, Disney rushed into production the studio's 4th animated feature Dumbo (1941) on a cheaper budget, which performed well at the box office, infusing the studio with much needed cash.[54][67] After US entry into World War II, many of the company's animators were drafted into the army.[68] 500 United States Army soldiers occupied the studio for 8 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.[69] The United States Navy asked Disney to produce propaganda films to gain support for the war, and with the studio badly in need of profits, Disney agreed, signing a contract for 20 war-related shorts for $90,000.[70] Most of the company's employees worked on the project, which spawned films such as Victory Through Air Power, and others which included some of the company's characters.[71][68]
In August 1942, Disney released its fifth feature film, Bambi, after five years in development, and performed poorly at the box office.[72] Later, as products of the South American trip, Disney released the features Saludos Amigos (1942) and The Three Caballeros (1944).[68][73] This was a new strategy of releasing package films, collections of short cartoons grouped to make feature films. Both performed poorly. Disney released more package films through the rest of the decade, 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.[68] Disney began producing less-expensive live-action films mixed with animation, beginning with Song of the South (1946) which would become one of Disney's most controversial films.[74][75] As a result of its financial problems, Disney began re-releasing its feature films in 1944.[75][76] In 1948, it began premiering the nature documentary series, True-Life Adventures, which ran until 1960, winning 8 Academy Awards.[77][78] In 1949, the Walt Disney Music Company was founded to help with profits for merchandising.[79]
1950–1967: Live-action films, television, Disneyland, and Walt Disney's death
In the 1950s, Disney returned to producing full-length animated feature films, beginning with
According to Walt, he first had the idea of building an amusement park during a visit to Griffith Park with his daughters. He said he watched them ride a carousel and thought there "should be ... some kind of amusement enterprise built where the parents and the children could have fun together".[86][87] Initially planning the construction of an eight-acre (3.2 ha) Mickey Mouse Park near the Burbank studio, Walt changed the planned amusement park's name to Disneylandia, then to Disneyland.[88] A new company, WED Enterprises (now Walt Disney Imagineering), was formed in 1952 to design and construct the park.[89] Drawing inspiration from amusement parks in the US and Europe, Walt approached the design of Disneyland with an emphasis on thematic storytelling and cleanliness, innovative approaches for amusement parks of the time.[90][91] The plan to build the park in Burbank was abandoned when Walt realized 8 acres would not be enough to accomplish his vision. Disney acquired 160 acres (65 ha) of orange groves in Anaheim, southeast of LA in neighboring Orange County, at $6,200 per acre to build the park.[92] Construction began in July 1954.
To finance the construction of Disneyland, Disney sold his home at
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.[96] 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.[97] In December 1954, the five-part miniseries Davy Crockett, premiered as part of Disneyland, starring Fess Parker. According to writer Neal Gabler, "[It] became an overnight national sensation", selling 10 million Crockett coonskin caps.[98] The show's theme song "The Ballad of Davy Crockett" became part of American pop culture, selling 10 million records. Los Angeles Times called it "the greatest merchandising fad the world had ever seen".[99][100] 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.[101]
Disneyland opened on July 17, 1955; it was a major media event, broadcast live on ABC with actors
Disney continued to delegate much of the animation work to the studio's top animators, known as the
