Thirty-five years ago, Walt Disney’s animation studio was in dire straits. Once the king of animated films in Hollywood, the company had fallen on hard times following its founder’s death in 1966.

While its live-action productions and other ventures into television and amusement parks were still thriving, movies like “The Fox and the Hound” and “The Great Mouse Detective” — though cult classics now — were not bringing in box office numbers like films from years before.

And then, directors Ron Clements and John Musker along with lyricist Howard Ashman and composer Alan Menken had an idea that could course-correct the flailing company.

“The Little Mermaid” was released in 1989 and kicked off the period known as the Disney Renaissance, which featured Disney’s most popular and critically acclaimed films since its Golden Age decades early, and ushered in the likes of “Beauty and the Beast” and “The Lion King.”

Now, three decades later, in the midst of Disney’s never-ending live-action remakes, that same film that righted the ship in 1989 has the opportunity to do it again. Although not the best of these new takes on the classic tales, it’s definitely on the right track and a welcome addition.

Based on the beloved Hans Christian Andersen tale, the rebellious mermaid Ariel (played by Halle Bailey) longs to find out more about the world above the sea. The youngest daughter of King Triton (Javier Bardem), Ariel falls for the dashing Prince Eric (Jonah Hauer-King) after saving him during a visit to the surface.

Although Triton forbids mermaids to interact with humans, Ariel must follow her heart. She makes a deal with the sea witch Ursula (Melissa McCarthy), giving Ariel a chance to experience life on land and win Eric’s heart in three days, or suffer the consequences.

As is the case for many of these films, this version of “The Little Mermaid” depends heavily on audiences having a nostalgic connection to the original, which may be the deciding factor for viewers. For some, this may be a wondrous retelling of a childhood favorite, but for others it’s another soulless cash-grab, and what is new or different doesn’t live up to the classic story — the live-action version is nearly an hour longer.

Thankfully, the cast here is all wonderful, especially Halle Bailey in a star-making performance as Ariel. Shutting down any of the ridiculous controversy when her casting was first announced, Bailey has made this role her own and commands every scene she’s in. Her charming and relatable acting paired with her gorgeous singing voice easily make her the stand-out of every one of these films and hopefully make her a household name in no time.

As Disney’s proper return to classic musical theater, Ashman and Menken hit the ground running with their original songs and score. Hearing the likes of “Part of Your World” and “Under the Sea” with a newer, bigger orchestration once again led by Menken is a treat for the ears. Unfortunately, a couple of new songs by Lin Manuel-Miranda do not work at all and bring the movie to a screeching halt that ruins their entire scenes.

Thankfully, the overall production is better than most under the trusted direction of Rob Marshall. A longtime lauded theater director and choreographer, he directed the Oscar-winning “Chicago” in 2002, and is no stranger to Disney musicals with “Into the Woods” and “Mary Poppins Returns.” With so much of the film set underwater, Marshall’s choreography expertise makes the fluid motion of camera and performers alike feel like a dance that never ends in a good way.

Even with all the wonderful elements, the entire production isn’t greater than the sum of its parts. That extra 50 minutes of film does allow for developing each of the characters more than the animated one did, half those scenes are boring exposition and the other half are filled with extra comedy that falls flat for anyone older than 9.

Nothing can capture that original animated classic’s unique place in film history, and the feeling of watching something that felt new and exciting for the first time can’t be replicated. But between Bailey’s performance, Marshall’s direction and that Ashman/Menken score, this version is still worth the watch in theaters.