The venerable entertainment giant has lead the pack in it's newest initiative to drive sales to the release of their upcoming film, Toy Story 3. The New York Times reports that the application, called Disney Tickets Together, could transform how Hollywood sells movie tickets by combining purchases with the powerful forces of social networking. When you buy a ticket through Disney’s application, for instance, it alerts your Facebook friends and prompts you to invite them to buy tickets of their own.

For now, only Toy Story 3 tickets are available. But Oliver Luckett, senior vice president and general manager of DigiSynd, a Disney subsidiary that manages the entertainment giant’s social networking presence said other Disney movies would follow if the application is deemed a success.

If the application is a success, will we see online movie ticket sellers like Fandango and MovieTickets.com adding more social features to compete?

Learn more: Disney Puts Tickets on a Facebook Site