Disney also made 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 starred in 5 other Disney films, including a dual role as the twins in The Parent Trap (1961).[114][115] Another child actor, Kevin Corcoran, was prominent in many Disney 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.[116] In 1964, the live action/animation musical film Mary Poppins was released to major commercial success and rapturous critical acclaim, becoming the year's highest-grossing film and winning 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".[117][118]
Throughout the 1960s, Dean Jones, whom The Guardian called "the figure who most represented Walt Disney Productions in the 1960s", starred in 10 Disney films, including That Darn Cat! (1965), The Ugly Dachshund (1966), and The Love Bug (1968).[119][120] Disney's last child actor of the 1960s was Kurt Russell, who had signed a ten-year contract.[121] 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).[122]
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.[123] In 1964, the company chose land southwest of Orlando, Florida to build the park and acquired 27,000 acres (10,927 ha). On November 15, 1965, Walt, along with Roy and Florida's governor Haydon Burns, announced plans for a park called Disney World, which included Magic Kingdom—a larger version of Disneyland—and the City of Tomorrow, at the park's center.[124] By 1967, the company had made expansions to Disneyland, and more rides were added in 1966 and 1967, at a cost of $20 million.[125] 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.[126]
On November 20, 1964, Walt sold most of WED Enterprise to Walt Disney Productions for $3.8 million after being persuaded by Roy, who thought Walt having his own company would cause legal problems. Walt formed a new company called
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.[131][132] After Walt's death, the company largely abandoned animation, but made several live-action films.[133][134] Its animation staff declined from 500 to 125 employees, with the company only hiring 21 people from 1970 to 1977.[135]
Disney's first post-Walt animated film
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,[143] 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 US Army marched down Main Street. The icon of the park was the Cinderella Castle. On Thanksgiving Day, cars traveling to the Magic Kingdom caused traffic jams along interstate roads.[144][145]
On December 21, 1971, Roy died of cerebral hemorrhage at St. Joseph Hospital.[139] Donn Tatum, a senior executive and former president of Disney, became the first non-Disney-family-member to become CEO and chairman. Card Walker, who had been with the company since 1938, became its president.[146][147] By June 30, 1973, Disney had over 23,000 employees and a gross revenue of $257,751,000 over a nine-month period, compared to the year before when it made $220,026,000.[148] In November, Disney released the animated film Robin Hood (1973), which became Disney's biggest international-grossing movie at $18 million.[149] Throughout the 1970s, Disney released live-action films such as The Computer Wore Tennis Shoes' sequel Now You See Him, Now You Don't;[150] The Love Bug sequels Herbie Rides Again (1974) and Herbie Goes to Monte Carlo (1977);[151][152] Escape to Witch Mountain (1975);[153] and Freaky Friday (1976).[154] In 1976, Card Walker became CEO of the company, with Tatum remaining chairman until 1980, when Walker replaced him.[138][147] In 1977, Roy E. Disney, Roy O. Disney's son and the only Disney working for the company, resigned as an executive because of disagreements with company decisions.[155]
In 1977, Disney released the successful animated film The Rescuers, which grossed $48 million.[156] The live-acton/animated musical Pete's Dragon was released in 1977, grossing $16 million in the US and Canada, but was a disappointment to the company.[157][158] In 1979, Disney's first PG-rated film and most expensive film to that point at $26 million The Black Hole was released, showing Disney could use special effects. It grossed $35 million, 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.[159][160]
In September, 12 animators, which was over 15% of the department, resigned. Led by
As profits 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.
