Just as Cinderellas dream come true was set to end at midnight, so too was that of The Walt Disney Company in 1947 after being roughly $4 million in debt following the financial failures of Pinocchio, Fantasia, and Bambi due to World War II and other factors. However, thanks to this beloved princess and her iconic glass slippers, Disney as we know it was saved from having to end its own animation story well before its time.As Cinderella hits its 75th anniversary for its wide release today, March 4, we spoke to several people at Disney who are still inspired by this timeless rags to riches tale. Its a story that surprisingly mirrors that of Walt Disney himself, and one that not only gave hope to the company, but also to a world that was rebuilding itself and looking for something to believe in again. PlayThe Right Film at the Right TimeFor context, we first need to jump back to when Disney had its very own fairy godmother moment in 1937 with Snow White and the Seven Dwarfs. The films runaway success - it was the highest-grossing film of all time until Gone with the Wind dethroned it two years later - allowed Disney to build its studio in Burbank, where the company is still headquartered today, and forge a new path forward that would include even more feature-length animated feature films.1940s Pinocchio was Disneys next film after Snow White and it carried a budget of $2.6 million - which was roughly a million dollars more than Snow White - but it ended up losing around $1 million despite being critically acclaimed and winning the Academy Awards for Best Original Score and Best Original Song. This wasnt an outlier either, as Fantasia and Bambi also underperformed following Pinocchio and piled on more and more debt. Why was this the case? Well, a large part of the issue had to do with Germanys decision to invade Poland in September 1939 and spark the flame that would become World War II.Disney's European markets dried up during the war and the films werent being shown there, so releases like Pinocchio and Bambi did not do well, Eric Goldberg, co-director of Pocahontas and lead animator on Aladdins Genie, told me. And before long, Disney was overtaken by the U.S. government to make training and propaganda films for the Army and Navy and more. And then, throughout the 1940s, the studio would make what they called Package Films like Make Mine Music, Fun and Fancy Free, and Melody Time. These projects were very, very good, but there was not a particularly narrative story from start to finish to them.For those unfamiliar, Package Films were collections of short cartoons that were put together to make a feature film. Disney ended up making six of these between the releases of 1942s Bambi and 1950s Cinderella, including two - Saludos Amigos and The Three Caballeros - that were part of the U.S. Good Neighbor Policy, which aimed to stop the spread of Nazism in South America. While these made back their costs and Fun and Fancy Free brought the studios debt from $4.2 million to $3 million in 1947, the Package Films were also preventing the studio from making true animated feature-length stories. I wanted to get back into the feature field, Walt Disney said in 1956, via The Animated Man: A Life of Walt Disney by Michael Barrier. But it was a matter of investment and time. Now, to take and do a good cartoon feature takes a lot of time and a lot of money. But I wanted to get back. And my brother [Disney CEO Roy O. Disney] and I had quite a screamer It was one of my big upsets I said were going to either go forward, were going to get back in business, or I say lets liquidate or lets sell out. So when it appeared that Walt himself was willing to sell all his shares of Disney, exit the company, and sail off into the sunset, he and his brother instead chose the riskier path and put all their chips on the studios first big animated feature film since 1942s Bambi. If this didnt shake out the way they hoped, it could have meant the end of Disneys animation studio for good. "I think the world needed the idea that we can come out from the ashes and have something beautiful happen."At this time, Alice in Wonderland, Peter Pan, and Cinderella were all in varying levels of development, but Cinderella won out as the film to make first because it had many similarities to the hit that was Snow White. Beyond that, however, Walt believed this story could accomplish something greater beyond mere entertainment.Walt was very good at reflecting the times, and I think he recognized what America needed after the war was hope and joy, said Tori Cranner, Art Collections Manager at Walt Disney Animation Research Library. And while Pinocchio is an incredibly beautiful and amazing movie in and of itself, it's not a joyful movie in the way Cinderella is. And I think the world needed the idea that we can come out from the ashes and have something beautiful happen. Cinderella was the right choice for that moment