[NewsInsideCompany] Disney Approaching Its 100th Birthday

Disney Reaching 'A Century of Legacy' Next Year
Seven CEOs So Far
Overcoming Crises Through Aggressive Mergers and Acquisitions

Mickey Mouse and Luke Kang, President of Walt Disney Company Asia Pacific / Photo by Walt Disney Company

For those in their 40s and 50s, 'Mickey Mouse' and 'The Little Mermaid'; for those in their 20s and 30s, Buzz from Toy Story; and for teenagers, Elsa from Frozen.

[Asia Economy Reporter Lim Juhyung] The company that owns the most beloved characters worldwide, regardless of era or generation, and represents American content companies, The Walt Disney Company (Disney), announced plans to produce and release about 50 pieces of its content next year in celebration of its 100th anniversary. This is the first roadmap unveiled since the return of new CEO Bob Iger. We look back on Disney's grand history spanning a century and its seven CEOs.

On the 30th of last month (local time), Disney held the 'Disney Content Showcase 2022' at the Marina Bay Sands Convention Center in Singapore and revealed its content development plans. The lineup included over 50 productions from its affiliated brands such as Disney+ Originals, Marvel, Disney Animation, Star Wars, Pixar, and Star. This roadmap was unveiled shortly after Bob Iger returned as Disney's CEO on the 21st of last month. As Disney marks its 99th anniversary this year and its centennial next year, the future ahead is challenging.

From a Small Cartoon Studio to America's Leading Animation Company

Disney started as a small cartoon studio established on August 23, 1923, in Los Angeles, California. Founder Walt Disney named the company after himself as 'Walt Disney Studio.' The founder gained industry attention by creating the short animated film 'Steamboat Willie,' which incorporated synchronized sound. He created the iconic 20th-century character 'Mickey Mouse,' elevating Disney Studio to a world-renowned animation company. Mickey Mouse was also greatly loved by pop artists. Pop artists such as Andy Warhol and Roy Lichtenstein introduced Mickey Mouse and his friends in various artworks.

American pop artist Roy Lichtenstein also presented works featuring Mickey Mouse and Donald Duck. The 1961 piece "Look Mickey".

Following him, his brother Roy O. Disney took over as CEO in 1929 and led Disney's growth for about 40 years until 1971. Under his management strategy, Disney evolved into a content company specializing in feature-length animations such as 'Snow White,' 'Pinocchio,' 'Sleeping Beauty,' and 'The Jungle Book.'

All-time Disney CEOs

The Death of Spiritual Leader Walt Disney and the Decline of the Disney Kingdom

Despite enjoying prosperity for half a century, Disney once began to decline. After Walt Disney, the 'spiritual leader' of Disney's creative philosophy since its founding, died of lung cancer in 1966, cartoon directors and artists were frequently replaced, and the quality of film production declined. After the death of second-generation CEO Roy Disney in 1971, Disney was entrusted to professional managers such as Don Tatum, Esmond Card Walker, and Ron Miller.

The person who brought Disney back on track amid consecutive setbacks was Michael Eisner, who accepted the CEO position in 1984. Eisner's breakthrough strategy for Disney's crisis was aggressive mergers and acquisitions and business diversification. He expanded the company relentlessly by founding the film company 'Touchstone Films' in 1984, acquiring ABC Broadcasting in 1996, and acquiring Miramax in 1993. Over his 15 years as CEO, Eisner increased Disney's market capitalization more than 20 times.

However, Eisner's centralized and tough management style often caused conflicts with Disney's film and animation directors, artists, and even the board of directors, as Disney is a 'content company.' Moreover, as Disney's film and animation content fell into another slump in the 2000s, he was eventually ousted in 2005 following a board petition.

Bob Iger, Who Built the Content Giant Owning 'Pixar' and 'Marvel'

The person who took the helm of Disney after Eisner was CEO Bob Iger. Iger, who came from ABC Broadcasting acquired during Eisner's era, started as a production assistant and rose to become Eisner's right-hand man.

Bob Iger CEO / Photo by Yonhap News

Regarding the strategy of expanding the company through mergers and acquisitions, CEO Iger shared the same approach as Eisner. However, his detailed management philosophy was quite different from his predecessor. Iger believed that to lead a content company, respecting and listening to creators above all else was crucial. This attitude shone during the acquisitions of two subsidiaries that later became Disney's 'killer content'?Pixar and Marvel Entertainment.

Bob Iger and the Disney he shaped are detailed in his 2020 book, 'The Ride of a Lifetime.' CEO Iger recorded in detail the process of acquiring Pixar from Apple founder Steve Jobs and the intense behind-the-scenes of the Marvel Entertainment acquisition battle. In this book, Iger emphasized 'trust' as the key to reassuring the demanding Jobs and successfully acquiring Pixar and others, stating, "You must pay utmost attention to how important the creative work is to the creators."

After turning Disney into a giant content company with overwhelming market share in theatrical films, animation, streaming services, and theme parks, Iger stepped down as CEO in 2020. However, less than two years after handing over the position to his successor Bob Chapek, he returned to the front lines of management. It is reported that the return was due to pressure from Disney's senior executives dissatisfied with Chapek's business strategy.

Under the 'Iger administration,' Disney will produce about 50 films, dramas, and animations starting next year. While significant investments will be made in existing content such as original content, Marvel Cinematic Universe, and Pixar 3D animation, more than 10 Korean content productions, which have recently gained global attention, are also planned. The content giant Disney is preparing for another leap spanning 100 years.