The return of former Disney CEO Bob Iger to the top job, along with several recently-hired metaverse executives, could signal a more aggressive push into virtual worlds for the House of Mouse after it received approval for a metaverse-related patent in Dec. 2021.
Bob Iger will take over the reins from predecessor Bob Chapek, who failed to secure support from investors and content creators during his tumultuous 33-month tenure.
Bob Iger given an open cheque to drive strategic growth
Under Bob Iger’s leadership, Disney’s board hopes the company can successfully navigate a rapidly-shifting entertainment industry landscape.
“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period,” said board member Susan Arnold.
The company is bleeding billions from its Disney+ streaming service and is looking to raise revenue through an ad-based version of the service. The board also hopes that Bob Iger will help repair Disney’s frayed relationship with Hollywood executives regarding Chapek’s streaming-first philosophy.
Bob Iger can draw on avatar experience
With the board giving the reappointed CEO the luxury of setting “strategic direction for renewed growth,” Web3 enthusiasts will hope that, in addition to winning back estranged Hollywood executives, Iger will bring some of his metaverse experience to bolster the company’s future.
Iger joined avatar company Genies’ board in Mar. 2022. The company develops 3-D cartoon versions of people (avatars) that trawl metaverse spaces wearing specially-designed digital apparel.
“I’ve always been drawn to the intersection between technology and art,” he said after joining Genies’ board.
Bob Iger oversaw several technological developments during his previous 15-year stint in charge of Disney, including streaming and augmented reality.
Iger believes in a multi-metaverse future with avatars able to travel between virtual worlds. In a Jan. 2022 podcast interview, he said,” You may have an avatar, but you’ll go all over the place. And I think that it’s likely to be developed into something real as an experience.”
Bob Iger’s reappointment could also boost Disney’s foray into the non-fungible token (NFT) space. A job posting on LinkedIn on Sep. 10, 2022 revealed the company’s search for a lawyer specializing in Web 3 technologies including NFTs and the metaverse.
Several collections from major Disney franchises, including Marvel and Star Wars, have appeared on VeVe, a marketplace specializing in digital pop-culture collectibles. The marketplace dropped its latest collection of Marvel NFT comic book covers on Nov. 6, 2022.
Bob Iger could take 2021 patent forward
Disney filed a patent in July 2020 to track theme park visitors’ activities to help create personalized, interactive, 3-D images in the park’s physical spaces. Visitors will not require augmented or virtual reality hardware to interact with the “virtual world simulators.” The US Patent and Trademark Office approved the application on Dec. 28, 2021.
But a pivot to VR and AR may be pretty close, technology permitting. In Feb. 2022, Chapek hired metaverse executive Michael White to help elevate Disney’s 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 Bob Iger’s reappointment, Disney’s stock price rose about 6% in early trading. At press time stock was exchanging hands at $97.82.
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