in time.Cinderella and Disneys Rags to Riches TaleWalts history with Cinderella actually goes much further back than the late 1940s, as he created a Cinderella short in 1922 during his time running Laugh-O-Gram Studios, the company he founded just two years before he would start Disney with Roy. The shorts story, and the feature film for that matter, were adapted from Charles Perraults 1697 version of the tale that may have first been told back between 7 BC and AD 23 by the Greek geographer Strabo. It was a classic tale of good vs. evil, true love, and dreams coming true, and it made quite an impression on Walt.That early seven-minute animation and the other Laugh-O-Gram productions werent very successful as the company would shortly thereafter go bankrupt, but it did begin to paint a picture of how Cinderella resonated with Walt because it was also a rags to riches tale that involved a dream and a little something extra.Snow White was a kind and simple little girl who believed in wishing and waiting for her Prince Charming to come along, Walt Disney said, as seen in footage from Disneys Cinderella: The Making of a Masterpiece special DVD feature. On the other hand, Cinderella here was more practical. She believed in dreams all right, but she also believed in doing something about them. When Prince Charming didnt happen to come along, she went right over to the palace and got him.Cinderella was a strong character with a will that couldnt be broken, despite her circumstances which led her to be mistreated by her Evil Stepmother and Stepsisters after losing her parents. While Walt didnt have the same family troubles as Cinderella, his story was also one of humble beginnings that was filled with tons of failures and challenges but, most importantly, also an unstoppable dream and work ethic.This story stayed with Walt through the early days of Disney and he would end up trying to bring it back to life in 1933 as a Silly Symphony short. However, the scope of the project kept growing and becoming more complex and the decision was eventually made in 1938 to try to turn it into a feature film instead. It took over a decade to bring it to the big screen due to the war and other factors mentioned above, but that time allowed it to evolve and become the film we know and, for many animation fans, love today.There are many reasons why Cinderella was the success it was, but one was how Disney and his team were able to take these beloved stories and transform them into something that had even more global appeal.Disney was so good at taking these fairytales that had been around for many, many years and putting his own spin on it. This meant he brought his taste, entertainment sense, heart, and passion into it so people came to care about the characters and story unfolding even more than in the original stories themselves, Goldberg said. These fairytales were also, excuse the pun, a little bit grim because they were often meant as cautionary tales for younger people. If you do this and behave badly, then this might happen to you, etc. etc., and the villains usually died a horrible death. What Disney did, however, is he made these stories universally palatable and enjoyable for all audiences, which helped modernize them and let them stand the test of time."She believed in dreams all right, but she also believed in doing something about them."Disney accomplished this with Cinderella in part through the addition of her animal friends, including Jaq, Gus, the other mice, and the delightful birds. They were, alongside Lucifer the cat, the fantastical comic relief to the rough life Cinderella had under the reign of her Evil Stepmother and were the perfect characters to let Cinderella share her true feelings with, which in turn let us learn more about who she really was. Oh, and they were pretty good at making dresses. The Fairy Godmother was also different from the version in Perraults story, and animator Milt Kahl was the one who helped convince Walt that she should be a more bumbling, grandmother-type character as opposed to a more tall and regal one like the fairy we saw in Pinocchio. This version was much more relatable, and her stumbles and bumbles allowed audiences to connect to her even more than some perfect, mystical being. And of course, that also led to one of the most iconic scenes in not only Disney history, but perhaps all of movie history.Yes, we are talking about the big transformation scene where, when Cinderella appears to be at her lowest point, the remaining, undying belief in herself and her dream manifest into the Fairy Godmother and a night that changes her life forever. So many of us love the pumpkin turning into a carriage and the mice becoming horses and all that, but its Cinderellas big moment that steals the show.The animation of Cinderellas dress transformation has often been credited as Walts favorite of all time, and its all thanks to the handiwork of