Disney Reportedly Closes Its Metaverse Division to Streamline Costs
In Brief
Rumor has it that Disney is preparing to lay off around 7,000 employees. to cut operating expenses by $5.5 billion.
The closure of the metaverse division is a key element in the company's broader transformation strategy.
Entertainment giant Walt Disney Co. reportedly shuts down its metaverse division.
This division, which was dubbed the 'Next Generation Storytelling Creative Experiences at Disney,' was overseen by Mike White, who previously served as a top executive within the Media and Entertainment Distribution group.
This strategic move comes in light of Disney's plans to reduce its workforce by 7,000 roles over the next couple of months. The company is aiming for a whopping $5.5 billion in operational savings, and shutting down the metaverse division is seen as one viable approach. Consequently, over 50 employees from this unit will need to seek new employment opportunities.
Disney first established its metaverse division back in February 2022. At that time, the company appeared quite optimistic about the potential of emerging technologies and was actively expanding the division. As of June 2022, the entertainment giant even appointed Mark Bozon, a former Apple executive, to spearhead the creative strategy for its metaverse projects. hired Mark Bozon, known for his roles at Apple Arcade, the App Store, IGN, and Electronic Gaming Monthly, was tasked with guiding Disney's vision for the metaverse. In September, the company also sought to fill a position for a 'corporate lawyer focused on NFTs and the metaverse.' listed In general, Disney executives exuded confidence about the future of virtual worlds and new technologies. Robert Iger took on a role as an advisor for a digital avatar startup, while his predecessor Bob Chapek remarked that the metaverse represented 'the next great frontier in storytelling.'
In July 2022, Disney also introduced a startup initiative aimed at supporting its 'next-generation storytelling endeavors.' Genies However, it seems that Disney has since reevaluated its enthusiasm for both the metaverse and new technological advancements, opting instead to scale back its ambitions in the web3 space.
Disney has selected six accelerators focused on augmented reality, NFTs, and AI to drive its business growth. accelerator Disney’s exploration into Web3 included plans to employ a corporate attorney specializing in NFTs and metaverse operations.
Mark Bozon gets appointed as the head of Disney's Metaverse strategy.
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