Disney is sending two key films to Disney Plus. “Pinocchio” with Tom Hanks and “Peter Pan and Wendy” are skipping their planned theatrical releases and will instead debut on the streaming service. The announcement came during the company’s Disney Investor Day 2020 presentation, which also included updates on upcoming projects from Pixar, Marvel and Lucasfilm.

Robert Zemeckis will direct the live-action adaptation of the 1940 Disney classic “Pinocchio.”

“Peter Pan and Wendy” stars Yara Shahidi as Tinker Bell and Jude Law as Captain Hook. David Lowery, who previously helmed Disney’s “Pete’s Dragon” remake, will direct.

During the presentation, Disney also announced “Raya and the Last Dragon” will premiere on Disney Plus at the same time as it opens in theaters this spring. The animated fantasy film will be available to rent on Premier Access for a $30 rental fee.

The decision to send multiple films straight to streaming follows Warner Bros.’ shocking decision to put its entire 2021 slate — including potential blockbusters like “Matrix 4,” “The Suicide Squad,” “Dune” and “In the Heights” — to HBO Max the same day they release in theaters.

Disney has made several bold moves amid the pandemic, such as debuting Pixar’s “Soul” to Disney Plus for no extra fee, as well as the studio’s “Mulan” remake for $30 on top of the monthly subscription fee. “The New Mutants,” from the Disney-owned 20th Century Studios, opened in theaters in August and made $46 million worldwide. Otherwise Disney, along with its rivals, has postponed nearly all of its theatrical releases numerous times.

Watch animated first looks for both films from the presentation below.