As a part of the company’s broader plan to lay off, Disney Metaverse is on its way to shutting down. Disney has decided to let go of its Metaverse unit through a companywide cost-cutting effort.
Ex-Disney CEO Bob Chapek planned this Metaverse project, including the Metaverse game. He was enthusiastic about this new venture and called it “the next great storytelling frontier.” However, when Bob Iger replaced him in the office, he immediately reversed Chapek’s decisions, including Disney Metaverse.
However, removing Disney’s Next Generation Storytelling and Consumer Experience Group led to the layoff of 50 potential employees.
This first wave of the cost-cutting plan eliminates 7000 jobs, especially metaverse jobs, reducing $5.5 billion in cost. However, it’s just the beginning, as Iger warned everyone about the upcoming layoff round “before the beginning of summer.”
This dismissal of the Disney team is a death sentence for the Disney Metaverse unit, which is significantly synonym to the demise of Magic Kingdom’s foray. Eventually, this event leaves Disney die-hard fans in a sheer phase of disappointment.
After this harsh decision, many believe that Iger is anti-metaverse, which is not the case. In reality, Iger is a metaverse bull, as he has invested in giant metaverse projects.
Due to the volatile economic conditions, investors are exerting pressure on Disney to manage costs. Following this, Iger took the hard decision to sideline the Metaverse project, shredding fans’ enthusiasm and excitement.
