Walt Disney preparing to create its own metaverse: CEO

By Ovunc Kutlu

ANKARA (AA) - The Walt Disney Company is preparing to create its own metaverse, CEO Bob Chapek has said in an earnings call after the release of fourth-quarter results.

"Our efforts to date are merely a prologue to a time when we'll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse," he said late Wednesday.

"And we look forward to creating unparalleled opportunities for consumers to experience everything Disney has to offer across our products and platforms wherever the consumer may be," he added.

Metaverse, the digital concept of shared 3D spaces linked into a virtual universe, has recently become a popular topic after Facebook rebranded itself as Meta.

Touted as the next step in the evolution of the internet, metaverse aims to offer virtual universes for meetings, movies, entertainment, concerts, and especially gaming.

With its immense portfolio of movies, music, and entertainment, Disney has already been offering its users virtual reality experiences within the Star Wars franchise.

Chapek said Disney has a significant presence in the physical world through theme parks and resorts, in addition to media entertainment in the digital world, adding that emerging technologies are enabling the transformation of the way people interact and experience products in both worlds.

The firm's streaming service, however, saw user growth slowing in the third quarter of this year, approaching its second anniversary.

Disney+ could only add 2.1 million new subscribers in the July-September period, down from 12.6 million added in the previous quarter.

Total subscribers reached 118.1 million as of Oct. 2 -- up 60% from 73.7 million a year ago -- according to the financial results statement.

Its revenue climbed 25.8% to $18.5 billion, from $14.7 billion, year-over-year.

The Disney stock price was down 6.1% on Thursday before the opening bell on the New York Stock Exchange.