How managers continued the business of the animator
Walt Disney died December 15, 1966. The next five years, the company was led by his brother Roy. He renamed the upcoming Disney World amusement park into the Walt Disney World, paying tribute to his brother, under whose management the company had reached its peak.
Roy ordered to complete the films Walt worked on during his lifetime: in 1967, the animated film The Jungle Book and the musical The Happiest Millionaire were released.
In the late 1960s, Disney released the Volkswagen Beetle and Computer wore tennis shoes comedies, the first of which received the title of the highest grossing picture in 1969.
In the 1970s, the “post-Voltaian” era began, which began with the musicals “Aristocrats”, “The Knob and the Broom” and the fantasy “The Ghost of the Black Beard”. In 1971, Roy personally attended the opening of Walt Disney World Park.
Followers of Walt opened several Disneylands – in 1971 in Orlando (USA), in 1983 in Tokyo, and in 1992 in Paris. In 1982, the futuristic Epcot Park appeared in Orlando. In the early 1980s, revenue from theme parks accounted for 70% of the company’s total revenue. Thanks to Disneyland, the studio continued to work, despite financial problems.
After the death of Roy Disney in late 1971, Disney was headed by Donn Tatum. He was unable to repeat the success of Walt Disney. The box office of the musical comedy “Robin Hood” (1973) reached $ 32 million, and the audience, released in 1975, the cartoon “Escape to the Witch Mountain”, was coldly received.
Tatum resigned in 1976, transferring control to Card Walker. The cartoon “Rescuers” (1977), released during his reign, raised more than $ 71 million. He also opened the Epcot Park and Tokyo Disneyland, as well as the launch of the Disney Channel TV channel.
In 1979, for the first time in the studio’s history, the company began working on joint projects with Paramount Pictures – the musical comedy Popeye ($ 60 million at world fees with a budget of $ 20 million) and the adventure film Dragon Winner (box office in the US amounted to $ 14 million with budget of $ 18 million).
Since 1983, Disney has been led by Ron Miller. He decided to stop focusing on children’s products and head for the production of films aimed at adolescents. For this, Disney has created a separate label – Touchstone Pictures.
In 1984, financed by Sol Steinberg made an attempt to “capture” Disney, buying 49% of its shares. The board of directors managed to pay off the raider by paying him $ 330 million in exchange for a stake in the company.
Then, in 1984, Michael Eisner became the new head of Disney. He suggested developing the Touchstone Pictures label and targeting an older audience. Under this label came out “Pretty Woman” and “Armageddon”, “Pearl Harbor”. Since 1989, Disney began the “Renaissance”, which lasted a decade.
She got her name thanks to the commercial success of Disney cartoons released at that time. For example, “The Lion King” became the highest grossing film in the history of Disney, collecting $ 784 million at the global box office, profit from Aladdin amounted to $ 500 million, from Tarzan – $ 449 million.
The success was followed by a series of managerial failures on the part of Eisner, but he continued to expand the company, buying sports teams, cruise ship networks, hotels and investing in book publishing and music recording, which turned Disney into an entertainment holding.
After the September 11, 2001 terrorist attack in the United States, the number of Disneyland visitors decreased. Due to a drop in revenue, River Village Park in Florida closed. The company went negative, reporting a loss of $ 158 million at the end of 2001.
Fresh cartoons “Mulan” and “Hercules” brought the studio $ 304 million (with a budget of $ 90 million) and $ 252.7 million (with a budget of $ 85 million), respectively. And “Pirates of the Caribbean” – almost $ 4.5 billion in total revenue.
Eisner was replaced in 2005 by Robert Iger, former president of ABC. He decided to buy shares of companies from competitors and is now actively developing their business. This approach helps Disney to increase profits amid problems with creativity in the studio, which almost stopped creating their own characters.
Robert Iger has all the latest major acquisitions: the purchase of animation studios Pixar, Lucasfilm, Marvel, as well as an agreement with 21st Century Fox. Thanks to Iger, Disney’s capitalization has increased five-fold: from $ 50 billion to $ 250 billion in 2019.