The metaverse division of Walt Disney Co. allegedly got the ax.
The Wall Street Journal reported on Tuesday that the entertainment behemoth has let go of the roughly 50 employees who were employed by the division led by executive Mike White. The report cited unnamed sources who were “familiar with the situation.” The publication linked the change to the recent corporate restructuring initiative that CEO Bob Iger announced.
The group developing Disney’s metaverse strategies for next-generation storytelling and consumer experiences allegedly began during Bob Chapek’s time as CEO. According to the Journal, he claimed that the business had been attempting to “create an entirely new paradigm for how audiences experience and engage with our stories.”
Iger stated in February that the Disney reorganization aims to “result in a more cost-effective, coordinated, and streamlined approach” to the company and its operations. It entails removing 7,000 employees from Disney’s workforce altogether.
In relation to that, Disney staff layoffs officially began this week. Iger informed Disney staff in a company-wide email obtained by FOX Business that there will be two additional waves of layoffs after the one beginning this week.
The following one will happen in April. The letter states that the third will be released “before the start of the summer.”