Bob Iger, CEO of the American entertainment conglomerate Disney for fifteen years, has joined the board of a Los Angeles-based metaverse firm Genies.
Genies offers services to allow users to create virtual avatars that can be used in the metaverse, complete with accessories that can be purchased as non-fungible tokens (NFTs). The firm has a partnership with Warner Music Group, a major American record label, to create avatars and digital goods for artists.
While head of Disney, Iger spearheaded the acquisitions of Marvel Entertainment, Lucasfilm and Pixar, as well as the creation of the streaming platform Disney+. As per a report from the Wall Street Journal, Iger joined the Genies board because he believes the entertainment industry will play a strong role in the metaverse and thus needs an avenue to create and sell virtual goods – especially those tied to existing intellectual property.
Iger is an investor in Genies. Other investors in the firm include Bond Capital, Breyer Capital and New Enterprise Associates.
An increasing number of traditional media firms have already onboarded people to lead metaverse efforts, such as Spotify, YouTube and even Disney.