On April 15, 1983, Disney's first park outside the US, Tokyo Disneyland, opened in Urayasu.[172] Costing around $1.4 billion, construction 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.[173] 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 million after its first year, with around 916,000 subscribers.[174][175]
In 1983, Walt's son-in-law Ron W. Miller, who had been president since 1978, became its CEO, and Raymond Watson became chairman.[138][176] Miller wanted the studio to produce more content for mature audiences,[177] and Disney founded film distribution label Touchstone Pictures to produce movies geared toward adults and teenagers in 1984.[171] Splash (1984) was the first film released under the label, and a much-needed success, grossing over $6 million in its first week.[178] Disney's first R-rated film Down and Out in Beverly Hills (1986) was released and was another hit, grossing $62 million.[179] The following year, Disney's first PG-13 rated film Adventures in Babysitting was released.[180] In 1984, Saul Steinberg attempted to buy out the company, holding 11% of the stocks. He offered to buy 49% 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 $326 million. Steinberg agreed, and Disney paid it all with part of a $1.3 billion bank loan, putting the company $866 million in debt.[181][182]
1984–2005: Michael Eisner's leadership, the Disney Renaissance, merger, and acquisitions
In 1984, shareholders Roy E. Disney,
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.[189] 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.[190] 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 in California, and by 1990, it had 215 throughout the US[191][192] In 1989, the company garnered $411 million in revenue and made a profit of $187 million.[193] 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 6 hotels.[194][195]
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.[196][197] 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".[198] 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 they are in movies.[199] Following the opening of Disney-MGM Studios, Disney opened the water park Typhoon Lagoon in June 1989; in 2022 it had 1.9 million visitors and was the most popular water park in the world.[200][201] Also in 1989, Disney signed an agreement-in-principle to acquire The Jim Henson Company from its founder. 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 companies terminating merger negotiations.[202][203][204]
On November 17, 1989, Disney released The Little Mermaid, which was the start of the Disney Renaissance, a period in which the company released hugely successful and critically acclaimed animated films. The Little Mermaid became the animated film with the highest gross from its initial run and garnered $233 million at the box office; it won two Academy Awards; Best Original Score and Best Original Song for "Under the Sea".[205][206] During the Disney Renaissance, composer Alan Menken and lyricist Howard Ashman wrote several Disney songs until Ashman died in 1991. Together they wrote 6 songs nominated for Academy Awards; with two winning songs—"Under the Sea" and "Beauty and the Beast".[207][208] To produce music geared for the mainstream, including music for movie soundtracks, Disney founded the recording label Hollywood Records on January 1, 1990.[209][210] 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.[188] Disney's first animated sequel The Rescuers Down Under was released on November 16, 1990, and created using Computer Animation Production System (CAPS), digital software developed by Disney and Pixar—the computer division of Lucasfilm—becoming the first feature film to be entirely created digitally.[206][211] Although the film struggled in the box office, grossing $47 million, it received positive reviews.[212][213] In 1991, Disney and Pixar agreed to a deal to make three films together, the first one being Toy Story.[214]
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.[229] 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 $969 million.[230][231] It was critically praised and garnered two Academy Awards—Best Score and Best Song for "Can You Feel the Love Tonight".[232][233] 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.[234] Wells was later replaced with one of Eisner's friends Michael Ovitz on August 13, 1995.[235][236] 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.[237][238] In 1994, Disney's annual revenue reached $10 billion, 48% coming from film, 34% from theme parks, and 18% from merchandising. Disney's total net income was up 25% from the previous year at $1.1 billion.[239] 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".[240][241] 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.[242][243]
In 1995, Disney announced the $19 billion acquisition of television network
At Disney World, the company opened
Marking the end of the Disney Renaissance,
In 2004, at the company's annual meeting, the shareholders in a 43% vote voted Eisner out as chairman.
2005–2020: Bob Iger's first tenure, expansion and Disney+
In March 2005, Bob Iger, president of the company, became CEO after Eisner's retirement in September; Iger was officially named head of the company on October 1.
Disney's 2006 live-action film
Iger introduced
The following year, Disney released its last traditionally animated film
In February 2012, Disney completed its acquisition of
In June 2015, the company stated its consumer products and interactive divisions would merge to become new a subsidiary called
On March 23, 2017, Disney announced Iger had agreed to a one-year extension as CEO to July 2019, and to remain as a consultant for three years.
