Walt Disney Co (NYSE: DIS) has announced the creation of a new group, the Office of Technology Enablement (OTE), dedicated to guiding the company's approach to emerging technologies like artificial intelligence (AI) and extended reality (XR).
This initiative seeks to integrate advanced tech across Disney's entertainment operations, including film, television, and theme parks.
The new office, led by Disney's Chief Technology Officer Jamie Voris, will leverage these technologies to improve consumer experiences while aligning projects with Disney's overall strategy, Deadline reports.
The Office of Technology Enablement plans to build a team of around 100 employees to support Disney's technological advancement initiatives, Reuters reports.
Disney's Office of Technology Enablement will coordinate projects in fast-developing areas like AI and extended reality (XR), including virtual and augmented reality.
Disney has been building expertise across its divisions, adding talent like Kyle Laughlin, a former Amazon executive with experience in augmented and virtual reality, who rejoined Disney earlier this year as the SVP of research and development at Walt Disney Imagineering.
This division is instrumental in designing and enhancing Disney's theme park attractions, now with a strong focus on immersive tech.
Disney Entertainment Co-Chairman Alan Bergman told Deadline that Disney is preparing for the transformative impact AI and XR will likely have on consumer experiences and creative projects.
As part of this shift, Eddie Drake will take over as the studio's CTO, allowing Voris to concentrate fully on the tech office's expansion and coordination efforts.
Walt Disney Co. appointed James P. Gorman as the new Chairman of the Board, effective January 2, 2025. Gorman will succeed Mark G. Parker, who has served for nine years. Parker will step down the same day, while Gorman will conclude his role as Executive Chairman of Morgan Stanley at year-end.
Currently leading Disney's Succession Planning Committee, Gorman is guiding efforts to select the company's next CEO, with an announcement expected in early 2026.
During Disney's second-quarter earnings call, CEO Bob Iger confirmed that the board, through a dedicated committee, is actively managing his succession.
Disney reported fiscal third-quarter 2024 revenue growth of 4% to $23.16 billion, beating the consensus estimate of $23.11 billion.
Entertainment revenue increased by 4% to $10.58 billion, mainly driven by Disney+ Core. Sports revenue grew 5% to $4.56 billion. Experiences revenue increased 2% to $8.39 billion.
Price Actions: DIS stock traded lower by 0.23% at $95.59 at the last check on Monday.