{"id":54516,"date":"2023-03-28T23:29:54","date_gmt":"2023-03-28T22:29:54","guid":{"rendered":"https:\/\/pley2win.com\/metaverse\/disney-metaverse-division-reportedly-scrapped\/"},"modified":"2023-03-28T23:29:54","modified_gmt":"2023-03-28T22:29:54","slug":"disney-metaverse-division-reportedly-scrapped","status":"publish","type":"post","link":"https:\/\/pley2win.com\/?p=54516","title":{"rendered":"Disney Metaverse Division Reportedly Scrapped"},"content":{"rendered":"


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Disney, the worldwide entertainment behemoth, is implementing a major change in its corporate strategy by reportedly dismantling its Disney Metaverse division.\u00a0<\/p>\n

Seemingly, this action is part of a larger plan to cut operating expenses by $5.5 billion and reduce staff count by 7,000 employees over a two-month period. According to The Wall Street Journal (WSJ), around 50 members of the division will be left without new contracts.<\/p>\n

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Disney\u2019s Metaverse division had high hopes<\/h2>\n

Mike White, the head of Disney\u2019s Metaverse division, established the unit with the goal of exploring innovative ways of storytelling using technology. He was tasked with creating a technological toolkit that Disney\u2019s creative executives could use for their projects.\u00a0White, who has been with Disney for more than ten years, is not believed to have been affected by the staff cuts.<\/p>\n

The division also explored the integration of augmented reality (AR) and other advanced technologies to enrich Disney\u2019s storytelling. An eight-minute augmented reality film recently premiered on Disney+ as an early example of this effort. By prioritizing innovation and new storytelling techniques, Disney hoped to stay relevant in the ever-changing media landscape.<\/p>\n

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\"Disney
IRL Disney Credit Leosprspctive<\/figcaption><\/figure>\n<\/div>\n

Disney\u2019s Decision<\/h2>\n

Disney\u2019s decision to dismantle the Metaverse division may have resulted from several factors. The company consulted with McKinsey & Company to identify cost-cutting opportunities, which could have contributed to the decision to reduce expenses and staff count.\u00a0<\/p>\n

Additionally, unfavourable economic conditions and increased competition in the streaming industry could have played a role. Although former and current Disney CEOs, Bob Chapek and Robert Iger, respectively, once viewed the metaverse as a worthwhile investment opportunity, the changing market conditions may have made it difficult for the company to justify maintaining the division.\u00a0<\/p>\n

It is unclear precisely why Disney made this decision, but the potential benefits of investing in the metaverse were likely weighed against the risks and costs involved.<\/p>\n

Not so long ago, Disney responded to the explosive growth of NFTs by partnering with VeVe. The collaboration was intended to offer Disney NFTs on VeVe\u2019s mobile digital collectibles app.<\/p>\n

Fallout for the Metaverse<\/h2>\n

Disney\u2019s decision to halt its Metaverse division could have big consequences for the metaverse\u2019s development as a whole. As a major player in the media and entertainment industry, Disney had the resources and expertise to make a significant contribution to the metaverse\u2019s development.\u00a0<\/p>\n

The decision to withdraw suggests that the potential rewards may not yet outweigh the risks and costs. Nevertheless, other companies will likely continue to explore the metaverse\u2019s possibilities, and it remains to be seen whether Disney\u2019s decision will have a wider impact on the industry.<\/p>\n<\/div>\n


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Disney, the worldwide entertainment behemoth, is implementing a major change in its corporate strategy by reportedly dismantling its Disney Metaverse division.\u00a0 Seemingly, this action is part of a larger plan to cut operating expenses by $5.5 billion and reduce staff count by 7,000 employees over a two-month period. According to The Wall Street Journal (WSJ), […]<\/p>\n","protected":false},"author":3,"featured_media":54517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/03\/Credit-Kin-Li-.png","fifu_image_alt":"","footnotes":""},"categories":[681],"tags":[],"class_list":["post-54516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metaverse"],"yoast_head":"\nDisney Metaverse Division Reportedly Scrapped - Gaming News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pley2win.com\/?p=54516\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Disney Metaverse Division Reportedly Scrapped - Gaming News\" \/>\n<meta property=\"og:description\" content=\"Disney, the worldwide entertainment behemoth, is implementing a major change in its corporate strategy by reportedly dismantling its Disney Metaverse division.\u00a0 Seemingly, this action is part of a larger plan to cut operating expenses by $5.5 billion and reduce staff count by 7,000 employees over a two-month period. 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