In 2017, two of Disney's films had revenues of over $1 billion; the live-action
On March 20, 2019, Disney acquired
2020–present: Bob Chapek's leadership, COVID-19 pandemic, Iger's return & 100th anniversary
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.[394] By August, two-thirds of the company was owned by large financial institutions.[395] In September, the company dismissed 28,000 employees, 67% of whom were part-time, 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.[396] In November, Disney laid off another 4,000 employees, raising the total to 32,000 employees.[397] The following month, Disney named Alan Bergman as chairman of its Disney Studios Content division to oversee its film studios.[398] Due to the COVID-19 recession, Touchstone Television ceased operations in December,[399] Disney announced in March 2021 it would be launching a new division called 20th Television Animation to focus on mature audiences,[400] and Disney closed its third animation studio Blue Sky Studios in April 2021.[401] Later that month, Disney and Sony agreed 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.[402] Although it performed poorly at the box office because of Covid, Disney's animated film Encanto (2021) was one of the biggest hits during the pandemic, with its song "We Don't Talk About Bruno" topping the US Billboard Hot 100 charts.[403][404]
After Iger's term as executive chairman ended on December 31, he announced he would resign as chairman. The company brought in an operating executive at
On June 28, Disney's board members unanimously agreed to give Chapek a three-year contract extension.[410] In August, Disney Streaming exceeded Netflix in total subscriptions with 221 million subscribers compared to Netflix's 220 million.[411]
On November 20, 2022, Iger accepted the position of Disney's CEO after Chapek was dismissed following poor earnings performance and decisions unpopular with other executives.[412][413] The board announced Iger would serve for two years with a mandate to develop a strategy for renewed growth and help identify a successor.[414]
In November 2022, a group of YouTube TV subscribers in four states filed a class-action antitrust lawsuit against Disney, alleging that Disney's control of both ESPN and Hulu allowed the company to "inflate prices marketwise by raising the prices of its own products" and by requiring streaming services including YouTube TV and Sling TV to include ESPN in base packages, forcing subscribers to pay more for subscriptions than they would in a competitive market.[415][416]
In January 2023, Disney announced that Mark Parker would replace Arnold as the company's chairperson.[417] 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 reorganized into three divisions: Entertainment, ESPN, and Parks, Experiences and Products.[418] In April 2023, Disney implemented the second and largest wave of job cuts, affecting Disney Parks, Disney Entertainment, ESPN, and the Experiences and Product division. This move was part of the plan to cut costs by $5.5 billion.[419]
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, events at the parks and a commemorative commercial that aired during Super Bowl LVII.[420][421]
In October 2023, Disney announced its entrance into sports betting through a partnership with Penn Entertainment, launching the ESPN Bet app, despite internal debates and concerns over brand image. This move marked a significant pivot from Iger's earlier stance against gambling, driven by the potential to attract younger audiences and secure a financial future for ESPN, amidst declining traditional TV viewership and increasing online sports gambling revenue.[422] In November 2023, Disney shortened the lengthy name of Disney Parks, Experiences and Products to Disney Experiences.[423]
In February 2024, Debra O'Connell, a longtime executive at Disney, was appointed president of a new news division that would include
In July 2024, a hacker group called "NullBulge" allegedly stole and leaked over a terabyte of the company's Slack messages. The motive for the breach appeared to be the group's dislike of art generated by artificial intelligence.[426]
Members of Generation Z were notably absent from the D23 fan event held in August 2024 in Anaheim, which was dominated by millennials representing all 50 U.S. states and 36 countries.[427] Disney chief brand officer Asad Ayaz pushed back against the idea that this was a symptom of a broader trend: "Our fandoms and our fans and different generations show up in different ways".[427] Theme park experts noted that the true test of the enduring power of the Disney brand will be whether Generation Z takes Generation Alpha to Disney theme parks.[427]
Company units
The Walt Disney Company operates three primary business segments:
- Disney Entertainment oversees the company's full portfolio of entertainment media and content businesses globally, including the Walt Disney Studios, Disney General Entertainment Content, Disney Streaming and Disney Platform Distribution. The division is led by Alan Bergman and Dana Walden.
- ESPN is responsible for the management and supervision of the company's portfolio of sports content, products, and experiences across all of Disney's platforms worldwide, including its international sports channels. The division is led by James Pitaro.
- Disney Experiences is responsible for theme parks and resorts, cruise and vacation experiences, and consumer products such as toys, apparel, books, and video games. The division is led by Josh D'Amaro.
