This led to a labor strike of nearly half of the studio's remaining 800 employees in the spring of 1941. With the extreme loss in profits and revenue, Walt Disney Studios, unable to keep its large number of employees on the payroll, laid off many of its animators. Other films like Pinocchio also failed to bring in the profits Walt Disney predicted because the war in Europe had prevented European moviegoers from seeing the film, minimizing the studio's foreign revenue. The studio lost about the equivalent of $15 million (2015 dollars). In its road-shows of the film, Walt Disney Studios made only $325,000. The release of the film was met with low attendance and poor reviews. However, Fantasia did not receive the attention Walt Disney thought it would. Walt Disney spent four times more than his planned budget on the production of Fantasia which totaled about $2.8 million. In 1941, with the release of Fantasia, this policy led to severe economic loss within the company.
While Walt Disney studios had entered the early 1940s with major profits from films like Snow White which had seen high revenues, Walt Disney had a tendency to use all profits from released films towards the production of new ones. Leading into World War II, Walt Disney Studios was on the verge of bankruptcy.
Production Costs and Revenues of Walt Disney Studios' Animated Films (1937-1942)
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