Disney reportedly scraps its metaverse division
The metaverse division was originally put together to work on new ways to engage Disney’s audience. Entertainment giant Disney has reportedly ditched its metaverse division as part of a broader restructuring plan that will see the firm cut its operating expenses by $5.5 billion and lay off 7,000 staff over two months. The news was reported by the Wall Street Journal (WSJ) in a March 28 post, citing "people familiar with the matter." All of the metaverse division’s 50 or so members will be left without a new employment contract, with the exception of Michael White, who led the broader consumer-products unit, the WSJ reported. Disney has abandoned a plan to develop its own membership program like Amazon Prime, according to @RWhelanWSJ. Disney has also eliminated the division that was developing Metaverse strategies, according to the report . https://t.co/mSm92XtqE0 pic.twitter.com/e2KqbxAC8i — Scott Gustin (@ScottGustin) March 28, 2023 The metaverse division is understood t...