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Disney has reportedly cut its metaverse division as part of its restructuring plan that will see the firm slash its operating expenses by $5.5 billion and lay off 7,000 staff over two months, according to Wall Street Journal (WSJ)
All of the metaverse division’s 50 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.
Join our WhatsApp ChannelThe 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. White will remain at the company, but it’s not clear in what capacity.
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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.”
Facebook CEO Mark Zuckerberg announced a bold new plan to focus on the metaverse in October 2021, even changing his company’s name to Meta to emphasize his commitment to that vision.
