The Walt Disney Company, commonly known as Disney, is a world-famous entertainment conglomerate. Having originally launched in 1923 in the American animation industry as the Disney Brothers Cartoon Studio, the company later diversified, with the introduction of live-action film production, television, and theme parks. The company is best known for its film studio, Walt Disney Studios, as well as for its Walt Disney Parks and Resorts. Disney is also the owner and operator of the ABC broadcast television network, which includes the Disney Channel and ESPN. With over 190,000 employees worldwide, the company had $55.6bn revenue as of 2016.