Walt Disney Company eliminated its small division of storytelling and consumer experiences for the new generation, which he was developing strategies for the metaverse. This occurred as part of a larger restructuring which foresees a reduction of about 7,000 jobs across the company over the next couple of months.
Disney eliminates the division for the metaverse
The division, headed by Mike Whitea former consumer products executive at Disney, was tasked with creating interactive stories using the company’s extensive library of intellectual property. All about 50 team members lost their jobs. White, on the other hand, remains with the company, although it is not clear what his new role will be.
The metaverse has been described as “the next big thing in storytelling” by the former Disney CEOBob Chapek, who hired White in February 2022 to create the metaverse division. Successor Bob Iger has instead decided to cut the division, although he has personally called on companies such as Genies Inc, which creates avatars for the metaverse.
White was also involved in a membership initiative that aimed to integrate customer data across multiple Disney platforms, including the Disney+ streaming servicethe online retail operations and smartphone apps used by Disney theme park visitors to purchase food, merchandise and other products.
Disney is looking to reduce expenses and staff to meet the challenges of the media market. he asked the help of McKinsey & Co., but met resistance from its division heads. The company aims at cut spending by $5.5 billion and announced 7,000 job cuts.
Among these i 50 workers of the metaverse division is a small percentage. But they testify to the fact that the company seems to believe less in this technological future. Or at least, that I can put it aside at this stage.
Source
The Wall Street Journal