1991 Jeffrey Katzenberg memo to Disney execs.

As we begin the new year, I strongly believe we are entering a period of great danger and even greater uncertainty. Events are unfolding within and without the movie industry that are extremely threatening to our studio.

Some of you might be surprised to read these words. After all, wasn’t Disney number one in 1990? Yes, but our number one status was far from a sign of robust health. Instead, it merely underscored the fact that our studio did the least badly in a year of steady decline for all of Hollywood… a year that was capped off by a disastrous Christmas for nearly everyone. Although we led at the box office in 1990, our bottom line profits in the movie business were the lowest in three years.

Now, added to that, the nation’s economy is acknowledged to be in a recession… a recession that I am convinced will be quite devastating to our industry.

“Some Thoughts on Our Business.” — Jeffrey Katzenberg, Letters of Note, Jan. 11, 1991

See also: “The Internet Tidal Wave.” Bill Gates, May 26, 1995