Disney rehires Pro-Metaverse CEO Bob Iger

The return of former Disney CEO Bob Iger to the top job after receiving approval for a patent related to the Metaverse in December 2021, along with several recently hired Metaverse executives, marks a more aggressive push into the virtual world for the House of Mouse. may indicate. ,

Bob Iger will take over the reins from predecessor Bob Chapek, who failed to garner support from investors and content creators during his 33-month tenure.

Bob Iger handed over an open check to drive strategic growth

Under the leadership of Bob Iger, Disney’s board hopes the company can successfully navigate the rapidly changing entertainment industry landscape.

“The board concluded that as Disney enters an increasingly complex period of industry transformation, Bob Iger is uniquely positioned to lead the company,” said board member Susan Arnold.

The company is losing billions from its Disney+ streaming service and is trying to increase revenue through an advertising-based version of the service. The board also hopes that Bob Iger will help repair Disney’s fraught relationship with Hollywood executives regarding Chapek’s streaming-first vision.

Bob Iger can draw on the Avatar experience

With the board giving the reappointed CEO the luxury of setting a “strategic direction for new growth,” Web3 enthusiasts will be hoping that in addition to winning back coveted Hollywood executives, Iger will bring some of his metaverse experience to bolster the company’s future. .

Iger joined the board of Avatar company Genie’s in March 2022. The company develops 3-D cartoon versions of people (avatars) that traverse the Metaverse space wearing specially designed digital costumes.

“I’ve always been fascinated by the intersection between technology and the arts,” he said after joining Jennies’ board.

Bob Iger oversaw many technological advances during his last 15-year tenure at Disney, including streaming and augmented reality.

Iger believes in a multiple-metaverse future in which avatars are able to travel between virtual worlds. In a January 2022 podcast interview, he said, “You can have an avatar, but you will go everywhere. And I think it has the potential to grow into something real as an experience.

The reappointment of Bob Iger could also boost Disney’s foray into the non-fungible token (NFT) space. On September 10, 2022, a job posting on LinkedIn disclosed the company’s search for an attorney specializing in Web 3 technologies, including NFTs and the Metaverse.

Several collections from major Disney franchises, including Marvel and Star Wars, have appeared on Vive, a marketplace specializing in digital pop-culture collectibles. The marketplace drops its latest collection of Marvel NFT comic book covers on November 6th, 2022.

Bob Iger may pursue 2021 patent

Disney filed a patent in July 2020 for tracking theme park visitors’ movements to help create personalized, interactive, 3-D images in the park’s physical spaces. Visitors will not need augmented or virtual reality hardware to interact with the “Virtual World Simulator”. The US Patent and Trademark Office approved the application on December 28, 2021.

But the pivot of VR and AR may be much closer, technology permitting. In February 2022, Chapek hired Metaverse executive Michael White to help Disney enhance storytelling and consumer interaction and create new experiences that blur the lines between the “physical and digital worlds”. The company also hired former META mixed-reality researcher Erin Green in June 2022.

Following the reappointment of Bob Iger, Disney’s share price rose nearly 6% in early trading. The stock was trading at $97.82 at press time.

disney share price
Dist/usd | Source: TradingView

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