Leadership
Current
- Board of directors[428]
- Mark Parker (Chairman)
- Mary Barra
- Amy Chang
- Jeremy Darroch
- Carolyn Everson
- Michael Froman
- James P. Gorman
- Bob Iger
- Maria Elena Lagomasino
- Calvin McDonald
- Derica W. Rice
- Executives[428]
- 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
- Tinisha Agramonte, Senior Vice President and Chief Diversity Officer
- David Bowdich, Senior Vice President and Chief Security Officer
- Josh D'Amaro, Chairman, Disney Experiences
- Horacio Gutierrez, Senior Executive Vice President, Chief Legal and Compliance Officer
- Jolene Negre, Associate General Counsel and Secretary
- Hugh Johnston, Senior Executive Vice President and Chief Financial Officer
- Carlos A. Gómez, Executive Vice President, Corporate Finance and Treasurer
- 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
- Executive chairmen
- Bob Iger (2020–2021)
- Chairmen
- Walt Disney (1945–1960)
- Roy O. Disney (1964–1971)
- Donn Tatum (1971–1980)
- Card Walker (1980–1983)
- Raymond Watson (1983–1984)
- Michael Eisner (1984–2004)
- George J. Mitchell (2004–2006)
- John E. Pepper Jr. (2007–2012)
- Bob Iger (2012–2021)
- Susan Arnold (2022–2023)
- Mark Parker (2023–present)
- Vice chairmen
- Roy E. Disney (1984–2003)
- Sanford Litvack (1999–2000)[a][429]
- Presidents
- Walt Disney (1923–1945)
- Roy O. Disney (1945–1968)
- Donn Tatum (1968–1971)
- Card Walker (1971–1980)
- Ron W. Miller (1980–1984)
- Frank Wells (1984–1994)
- Michael Ovitz (1995–1997)
- Michael Eisner (1997–2000)
- Bob Iger (2000–2012)
- Chief executive officers (CEO)
- Roy O. Disney (1929–1971)
- Donn Tatum (1971–1976)
- Card Walker (1976–1983)
- Ron W. Miller (1983–1984)
- Michael Eisner (1984–2005)
- Bob Iger (2005–2020; 2022–present)
- Bob Chapek (2020–2022)
- Chief operating officers (COO)
- Card Walker (1968–1976)
- Ron W. Miller (1980–1984)
- Frank Wells (1984–1994)
- Thomas O. Staggs (2015–2016)
Awards and nominations
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.[430] 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.[431][432][433][b]
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.
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".[459] The company, mainly through Walt, has introduced new technologies and more-advanced techniques for animating, as well as adding personalities to characters.[460][132] Some of Disney's technological innovations for animation include invention of the multiplane camera, xerography, CAPS, deep canvas, and RenderMan.[211] Many songs from the company's films have become extremely popular, and several have peaked at number one on Billboard's Hot 100.[461] Some songs from the Silly Symphony 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][462] 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".[463] 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.[464][465] When Disney first entered the theme park industry, CNN stated: "It changed an already legendary company. And it changed the entire theme park industry."[466] 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".[467]
Criticism and controversies
The Walt Disney Company has been criticized for making purportedly sexist and racist content in the past, putting
Racism
