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Disney Lays Off Metaverse Division to Streamline Business Operations

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Disney has laid off its Metaverse team of 50 employees in a move aimed at streamlining its business operations. The team belonged to the Next Generation and Consumer Experiences department and was working on developing Disney’s metaverse initiatives.

Metaverse is a virtual world that multiple users share. It is an immersive experience that allows users to interact with each other and the environment in real time. The Metaverse team at Disney was developing metaverse-enabling technologies such as NFTs and blockchain-based consumer applications.

However, the layoffs indicate that Disney has shifted its focus from this project. The move is part of the company’s strategy to streamline its operations and prioritize its resources. However, it is evident that Disney is reassessing its priorities and looking for ways to cut costs.

The layoffs come when Disney is undergoing significant leadership changes with the reappointment of CEO Bob Iger and experiencing major losses with its Disney Plus streaming service. Thus, these cuts come at a time when Disney wants to cut costs rather than invest heavily in emerging technologies such as the blockchain.

If you found this article to be informative, you can explore more current metaverse news here, exclusives, interviews, and podcasts.

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Jack Boreham

Jack Boreham is the editorial director and account executive at the Metaverse Insider: the leading metaverse publication globally. Jack has been at the forefront of the platform's growth as a metaverse specialist -writing and advising projects in the Metaverse space for over two years. [email protected]

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The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Picture of Jake Vikoren

Jake Vikoren

Company Speaker

Picture of Deep Prasad

Deep Prasad

Company Speaker

Picture of Araceli Venegas

Araceli Venegas

Company Speaker

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