Disney appoints a new executive in charge of the metaverse

Disney CEO Bob Chapek on Tuesday appointed an executive to lead the company’s metaverse strategy.

Mike White will be Disney’s senior vice president in charge of “next generation storytelling,” Chapek said in a memo to employees that was viewed by CNBC. White was previously in charge of Disney’s consumer experiences and platforms. Before joining Disney in 2011, White worked at tech companies such as Yahoo, according to his LinkedIn profile.

The metaverse refers to the concept of new entertainment supplied by virtual reality devices that promise to usher in a new wave of business on the internet. To date, Facebook has made the biggest bet on the metaverse, changing its corporate name to Meta, and spending more than $10 billion on developing virtual reality hardware and software in 2021. CNBC