Disney Laid Off 50 Metaverse Division Employees In A Large Job Cut

Key Points:

As part of a company-wide layoff, Disney dismantled its next-generation storytelling and consumer experience units, laying off 50 individuals.
In an attempt to save expenses, the corporation is in the process of laying off 7,000 people.
Disney’s metaverse ambitions remained unknown.

Walt Disney has slashed its metaverse division in light of the company’s lack of growth trends.

According to a note to staff from Chief Executive Robert Iger obtained by The Wall Street Journal, the entertainment firm will tell employees whose roles would be impacted in the first wave of job layoffs this week.

Disney has disbanded its team for next-generation storytelling and consumer experiences. According to sources close to the issue, this tiny division was researching metaverse tactics as part of a larger restructuring that is planned to slash employment by roughly 7,000 throughout the corporation over the next two months.

The metaverse division, led by Mike White, a former Disney consumer-products executive, was entrusted with figuring out how to convey interactive tales in new technology forms utilizing the company’s vast intellectual property portfolio. According to the sources, all 50 members of the team had lost their employment. White is still employed by the corporation, albeit his new job is unknown.

In mid-2022, Disney announced that Polygon had been chosen as the company’s blockchain of choice and seemed to scale up its resource deployment for the endeavor in September of that year with a job posting for specialist in-house counsel for NFTs and DeFi.

The job advertised by Disney required an experienced corporate attorney to work on transactions incorporating new technologies such as NFTs, blockchain, metaverse, and decentralized finance.

A year after the division was formed, plans for Disney’s metaverse strategy remained hazy, while the firm had suggested that the new technology may be used in fantasy sports, theme parks, and other consumer experiences.

Disney recently announced $5.5 billion in cuts as part of a bigger reorganization strategy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.