Several of Disney's films have been considered to be racist; one of the company's most-controversial films Song of the South was criticized for portraying racial stereotypes. For that reason, the film was never released to home video in the U.S. or Disney+.[469] Other characters that have been called racist are Sunflower, a black centaurette who serves a white centaurette in Fantasia; the Siamese cats in Lady and the Tramp, who are considered to be overexaggerated as Asians, stereotypes of Native Americans in Peter Pan; and crows in Dumbo, who are depicted as African Americans who use jive talk, with their leader being named Jim Crow, believed to be in reference to racial segregation laws in the U.S.[470][471] When watching a film on Disney+ considered to have wrongful racist stereotypes, Disney added a disclaimer before the film starts to help avoid controversies.[472]
Plagiarism
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.[473] 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.[474] 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.[475] 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.[476]
LGBT+ representation
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
Sexism
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.[483]
Animal cruelty and working conditions
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 the birds were attacking other animals and taking their food.[484] 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.[485] Disney has been accused of having poor working conditions. A protest by 2,000 workers at Disneyland in 2022 accused the company of poor pay at an average of $13 an hour, with some saying they were evicted from their homes.[486] 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.[487]
Financial data
Revenues
Year | Studio Entertainment[c] | Disney Consumer Products[d] | Disney Interactive Media[e][488][489] | Disney Media Networks[f] | Parks & Resorts[g] | Total | Source |
---|---|---|---|---|---|---|---|
1991 | 2,593.0 | 724 | 2,794.0 | 6,111 | [490] | ||
1992 | 3,115 | 1,081 | 3,306 | 7,502 | [490] | ||
1993 | 3,673.4 | 1,415.1 | 3,440.7 | 8,529 | [490] | ||
1994 | 4,793 | 1,798.2 | 359 | 3,463.6 | 10,414 | [491][492][493] | |
1995 | 6,001.5 | 2,150 | 414 | 3,959.8 | 12,525 | [491][492][493] | |
1996 | 10,095[d] | 4,142[h] | 4,502 | 18,739 | [492][494] | ||
1997 | 6,981 | 3,782 | 174 | 6,522 | 5,014 | 22,473 | [495] |
1998 | 6,849 | 3,193 | 260 | 7,142 | 5,532 | 22,976 | [495] |
1999 | 6,548 | 3,030 | 206 | 7,512 | 6,106 | 23,435 | [495] |
2000 | 5,994 | 2,602 | 368 | 9,615 | 6,803 | 25,402 | [496] |
2001 | 7,004 | 2,590 | 9,569 | 6,009 | 25,790 | [497] | |
2002 | 6,465 | 2,440 | 9,733 | 6,691 | 25,360 | [497] | |
2003 | 7,364 | 2,344 | 10,941 | 6,412 | 27,061 | [498] | |
2004 | 8,713 | 2,511 | 11,778 | 7,750 | 30,752 | [498] | |
2005 | 7,587 | 2,127 | 13,207 | 9,023 | 31,944 | [499] | |
2006 | 7,529 | 2,193 | 14,368 | 9,925 | 34,285 | [499] | |
2007 | 7,491 | 2,347 | 15,046 | 10,626 | 35,510 | [500] | |
2008 | 7,348 | 2,415 | 719 | 15,857 | 11,504 | 37,843 | [501] |
2009 | 6,136 | 2,425 | 712 | 16,209 | 10,667 | 36,149 | [502] |
2010 | 6,701[i] | 2,678[i] | 761 | 17,162 | 10,761 | 38,063 | [503] |
2011 | 6,351 | 3,049 | 982 | 18,714 | 11,797 | 40,893 | [504] |
2012 | 5,825 | 3,252 | 845 | 19,436 | 12,920 | 42,278 | [505] |
2013 | 5,979 | 3,555 | 1,064 | 20,356 | 14,087 | 45,041 | [506] |
2014 | 7,278 | 3,985 | 1,299 | 21,152 | 15,099 | 48,813 | [507] |