Disney Legend Marc Davis and George Rowley. Before reading the next quote, I encourage you to watch the scene below again for yourself and take special care to pay attention to the sparkles and how everything comes together so seamlessly. First of all, you have to remember that every single one of those sparkles was hand-drawn on every frame and then hand-painted, which just blows my mind, Cranner said with the biggest smile. But there's also a part of it thats so subtle, as there is a perfect moment in the middle of that transformation where all of the stardust and the magic holds for just a fraction of a second before it all falls in and her dress changes. I really think that that's part of what makes that scene so magical. It's almost a second of holding your breath and then the release comes and you know that magic just happened.Another Disney addition is the one glass slipper that breaks at the end of the film. This didnt happen in previous renditions, but it adds so much to the character of Cinderella and the notion that shes the hero of her own story.I think something that a lot of people overlook is that Cinderella is not a cipher, Goldberg said. Shes not a bland female protagonist that you might see in some of the other films, but she has a personality and a strength within her. When the stepmother causes the glass slipper to break, Cinderella has the solution to it by presenting the other one she had been holding on to. Its such a powerful moment and a clever story thing to show how strong and in control she actually is.Cinderella has to stand up for herself multiple times throughout the story, and that is inspiring and shows the power of being an advocate for yourself. Decisions like this led to a film that captivated the world and gave Disney the win it needed.Cinderella premiered in Boston on February 15, 1950, and had its wide release on March 4 later that year. It was an instant success and had the best box office performance of any Disney film since Snow White and the Seven Dwarfs by earning $7 million dollars on a $2.2 million budget. It also became the sixth-highest grossing film of 1950 and earned three Academy Award nominations. When Cinderella came out, all the critics went, Oh, this is great! Walt Disney's back on track again! It was hugely successful for them because he was back doing narrative features like Snow White and people just loved it, Goldberg said. I think the studio also got their mojo back, so to speak. They loved the Package Films and the work they did during the troubled times of the war, but this is what the studio was built for. Following Cinderella, Disney continued on to develop films like Peter Pan, Lady in the Tramp, Sleeping Beauty, 101 Dalmatians, Jungle Book, and so many more, and it was all thanks to Cinderella.75 Years Later, Cinderellas Magic Lives OnAll these years later, Cinderellas legend has only grown in popularity and meaning for Disney and the wider world. I mean, all you have to do is walk down Main Street, U.S.A. at Walt Disney World or Tokyo Disneyland to see her castle towering above you, or turn on any Disney movie and watch that intro to see another castle that was inspired by her tale and that of Sleeping Beauty. Her influence can also be felt in the studios most beloved modern films, including a scene that may just be one of the most watched of all time.When we were doing Elsas dress transformation moment in Frozen, which I animated along with effects artist Dan Lund, co-director Jennifer Lee wanted it to have a direct connection to Cinderella, Frozen 2 and Wish lead animator Becky Bresee told me. Cinderellas legacy can especially be seen in the sparkles and all the effects surrounding Elsas dress, and although she is a much different character, there are so many moments and things we bring forward to honor the impact of Cinderella and other movies that came before.There are so many more stories and people worthy of highlighting for their work on Cinderella, including the famous Nine Old Men who each brought such personality and life to all the characters and Mary Blair for her incredible artwork that gave Cinderella its distinct and stunning style, but perhaps the best way to bring this retrospective to a close is with another quote from Eric Goldberg, who summed up why Cinderella was the right film and the right princess at the right time that saved Disney when it needed it the most.I think the big thing about Cinderella is hope, Goldberg said. It gives people hope that things will work out when you have perseverance and when you are a strong person. I think that's its biggest message is that hope can actually be realized and dreams can come true, no matter what time you are living in.Adam Bankhurst is a writer for IGN. You can follow him on X/Twitter @AdamBankhurst and on TikTok. You can also listen to the latest episode of his show Talking Disney Magic that's all about Cinderella's 75th anniversary!