This could be interesting:
en.wikipedia.org
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Today the entertaiment industry would rather to bet for "shared universe". Even if MM was public domain, children would rather him with the rest of characters from Disney franchise.
For the renaise of Disney, other companies tried cartoons based in fairy tales, you know these are public domain, but these aren't very remembered. (But after this Disney chosen to bet for original characters, to avoid mockbusters).
I don't need the original franchise to make money if my product is enough good. For example Rastan is an arcade where the PC is a clon of Conan the barbarian, but nobody worries about this.
And even if Disney's lawyers could destroy everybody who dares to touch the character, they should show mercy or they would be causing a serious damage to be prestige of the franchise, and then they would lose a lot of "brand power".
Robin Hood is public domain, and we remember Errol Flynn, Kevin Costner... but who remember the version roleplayed by Sean Connery or Russel Crowd, or that movie where Uma Thurman as lady Mariam?
Even if it is allowed by law because a franchise becomes public domain, the audience doesn't want "mockbusters".
en.wikipedia.org
en.wikipedia.org