2015 | 7,366 | 4,499 | 1,174 | 23,264 | 16,162 | 52,465 | [508] |
2016 | 9,441 | 5,528 | 23,689 | 16,974 | 55,632 | [509] | |
2017 | 8,379 | 4,833 | 23,510 | 18,415 | 55,137 | [510] | |
2018 | 10,065 | 3,414 | 21,922 | 24,701 | 59,434 | [511] | |
2019 | 11,127 | 9,349 | 24,827 | 26,225 | 69,570 | [512] | |
2020 | 9,636 | 16,967 | 28,393 | 16,502 | 65,388 | [513] | |
2021 | 50,866 | 16,552 | 67,418 | [514] | |||
2022 | 55,040 | 28,705 | 83,745 | [515] | |||
2023 | 40,635 | 17,111 | 32,549 | 88,898 | [516] |
Operating income
Year | Studio Entertainment[c] | Disney Consumer Products[d] | Disney Interactive Media[488] | Parks and Resorts[g] | Disney Media Networks[f] | Total | Source |
---|---|---|---|---|---|---|---|
1991 | 318 | 229 | 546 | 1,094 | [490] | ||
1992 | 508 | 283 | 644 | 1,435 | [490] | ||
1993 | 622 | 355 | 746 | 1,724 | [490] | ||
1994 | 779 | 425 | 684 | 77 | 1,965 | [491][492] | |
1995 | 998 | 510 | 860 | 76 | 2,445 | [491][492] | |
1996 | 1,596[d] | −300[j] | 990 | 747 | 3,033 | [492] | |
1997 | 1,079 | 893 | −56 | 1,136 | 1,699 | 4,312 | [495] |
1998 | 769 | 801 | −94 | 1,288 | 1,746 | 4,079 | [495] |
1999 | 116 | 607 | −93 | 1,446 | 1,611 | 3,231 | [495] |
2000 | 110 | 455 | −402 | 1,620 | 2,298 | 4,081 | [496] |
2001 | 260 | 401 | 1,586 | 1,758 | 4,214 | [497] | |
2002 | 273 | 394 | 1,169 | 986 | 2,826 | [497] | |
2003 | 620 | 384 | 957 | 1,213 | 3,174 | [498] | |
2004 | 662 | 534 | 1,123 | 2 169 | 4,488 | [498] | |
2005 | 207 | 543 | 1,178 | 3,209 | 5,137 | [499] | |
2006 | 729 | 618 | 1,534 | 3,610 | 6,491 | [499] | |
2007 | 1,201 | 631 | 1,710 | 4,285 | 7,827 | [500] | |
2008 | 1,086 | 778 | −258 | 1,897 | 4,942 | 8,445 | [501] |
2009 | 175 | 609 | −295 | 1,418 | 4,765 | 6,672 | [502] |
2010 | 693 | 677 | −234 | 1,318 | 5,132 | 7,586 | [503] |
2011 | 618 | 816 | −308 | 1,553 | 6,146 | 8,825 | [504] |
2012 | 722 | 937 | −216 | 1,902 | 6,619 | 9,964 | [505] |
2013 | 661 | 1,112 | −87 | 2,220 | 6,818 | 10,724 | [506] |
2014 | 1,549 | 1,356 | 116 | 2,663 | 7,321 | 13,005 | [507] |
2015 | 1,973 | 1,752 | 132 | 3,031 | 7,793 | 14,681 | [508] |
2016 | 2,703 | 1,965 | 3,298 | 7,755 | 15,721 | [509] | |
2017 | 2,355 | 1,744 | 3,774 | 6,902 | 14,775 | [510] | |
2018 | 2,980 | 1,632 | 4,469 | 6,625 | 15,706 | [517] |
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] |
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] |
Year | Entertainment | Sports | Experiences | Total | Source |
---|---|---|---|---|---|
2023 | 1,444 | 2,465 | 8,954 | 12,863 | [516] |
See also
- Buena Vista
- Disney University
- Disneyfication
- Mandeville-Anthony v. Walt Disney Co., a federal court case in which Mandeville claimed Disney infringed on his copyrighted ideas by creating Cars
- List of acquisitions by Disney
- List of conglomerates
- List of Disney television series
- Lists of films released by Disney
References
Notes
- ^ His official title was co. vice chairman.
- ^ List of references for Grammy Awards:[434][435][436][437][438][439][440][441][442][443][444][445][446][447][448][449][450][451]
- ^ a b Also named Films and Film Entertainment.
- ^ 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, which was merged into Direct-to-Consumer & International, also in 2018.
- ^ Merged into Direct-to-Consumer & International in 2018.
- ^ a b Broadcasting from 1994 to 1996.
