DisneyOn Tuesday, CEO Bob Chapek appointed an executive who will lead the company’s metaverse strategy.

Chapek stated that Mike White, Disney’s senior Vice President in Charge of “next Generation Storytelling”, in a memo sent to employees. The memo could be viewed by CNBC. White has previously been in charge of Disney’s consumer experiences, platforms, and programs.

Metaverse refers to the idea that virtual realities you can experience with virtual reality headsets are bringing about a new wave in internet business. Facebook made its biggest wager on the metaverse by changing its corporate name. MetaLast year, more than $10 Billion was spent on virtual reality software and hardware.

Chapek isn’t certain how Disney will make money out of the metaverse. But, White stated in his Tuesday memo that White’s job would be to “connect the physical world and the digital worlds” so Disney Entertainment can continue its growth.

Chapek explained in the memo, “Today, there is an opportunity to link those universes and create a completely new paradigm for audiences experiencing and engaging with our stories.”

Although all the excitement and investments surrounding the metaverse have been great, technology remains far away. According to Meta executives, it may take 15 years for them to realize their dream of immersive worlds that you can visit with lightweight, stylish and computerized glasses.

To keep their customers informed, major tech companies continue to experiment with virtual and augmented reality headsets. Meta indicated that they plan to launch an enhanced version of their VR headset this year. AppleIt is anticipated that the headset will be revealed to the public as early as next year. You can also read about it here MicrosoftHoloLens is an augmented reality headset that can be purchased.

This report was contributed by Julia Boorstin, CNBC.