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Following Announcement By Facebook, Disney To Venture Into The World Of Metaverse

Following Announcement By Facebook, Disney To Venture Into The World Of Metaverse
Walt Disney is set to get into the so-called metaverse.
The entertainment conglomerate Walt Disney is getting ready to venture into the virtual reality world that was initially only imagined in science fiction said the company’s CEO Bob Chapek.
Since Facebook announced the aim of the company to be completely focused on the creation of a strong and three-dimensional environment for its users, according to the company’s CEO Mark Zuckerberg, and where digital avatars of users would virtually work or hang out or simply follow their hobbies, the concept of metaverse has attracted a number of firms.
Work on creating their own metaverses is currently being done by a number of other large and established companies, which includes the likes of game-makers Roblox Corp and Epic Games, and software giant Microsoft Corp.
The plans of Disney however were without any specific information about its intent to get into the metaverse world apart from simply stating it is going to venture into that technological area,
The years long tradition of Disney of technological innovation formed the basis of the entertainment conglomerate venturing into this new digital frontier. The company is known for its technological innovation capability which was seen in its first cartoon to feature synchronized sound, Steamboat Willie, almost a century ago, Chapek told investors on Wednesday.
“Our efforts to date are merely a prologue to a time when we'll be able to connect the physical and digital worlds even more closely, allowing for storytelling, without boundaries in our own Disney Metaverse,” Chapek said during Disney’s fourth-quarter earnings call. read more
According to Chepak, his vision of a metaverse is simply an extension of the video streaming service of Disney+ as it would be achieved through the use of “three-dimensional canvass” that would be used for narrating stories in a new way.
Details about his vision of developing a theme park metaverse, where the “physical and digital world converge” when people use wearable devices, or through smartphones or and access points, were written in a LinkedIn post in 2020 by Disney’s former executive vice president of digital, Tilak Mandadi.
However, it is worth mentioning that Disney has met with failures in some of its digital efforts. In 2017, the company shut down its online social network for children called Club Penguin, after struggling to establish it for 11 years. The acquisition of Playdom in 2010 by Disney for a deal worth its $563.2 million to make the company’s entry into the arena of social gaming forced the company to make a write-down. Further, the $500 million acquisition of Maker Studios in 2014, as part of the company’s efforts to get a lead into the popular short-form YouTube videos was unsuccessful and Disney had to ultimately absorb the business into the other units and divisions of the company.

Christopher J. Mitchell

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