Ex-Disney CEO Robert Iger Forays Into Metaverse, Joins Web3 Firm Genies

Former Disney CEO Robert Iger has accepted a position at metaverse platform Genies. Iger, who headed the American entertainment major for fifteen years, has officially joined the board of the Los Angeles-based web3 firm. As part of his job, the 71-year-old will work towards integrating the worlds of entertainment and the virtual universe. Iger believes that the entertainment industry needs inroads into the metaverse world to create and sell digital items. Iger is also an investor in Genies.

“I've always been drawn to the intersection between technology and art, and Genies provides unique and compelling opportunities to harness the power of that combination to enable new forms of creativity, expression and communication,” Fortune quoted Iger as saying.

An official announcement on the development was shared on Twitter on March 14.

Launched in 2017, Genies is an avatar-making platform, headed by Indian-origin CEO, Akash Nigam. The company is registered in the US and is headquartered in Venice, California.

The company is the official avatar-maker for Universal Music Group and Warner Music, while also catering to high profile clients like Justin Bieber and Cardi B.

Nigam welcomed the former Disney chief onboard with a metaverse twist, transforming him into a virtual avatar, sharply dressed in hues of black.

“Our vision is ambitious and grand. And it will consistently require the sharpest, brightest mindshare in the world to help bring it to life. His insatiable curiosity overlaps directly with our fierce passion to bring avatars to all,” the 27-year-old Genies CEO said.

Research reports expect the market opportunity for the metaverse to reach $800 billion (roughly Rs. 59,58,719 crore) by 2024.

In recent days, Indian entertainment labels like T-Series have also forayed into the metaverse space.

Previously, international artists like Travis Scott, Justin Bieber, Marshmello, and Ariana Grande have hosted metaverse concerts, which allowed them to entertain their fans without gatherings to adhere to the social distancing norms of COVID-19.