₿ Explore the crypto world with us...


Disney Ends Metaverse Plans: Impact on Media Industry

The Walt Disney Company, one of the world’s leading media conglomerates, has made the decision to shut down its metaverse division amidst an economic downturn, resulting in the layoff of 50 employees.

Reported by The Wall Street Journal (WSJ), this move comes as Disney grapples with macroeconomic challenges, leading to the closure of its metaverse department. Established in February 2022, the division was part of a broader initiative that saw the company reducing its workforce by a total of 7,000 positions, as indicated by industry experts.

Disney Ends Metaverse Plans: Impact on Media Industry

This cessation of Web3-focused activities was part of a strategy developed in consultation with McKinsey & Company, aimed at identifying cost-saving measures. Despite this, Disney’s CEO, Bob Chapek, had previously emphasized the significance of the metaverse as a burgeoning area ripe with investment potential.

He highlighted the importance of the metaverse to Disney’s future, noting it as a key component in diversifying the audience and aligning with the company’s forward-looking technology agenda.

You may also like this content

Follow us on TWITTER (X) and be instantly informed about the latest developments…


Metaverse Planet is your gateway to the exciting world of artificial intelligence. On this platform, you can find everything related to artificial intelligence:

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Milla Sofia: Fascinating AI Model Shares Striking Visuals 6 Most Followed Cryptocurrencies on Twitter Web 2.0 to Web 3.0 Lacoste Enters Metaverse Artificial intelligence FAQs , About Artificial intelligence Replace your daily applications with AI-powered alternatives ✅ Our Smartphone Applications Discover the Popular Metaverse Coins Binance vs Ethereum Metaverse Ecosystem Founder of Ethereum: Vitalik Buterin How to Enter Metaverse? Gucci Chose Miley Cyrus Avatar for Web3 Fragrance! Those who have been doing Hodl lately are very comfortable. Controversial AI Sensation Milla Sofia Under Fire for Provocative Appearance India’s First Metaverse Wedding: Over 3,000 Guests Celebrate How to Make an Avatar on Instagram? Easy Explanation with Pictures Which Is Your Choice? DOGE or SHIBA ? Fan Token Ecosystem 6 Most Followed Cryptocurrencies on Twitter Top 8 NFT Sales Sites! (Create Paid And Free NFT!) What is Decentraland? (MANA) Coin Before having nft after having This Man Told Everyone To Buy Bitcoin For $1 Just 8 Years Ago Differences between crypto and bank Popular AI Coins