Disney, a massive heavyweight in the entertainment industry, has chosen to acquire a $1.5 billion share in Epic Games, the well-known developers of the popular metaverse game Fortnite. The joint venture between these two titans seeks to create a metaverse studded with intellectual assets (IPs) controlled by Disney, ready to flourish via mutually beneficial interactions with Fortnite.
Disney’s Metaverse Revolution
Disney is about to introduce its well-known brands into the metaverse. The business announced a ground-breaking partnership with Epic Games, the firm behind the Fortnite metaverse craze, on February 7. With this collaboration, a platform adorned with Disney’s enduring intellectual properties will be born. Disney will invest $1.5 billion in Epic to support the latter while it undertakes this undertaking, which has been referred to as a “multiyear project.” Formally speaking, the release avoided using the word “metaverse,” but instead described the upcoming creation as a “new persistent universe,” offering users ways to “play, watch, shop, and engage with content, characters, and stories” from Avatar, Disney, Pixar, Marvel, Star Wars, and more. This platform has the potential to gain from cooperative partnerships with Fortnite by utilizing its 400 million active user base.
Disney CEO Bob Iger expressed his excitement about this joint venture by emphasizing that this marks the beginning of Disney’s largest-scale entry into the gaming industry to date, offering previously unheard-of opportunities for growth and development. We can’t wait for fans to immerse themselves in the cherished Disney stories and worlds in novel ways.” Disney may be reluctant to use the phrase “metaverse” because of a previous misstep it made when developing a metaverse plan under former CEO Bob Chapek. Declaring that the metaverse represented the next great storytelling frontier. In 2022, Chapek appointed Mike White as Senior Vice President of next-generation storytelling and consumer experiences.
But these hopes were shattered in April 2023 when 7,000 employees were laid off across the board, leading to the closure of Disney’s metaverse division as a whole. However, this partnership gives Disney the chance to start over when it comes to creating a metaverse footprint, given that it has the support of an established gaming company such as Epic Games.
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