- ^ a b Called Walt Disney Attractions (1989–2000), Walt Disney Parks and Resorts (2000–2005), Disney Destinations (2005–2008), Walt Disney Parks and Resorts Worldwide (2008–2018), Walt Disney Parks, Experiences and Consumer Products (2018–2022), and Disney Parks, Experiences and Products (2023–present).
- Capital Cities/ABC Inc.
- ^ a b First year with Marvel Entertainment as part of results
- ^ Not linked to WDIG, Disney reported a $300M loss due to financial modification regarding real estate
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Further reading
- Bryman, Alan (2004). The Disneyization of society. ISBN 978-0-7619-6765-1.
- Caroselli, Henry (2004). Cult of the Mouse: Can We Stop Corporate Greed from Killing Innovation in America?. ISBN 978-1-58008-633-2.
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- Dorfman, Ariel; Mattelart, Armand (1984). How to Read Donald Duck: Imperialist Ideology in the Disney Comic. International General. ISBN 978-0-88477-023-7.
- Dunlop, Beth (2011). Building a Dream: The Art of Disney Architecture. Disney Editions. ISBN 978-1-4231-2918-9.
- Eisner, Michael (2011). Work in Progress: Risking Failure, Surviving Success. ISBN 978-0-7868-7091-2.
- Foglesong, Richard (2001). Married to the Mouse: Walt Disney World and Orlando. ISBN 978-0-300-09828-0.
- Green, Katherine; Greene, Richard; Barret, Katherine (1998). The Man Behind the Magic: The Story of Walt Disney. Viking. ISBN 978-0-670-88476-6.
- Grover, Ron (1997). The Disney Touch: Disney, ABC & the Quest for the World's Greatest Media Empire. Irwin Professional Publisher. ISBN 978-0-7863-1172-9.
- Hiaasen, Carl (2010). Team Rodent: How Disney Devours the World. ISBN 978-0-307-76488-1.
- ISBN 978-0-399-59210-2.
- ISBN 978-1-4847-4337-9.
- Johnson, Mindy; ISBN 978-1-4847-2781-2.
- Koenig, David (2005). Mouse Tales: A Behind-the-Ears Look at Disneyland, Golden Anniversary Special Edition. Bonaventure Press. ISBN 978-0-9640605-4-8.
- Masters, Kim (2009). The Keys To The Kingdom: The Rise of Michael Eisner and the Fall of Everybody Else. ISBN 978-0-06-186024-9.
- Polsson, Ken. "Chronology of the Walt Disney Company". Retrieved December 15, 2013.
- Price, David (2009). The Pixar Touch: The Making of a Company. Vintage Books. ISBN 978-0-307-27829-6.
- Schikel, Richard (2019). The Disney Version: The Life, Times, Art and Commerce of Walt Disney. ISBN 978-1-982115-23-4.
- Schweizer, Peter; Schweizer, Rochelle (1998). Disney: The Mouse Betrayed: Greed, Corruption, and Children at Risk. ISBN 978-0-89526-387-2.
- Shale, Richard (1982). Donald Duck Joins Up: The Walt Disney Studio During World War II. ISBN 978-0-8357-1310-8.
- Stewart, James (December 9, 2008). Disneywar: The Battle for the Magic Kingdom. 2008: ISBN 978-1-84739-689-1.)
{{cite book}}
: CS1 maint: location (link - Taylor, John (1998). Storming the Magic Kingdom: Wall Street, the Raiders, and the Battle for Disney. Ballantine Books. ISBN 978-0-345-35407-5.
- Thomas, Bob (1998). Building a Company: Roy O. Disney and the Creation of an Entertainment Empire. Disney Editions. ISBN 978-0-7868-6200-9.
- Thomas, Bob (2017). Walt Disney: An American Original. Disney Books Group. ISBN 978-1-368-02718-2.
External links
- Official website
- The Walt Disney Company companies grouped at OpenCorporates
- Business data for Disney: