Disney Shuts Down Metaverse Division Amidst Cost-Cutting Plan

Disney has reportedly shut down its metaverse division, which was created in February 2022 to find new ways to engage its audiences. The move is part of the company's broader restructuring plan to cut operating expenses by $5.5 billion and lay off 7,000 employees over two months. The division's 50 or so members, except for Michael White, will be left without a new contract. Disney's decision to cut costs followed a consultation with McKinsey & Company, with unfavourable economic conditions and increased competition in the streaming sector being cited as reasons for the move.