Disney is entering the Metaverse and Web 3.0
One of the most well-known entertainment companies in the world and the creator of some of the most beloved children’s tales ever is The Walt Disney Company. Its business plan so perfectly fits the much-hyped idea of the metaverse, which refers to immersive, experiencing online settings full of the potential for magic and storytelling.
On September 9th, Walt Disney Co. CEO Bob Chapek talked in the backstage area of the organization’s biannual D23 fan convention. At the time, the company’s senior executive disclosed intentions to use blockchain technology in its theme parks, entertainment division, and consumer goods conglomerate to enhance storytelling in the coming era of digital media.
Disney’s digital strategy for the Metaverse, according to Chapek, is next-generation storytelling. He disclosed that his business would use consumer streaming habits and metaverse capabilities to provide customized entertainment experiences. He stated that Disney is undoubtedly a way of life. The key question is how their next-generation storytelling is utilizing the specific knowledge they have of a guest in this Disney lifestyle and then providing unique experiences.
Imagine visiting Disney World and being able to interact with your favorite Walt Disney characters via augmented reality, buying limited non-fungible tokens from your favorite films, or even seeing the film firsthand. Disney is moving in this direction.
According to a recent job listing, Disney is reportedly expecting that blockchain, non-fungible tokens (NFTs), and the metaverse can aid in the company’s growth. All of these concepts are collectively referred to as Web 3.0.
Disney has demonstrated that it is focusing on the metaverse by appointing Mike White as its first “metaverse executive” to begin developing the metaverse strategy. Mike is the SVP of next-generation storytelling and consumer experiences, and it’s expected that he will concentrate on realizing the potential of augmented reality, virtual reality (VR), and other metaverse-related technologies. These new technologies provide Disney and other media and entertainment giants with a wide variety of instruments for creating fresh audience experiences.
Erin Green, formerly the chief of communications for mixed reality (MR) research at Meta, is one of the other recent hirings at Disney that suggests the potential it sees in this technology. Hiring top individuals at this level demonstrates Disney’s commitment to becoming a major player in the metaverse market, which experts say will be worth up to $13 trillion by 2030. Disney was also mentioned as the organization most interested in recruiting AR and VR personnel in the first quarter of 2022.
Therefore, even though specifics on Disney’s plans for the metaverse are still lacking, it is apparent that plans of some sort are in the works. Disney has accomplished the remarkable feat of continuing to be just as relevant with today’s Generation Z kids as it was with the baby boomer generation that first made it a household name through shrewd marketing and commercial skills and a thorough understanding of its strengths and weaknesses. It has recently gained control of enduring favorite brands and characters that are ready for adaptation into new technology-driven storytelling experiences thanks to acquisitions like Marvel and Lucasfilm, which made headlines. Together, these elements make it clear that the House of Mouse is in a position to take the lead in the growth of the metaverse.
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