As Disney’s first round of layoffs have commenced, news has come to light that the company is completely axing its metaverse division. Accord to The Wall Street Journal, the roughly 50 member team has been let go as Disney pulls their plug from the metaverse. Mike White, who was chosen by then-CEO Bob Chapek to head the team’s foray into using emerging mediums for storytelling, will remain with the company, but his role going forward is unclear as of yet.
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Since Bob Iger replaced Chapek as CEO late last year, he seems to be steering the ship in a different direction, and is spearheading money-saving measures in an effort to cut $5.5 billion in costs. It seems that the company’s metaverse efforts are the latest casualty of that effort. Also not making the cut is Disney’s planned subscription service, which was positioned to combine Disney+, Disney’s apps, and purchases from Disney theme parks into a singular experience for customers.