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Ex-Disney CEO Bob Iger on why he’s investing in the metaverse, Genies

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Bob Iger (ex-chairman and CEO of Disney) is investing his name and cash in a new company. It aims to become the dominant internet business. the metaverse.

Genies 3D avatar launch-up Genies announcedIger has joined the board and will invest an undisclosed sum into the Los Angeles-based firm. Founded in 2017, Genies’ mobile app allows users to create their own custom digital avatars – three-dimensional cartoon versions of themselves – for their social media profiles and, eventually, to travel the metaverse.

According to a press release, Iger, a 5-year-old company, stated that Iger will help it grow its business. The start-up plans to develop “avatar ecosystems,” where people can create avatars and then interact in online environments.

Akash Nigam is the Genies CEO and cofounder.

Iger served as Disney’s CEO since 2005, and was there for fifteen years. He oversaw all aspects of the business, including its heavyweights. investments in techMore than $7B in compensation acquire Pixar2007. Emphasizing the growth of streamingAnd augmented reality technologiesAll over the organization. 

Genies offers unique opportunities to harness that power to empower new forms creativity, expression, communication,” Iger stated in a statement announcing his position at Genies. 

In 2020, Iger was succeeded by Bob Chapek as Disney CEO. Iger also left Disney’s boardThe end of 2021

Just before he stepped down from Disney’s board in December, Iger spoke with CNBC about how new technologies regularly disrupt the ways that media giants like Disney tell stories – perhaps more so now than when he took over Disney in 2005.

Iger claimed that the reality of an era in which technology enables more storytelling was more likely than it is today.

Since stepping down, the former Disney executive has hinted at his interest in the evolution of the internet – sometimes called “internet 3.0” or “Web 3.0” – and the concept of a metaverse. Kara Swisher and Iger spoke out on Kara Swisher’s podcast “Sway”, in January. Iger claimed that the next iteration “will certainly be more compelling, certainly more immersive. More dimensional.”

He said that not only will there be one metaverse but many digital worlds that can be explored and that avatars of users will be an integral part in hopping from one metaverse into the next. I talk about democracy. “It’ll be scattered,” he stated. Although you may be an avatar, it’s not necessary that your avatar travels all around the world. This is likely to become a reality as an experience.

Genies, a metaverse company, is betting on this kind of experience. The start-up says its goalThe goal is to create a universal avatar system that could be used in any open metaverse. Already several companies have begun to promote their metaverse offerings. MetaFacebook was formerly called Facebook MicrosoftRoblox, and yes Disney.

Genies received a total amount of $100 Million in venture capital funding from backers like Bond Capital and Breyer Capital. Reuters. It has also collaborated with many celebrities to create online avatars for musicians like Shawn Mendes, Cardi B, and Justin Bieber.

Genies is also teaming up with brands like GucciYou can purchase branded digital merchandise and other products. launched a marketplace for digital accessory NFTs – think clothing, shoes and backpacks for those avatars.

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