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Disney Dreams Crash: Metaverse Team Laid Off in Cost-Cutting Restructuring

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• Disney recently laid off 50 people from its metaverse team.
• The company is making budget cuts of around $5.5 billion, resulting in the loss of 7000 jobs as part of a broader restructuring.
• Mike White, however, has retained his job as head of the metaverse division at Disney.

Disney Lays Off Metaverse Team

Disney recently laid off 50 staff members from its metaverse team as part of its company-wide cost control efforts. This follows the shelving of their NFT project and is part of CEO Bob Iger’s plans for streamlining the business operations.

Budget Cutbacks

In order to cut costs, Disney announced budget cutbacks totaling $5.5 billion which will result in the loss of over 7000 jobs across the company. As a result, most members on the metaverse team have been let go except for Mike White who was appointed to lead it back in February 2022 when former CEO Bob Chapek was still at the helm.

Web3 Initiatives

Disney had jumped on board with Web3 initiatives like other entertainment companies and chose Polygon to be its blockchain partner in 2022 when crypto prices were still low. It also engaged in various resource deployments for Web3 and hired several positions related to NFTs, blockchain, metaverse and DeFi legal advice etc.

Leadership Changes

When Bob Iger took up leadership after Bob Chapek left last November, he appeared quite bullish on the metaverse despite recent developments but then came news that budget cuts were necessary leading to job losses within Disney including those working on their Web3 projects.

Conclusion

It appears that even Disney is not safe from economic downturns and has been forced to rethink expensive dream projects which are not bringing immediate revenue or value to their business model right now; hence their decision to lay off its entire metaverse team except for White who still remains at his post until further notice..