Walt Disney Co. has eliminated its metaverse division as part of staff cuts that promise to reduce head count by around 7,000 across the company over the next two months, reports The Wall Street Journal.
CEO Bob Iger said Monday that those layoffs would begin this week. Disney’s next-generation storytelling and consumer experiences unit, the small division that was developing metaverse strategies, looks like it’s one of the first to go.
The metaverse division is headed by Mike White, who was promoted to the role from SVP of consumer experiences and platforms in February 2022 and charged with getting Disney deeper into the web3 space. The unit aimed to find ways to tell more interactive stories in immersive formats using Disney’s extensive library of intellectual property, according to WSJ. Aside from the Disney we all know and love, that extensive library includes Pixar, Marvel and all of the Star Wars movies and shows.https://jac.yahoosandbox.com/1.6.0/safeframe.html
All 50 or so members of the team have lost their jobs, sources told WSJ. White will remain at the company, but it’s not clear in what capacity.
The company could not be reached for comment.
Disney’s former CEO, Bob Chapek, brought White on last year with the goal of creating “an entirely new paradigm for how audiences experience and engage with our stories,” according to an internal memo. Chapek also described the metaverse as “the next great storytelling frontier” and a “perfect place to pursue our strategic pillars of storytelling excellence, innovation and audience focus.”