According to The Wall Street Journal (WSJ), Walt Disney Company has completely removed its metaverse division as part of a massive reduction in head count over the next two months. CEO Bob Iger announced on Monday that layoffs would start this week. The team that was working on metaverse strategies, which had the potential to be the next cutting-edge storytelling and consumer experiences unit for Disney, appears to be one of the first to go. Presently, Mike White leads the metaverse division after being promoted from SVP of consumer experiences and platforms last year. He was tasked with bringing Disney deeper into the emerging Web3 space. The division appeared to focus on finding new ways to tell engaging narratives via immersive formats. According to WSJ, nearly all 50 or so members of the division have either already lost their jobs or will be let go very soon. For his part, Mike will reportedly continue to work for the company, but it is unclear in what capacity. Disney announced last month that it would make over $5 billion in cuts and lay off 7,000 employees as part of a larger restructuring. Disney, like many other massive corporations, is under pressure to cut costs, which often means abandoning expensive moonshot projects which do not generate immediate revenue.
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