Today, it's not quite on the level of its predecessors in terms of character and plot, but a classic nonetheless.
Walt Disney made a career of risk and bold moves. After expensive productions Pinocchio, Bambi, and Fantasia all bombed at the box office (later to find the success and acclaim they deserved on home video), his studio averted bankruptcy spectacularly with a musical fantasy adaptation of an oft-adapted fairy tale classic. Today, it's not quite on the level of its predecessors in terms of character and plot, but a classic nonetheless. Its staggering financial success ushered Disney into a new era.