Walt Disney Co. as part of a broader restructuring that is expected to cut headcount across the company by approximately 7,000 over the next two months. metaverse eliminated the next generation storytelling and consumer experiences unit that developed strategies.
Disney Eliminates Metaverse Chapter as Part of Company’s Layoffs Plan
These individuals said the department, headed by Mike White, a former Disney consumer products executive, was tasked with finding ways to tell interactive stories in new technological formats using Disney’s extensive library of intellectual property.
All of the nearly 50 members of the team lost their jobs, they said. Mr. White remains with the company, but it is unclear what his new role will be.
Bob Chapek, former Disney CEO, hired Mr. White in February 2022 and told employees at the time in an internal memo that the goal was to “generate an entirely new paradigm for how audiences experience and interact with our stories.”
Mr Chapek, who was appointed CEO by Robert Iger in November, described the metaverse as “the next big frontier of storytelling.”
In February, Disney announced it would cut $5.5 billion and cut nearly 7,000 jobs as part of a broader restructuring plan.
Economic troubles, fierce competition in broadcasting, and reduced revenues from cable TV and movie theaters have put many large media companies under pressure.
The slow growth in Metaverse’s popularity has disappointed tech companies investing in new entertainment formats.
Meta Platforms Inc., the parent company of Facebook and Instagram. had shifted billions of its resources to this field. But it found low user demand and widespread confusion among users about how to use the technology.
*Not investment advice.
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