Metaverse News

Disney Relinquishes Its Metaverse Plans: Ends Episode!

The Walt Disney Company (Disney), one of the largest media companies in the world, decided to close its metaverse section in the middle of the economic contraction and laid off 50 staff.

Disney’s metaverse division has not escaped the grip of macroeconomic problems. In the news presented by The Wall Street Journal (WSJ) , it was stated that the world-famous company closed its metaverse section and laid off 50 employees .

Disney’s metaverse division, which was founded in February 2022, has been sacked as part of a massive contraction that involved laying off a total of 7,000 jobs . The source of the news was based on experts.

Disney Relinquishes Its Metaverse Plans
Disney Relinquishes Its Metaverse Plans

The decision to discontinue these Web3-focused operations follows a consultation with McKinsey & Company to create cost-cutting options, according to the report. In his recent statements, Disney’s top executive Bob Chapek described the metaverse universe as a new space with a very high investment opportunity. Chapek had the following sentences at the time:

Metaverse is very important to us because we continue to increase the types of people we attract to The Walt Disney Company over time to reflect our aggressive and ambitious technology agenda.

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