Don't be! First of all - lucky you; especially when one of the films is directed by Guillermo del Toro.
Believe it or not, Disney didn't invent Pinocchio (although I bet they wish upon a star that they had). It was created by Carlo Collodi in 1883. The original work was published in 1927, and in America and in the UK, intellectual property and copyright rights expire after the death of the author plus 70 years. Mr Collodi died in 1890 at the age of 63. As such, it has long since fallen into the public domain. You could have a crack at directing yourself (just don’t use the songs!)
In fact, it wasn't so long ago that Mickey Mouse himself was at risk of losing his protection, given that Walt Disney died in 1966. The Sonny Bono Copyright Term Extension Act 1998 (also called the "Mickey Mouse Protection Act"), extended the copyright term from death of the author plus 50 years, to death of the author plus 70 years. The quirks of intellectual property law!
That also explains why we got two Jungle Book movies in one year not so long ago - the bare necessities!
Here are the trailers to both versions below, in case you need something to watch in your lunch break:
If you have an intellectual property dispute and need information or advice, please get in touch with me here.
'Pinocchio' is slated to premiere on Netflix in December 2022.