Disney cuts metaverse division as part of broader restructuring

News Summary

  • He invested in and joined the board of Genies Inc. last year, a startup that lets users create online avatars for use in metaverse applications.The metaverse is still many years from going mainstream, which has frustrated many big tech companies that invested large sums on new entertainment formats.
  • 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.
  • 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.All 50 or so members of the team have lost their jobs, sources told WSJ.
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 Jour [+2712 chars]