Disney's troubles show how technology has changed the business of culture

"Why do we have to grow up?” Walt Disney once wondered. As it launches its centenary celebrations on January 27th, the Walt Disney Company has sustained its appeal to the young and young-at-heart. This year Hollywood's biggest studio will invest more in original content than any other firm. It dominates the global box office, with four of last year's ten biggest hits, and has more streaming subscriptions than anyone else. Its intellectual property (IP) is turned into merchandise ranging from lunchboxes to lightsabers, and exploited in theme parks that are churning out healthy profits even as covid-19 lingers. More than…