Will Disney redefine entertainment with metaverse?

Highlights

• Bob Chapek, Disney CEO on 15 February, brought in Mike White to lead the firm's metaverse strategy.
• Chapek believed that metaverse would bode well with Disney's storytelling frontier and bring stories to life in more profound, more impactful ways.

Since social media giant Facebook rebranded itself as Meta last year in November, there has been explosive growth in the metaverse world. Big corporates like Nike, Microsoft, Samsung etc., have already forayed into the metaverse world.

Disney, which had filed a patent for a virtual-world stimulator in December last year, seems to be now following the footsteps into the metaverse development. It aims to provide users immersive experience without the need to wear an augmented reality AR viewing device.

Bob Chapek, Disney CEO on 15 February, brought in Mike White to lead the firm's metaverse strategy. Chapek believed that metaverse would bode well with Disney's storytelling frontier and bring stories to life in more profound, more impactful ways.

Chapek believes that the firm could create an entirely new model for how audiences experience and engage with the stories through a metaverse. Previously, White was in charge of Disney's consumer experiences and platforms. Though Chapek hasn't revealed much, it is believed that White's priority will be to find a common path where physical and digital worlds can be on the same platform. 

Also read: Why YouTube’s NFT, Metaverse plans could be a game-changer 

Growth of metaverse industry

Metaverse, which happens to be a combination of immersive technology such as VR, Web 3.0, blockchain in the digital world, has been growing at a rate of knots over the past few years. 

In fact, according to Emergen Research, the global metaverse market size stood at US$47.69 Billion in 2020. Going forward, the industry could well see explosive growth, and by 2028, it could be worth over US$800 billion industry, growing at a CAGR of 43.3% from 2021-2028. 

Competition from fellow brands 

Besides Meta, brands such as Warner Brothers are also into the immersive experience world. In fact, Warner Brothers had hosted a movie promotion party on the Roblox platform. With Disney looking to increase visitor engagement, it had allowed the virtual party visitors, besides enjoying the party, to paint murals, watch behind-the-scenes videos, and take part in a dance tutorial from the choreographers.

Also read: Why is Umee (UMEE) token grabbing eyeballs today?

Leading fashion brand Gucci launched a unique exhibition wherein the visitors who entered the 'Gucci Garden' could create avatars and become mannequins. 

Another popular sector within the metaverse world gaining traction is virtual real estate. In fact, it has been climbing up the popularity charts of the NFTs market with the likes of Decentraland, The Sandbox platforms recently witnessing virtual real estate being sold. 

Conclusion

Disney's hiring of Mike White is a strong indication of the future path of the movies and entertainment business. How soon Disney brings in its metaverse version of movies remains to be seen, but it indeed has created enough buzz for itself and for the fans to look forward.