The division shutdown is reportedly a preamble to the Mouse House’s $5.5 billion in cuts and a larger round of workforce reduction that could impact approximately 7,000 employees
Led by Mike White, a former Disney consumer-products executive, the division was responsible for exploring innovative ways to present interactive stories using Disney’s vast library of intellectual property, sources said, White is retained at the company, but his new role remains unclear. Disney’s stock price dropped 2.44% over the past five days, hitting $95.27.
The company’s former chief executive, Bob Chapek, hired White in February 2022, telling employees in an internal memo at the time that the goal was to “create an entirely new paradigm for how audiences experience and engage with our stories.
However, plans for Disney’s metaverse strategy remained sketchy a year after the division was created, although the company had suggested that the technology could be utilized in areas such as fantasy sports, theme park attractions, and other consumer experiences. , a technology startup that sells tools allowing users to create elaborate online avatars for use in the metaverse.
Following Facebook’s name change to Meta and its ambitious plans to establish a new virtual world, Disney, like many other companies, jumped on the metaverse bandwagon in 2021.to help find cost-saving opportunities, a move slammed by some top content executives. Economic headwinds, stiff competition in streaming and dwindling revenues from cable TV and the cinematic box office have pressured many big media companies.after the firm lost $13.7 billion in 2022A Meta spokesman has said the company’s metaverse efforts were always intended to be a multiyear project.
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