If Snow White had failed, more than likely Fantasia couldn’t have been made, financially or technically. © Disney Enterprises Inc. All rights reserved.

An even greater portion of Disney's income would then have to come from licensing, and it is possible that other animation companies would have invested more in licensing and marketing as well, since features were a proven loser. There may have been more Fleischer, Terrytoons and Lantz product on the market, and animation may have been used to sell merchandise much in the same way that baseball cards were originally used to sell bubble gum.

It is also possible that Disney may have gone into live-action films much earlier in the studio's history and his shorts would have been used to sell his features. Mickey Mouse could have been animated more actively (he was falling into disuse in the late 1930s) and the studio might have been more aggressive in the creation of new characters and the licensing of existing ones. Another scenario may have been an industry-wide disenchantment with commercial animation in general. The failure of animation to move into the realm of feature films may have meant the rise of independent animation to a degree where America's animation scene began to resemble Europe's. It is almost certain that this new strain of animation would have contained several (if not countless) radical departures from the prevailing commercial style.

The greatest changes to American animation would indeed have been artistic/aesthetic in nature. Some of the consequences of Disney's success, as exemplified in Snow White, were attempts by other studios to copy Disney's formula. Fleischer eventually fell into this trap, as did Hugh Harman at MGM and Charles Mintz at Screen Gems. Had Disney failed to impress anyone by introducing increasing realism into his story-driven films, we may have seen an increasing diversity in animation styles throughout the 1940s and beyond. It had already been shown that the Fleischer's surrealist approach to animated shorts was a viable and popular alternative to what Disney had been doing. Animation across the industry might have become wilder and far less concerned with naturalism or coherent narrative.

Cartoons may also have become far more gag-driven, with less emphasis placed on story and personality development. This would have played well into the hands of studios such as Warner Bros, which never for a moment considered doing an animated feature film. The introduction of more mature themes, such as those portrayed in Snow White, might have become the province of independent animators.

Another issue to be raised is one of technology. Had Snow White been too expensive to complete or poorly received, animation may have become bereft of the technological advances that accompanied Pinocchio or Fantasia. Although there were some technical geniuses working in the field such as Max Fleischer and Ub Iwerks, independents may not have had the money to advance animation technology to the degree Disney did. Animation units owned by major film studios might have been advised — or forced — to keep the costs down even more, lest "Disney's Folly" be repeated, a factor that would have worked against the importation or development of any equipment that raised the costs of animated shorts.

There may have been a partial return to shorts as they appeared in the 1920s, with significant portions of the film being shot in live-action accompanied by animated characters or cheaper forms of animation (such as using cutouts) might have developed. Perhaps, more abstract, graphic efforts may have been made in approach to design, layout and character animation much earlier than those attempted by UPA in the 1950s. Again, this would be an artistic revolution only in part; the rest would be dictated by finance, capital and audience response.

Cultural changes are more difficult to predict, but it is to be remembered that art generally follows public dictates. Had people not been willing or able to watch 90 minutes of animation or been less than enchanted with what they saw, animation might have missed a chance to be accepted as one of the higher arts. Mickey Mouse, Betty Boop, Popeye and Porky Pig were popular stars in their own right and many of their cartoons were imaginative and beautifully crafted. However, the studios producing them never saw these shorts as "art" or even as aesthetic statements. Neither did critics or the public, despite some pretentious period pieces about the deep significance of Mickey Mouse as a cultural icon.

Snow White and the Seven Dwarfs made a very strong case for animation as an elevated art form rather than simple entertainment. At the same time the animated film became the equal of the live-action feature film in the eyes of both critics and paying customers. Had Snow White not made such an impact or folded due to its exorbitant cost, these perceptions may not have formed. Animation might have remained a poor cousin to other forms of cinematic expression, a second-class entertainment to be hastily enjoyed seven minutes prior to a live-action feature.