Mr. Magoo was a huge hit for UPA, making lots of money at the box office, and even winning Academy Awards for Best Short Subject. They also won another Academy Award for their hit, Gerald McBoing-Boing, which was based on a Dr. Seuss story. UPA eventually turned to television and started the trend of limited animation. Disney and many other studios were trying to make their cartoons look as detailed as possible and that may have looked nice, but it took forever to make cartoons. Limited animation cut down on time and labor by using the same parts of animation, the ones that weren't changing from frame to frame, throughout a scene. The best example I can give is the backgrounds of Scooby Doo, Where Are You? The background was reused several times when the characters were running from ghosts, and in many frames you can tell which item would be moving in that shot because it was a little bit lighter than the rest of the animation. Hanna-Barbera utilized limited animation a ton, but UPA started it and it gave them a lot of success.
Though they had a few more hits with Mr. Magoo, like Mister Magoo's Christmas Carol, the writing was on the wall. By the 60's the world wasn't as keen on movie shorts, so the animation studio shut down and the studio would go on to distribute Toho Studio's "giant monster" or kaiju films in the U.S. UPA would go on until one if its founders, Henry G. Saperstein died in 1998, and the company was sold off to Classic Media in 2000, ending the studio's history. Classic Media was shortly thereafter bought by Dreamworks, though UPA still holds the licensing rights to Mr. Magoo.
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Not sure if you're seeing a trend yet, but while these animation studios could compete with Disney on a shorts level, they could not when it came to theatrical releases. That sort of competition won't come around until the 1980's. Still, these movies are still worth noting, as they still hold an important part of animation history. Animated films outside of Disney were few and far between, and not all of them were that bad.
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