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Disney’s metaverse division has been dissolved as a result of the company’s recent layoffs, according to reports from the Wall Street Journal. Sources familiar with the matter revealed that the entire next-generation storytelling and consumer-experience team, consisting of 50 employees, has been let go. This move is part of a larger downsizing effort, which will see a total of 7,000 employees laid off.
The entertainment giant, Disney, appears to have shifted its focus away from the metaverse. The Wall Street Journal’s report suggests that the company’s metaverse department was entirely disbanded during the recent layoffs announced by CEO Bob Iger on March 27. Disney aims to reduce its workforce by 7,000 and cut costs by $5.5 billion as part of these restructuring efforts.
In a memo sent to employees, Iger explained the rationale behind these changes, stating that they were part of a “strategic realignment of the company, including important cost-saving measures necessary for creating a more effective organization.
