Disney has decided to shut down its next generation storytelling and consumer experience division, which is responsible for developing strategies for the metaverse.. The move is part of a broader restructuring that aims to reduce the company’s headcount by about 7,000 over the next two months, according to The Wall Street Journal.
The company intends to lay off about 7,000 employees across the organization, as part of a plan to cut costs by $5.5 billion, which is about 28.5 billion reais at the current exchange rate.. Rumors of layoffs began to circulate shortly after Bob Iger took over as CEO of Disney, replacing Bob Chapek last November.
Led by Mike White, former head of consumer products at Disney, the division was tasked with creating interactive stories in new technology formats using the company’s vast library of intellectual property. Unfortunately, all 50 people on the team were fired, including White. He still works for the company, but it is not known what his new role will be.
Disney has been pushing for growth in the metaverse in the past year
Disney announced its metaverse ambitions to employees last February, four months after Facebook changed its name to Meta. At the time, then-CEO Bob Chapek appointed Mike White to lead the next generation of storytelling.
In a memo from last year, Chapek said that Disney has been defining and redefining entertainment using technology to bring stories to life in deeper and more effective ways. He stressed that the company has the opportunity to connect universes and create an entirely new paradigm for how viewers perceive and interact with their stories through the metaverse.
Even a year after the division’s inception, Disney’s plans for a metaverse strategy remain unfinished. It’s unclear what the team was working on, but the WSJ suggests they could include fantasy sports, theme park rides, and other consumer experiences.
Disney plans to lay off 7,000 employees in the coming months
The layoffs will take place in three rounds. The first one happens before the beginning of next week
Source: The Wall Street Journal.
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