What if Disney starts making films after formation?

in 1937, Disney released it's first Feature film Snow White and the Seven Dwarfs. the AU version has lead Disney to start making films after it's birth in 1923.

Changes

 * Disney would've made The French Dancer (1924) as it's first film.
 * Disney would've exist as a live-action studio since 1923 and an animation studio since 1924.