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The Metaverse Division was created to find new ways to engage Disney’s audience. Entertainment giant Disney has pulled out of its metaverse division in which the company cut $5.5 billion in operating costs and laid off 7,000 staff. About 50 members of the Metaverse division will be laid off with no new employment contracts except for Michael White, who led the broader consumer products unit. It is believed that the division of the metaverse was made in an effort to find new ways for Disney audiences to engage with its stories. Disney also filed a patent for a “virtual-world simulator” with the intention of making it easier to use headset-free augmented reality (AR) attractions at Disney theme parks.
Streaming firm Cements plans to cut costs as it ponders sports betting
The firm also once considered how it could integrate metaverse technology into sports betting. However, no significant progress has been made. After consultation with McKinsey & Company to identify cost-cutting opportunities, the company made the decision to reduce staffing and operating expenses. The main factors that led to the decision were unfavorable economic conditions and increased competition in the streaming sector. Both Disney’s former and current chief executives, Bob Chapek and Robert Iger once considered the Metaverse to be a very bullish investment opportunity. Chapek has referred to the Metaverse as "the next great storytelling frontier.