Disney Ends Its Metaverse Division 

Walt Disney Reportedly Eliminates Its Metaverse Division

WSJ reported that Walt Disney has eliminated its next-generation storytelling and consumer experiences unit, that oversaw metaverse division.

[{"selector":"#anim-0860e32b-db79-4391-b9ce-6fcb735fb242","keyframes":{"transform":["translate3d(116.06557%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3ed96011-03d5-408d-8b29-9dcab3c906fe","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c2566d96-8b1a-4161-89a0-059f08c8fc9d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The company is removing the metaverse division as part of a broader restructuring that is expected to reduce headcount by around 7,000.

[{"selector":"#anim-1238a09d-ba29-442d-9482-2c6435f52564","keyframes":{"transform":["translate3d(118.27243%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b58f41e8-6b84-48b4-88e5-2a26c31b26f7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a7c4b3d1-e47b-49c9-b974-0c103c07f429","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The division was tasked with finding ways to tell interactive stories in new technological formats using Disney’s extensive library of intellectual property, the report said.

[{"selector":"#anim-7372f9dd-d194-44ca-b847-b5d5d5964b7c","keyframes":{"transform":["translate3d(111.42857%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7f543c8f-b4e0-4b4a-b726-e015bbc07645","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-89018de6-49e2-4da4-ae4d-cfe2341161e7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Disney CEO Mr. Chapek had described the metaverse as “the next great storytelling frontier.”

[{"selector":"#anim-4981283b-46fb-4195-b9a7-2394c529370f","keyframes":{"transform":["translate3d(111.53846%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-82ac6ebb-ce0f-4d91-80a9-f913742744ae","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-77f3bc6b-979c-4882-a9ae-a6058d067abe","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Plans for Disney’s metaverse strategy remained unclear even after a year the division was set up.

[{"selector":"#anim-688c59f1-378c-4e5d-b1df-44cd04712dfe","keyframes":{"transform":["translate3d(118.60466%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7a0ccef9-6abc-45f6-a7aa-4dddc46f6b03","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-597e9d6e-edad-4ea6-baeb-feb2292d8c8f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Earlier this year, Disney announced it would make $5.5 billion in cuts and cut about 7,000 jobs as part of a broader restructuring plan.

[{"selector":"#anim-1e4048b5-7e5d-44da-9148-9cafd017f455","keyframes":{"transform":["translate3d(118.60466%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-42802f98-2771-40f4-92fd-f31a92bf4af5","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dfdeb42c-5ea3-4f53-abc1-5a2631d20d63","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Last year, Robert Iger invested in and joined the board of Genies Inc to boost the company’s metaverse division.

[{"selector":"#anim-6be09b39-066d-4fec-80da-15519f784d84","keyframes":{"opacity":[0,1]},"delay":0,"duration":2500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a97d9cf-96ad-4180-8e5e-18b7487e6798","keyframes":{"transform":["translate3d(-97.90697%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c5d5ddb5-965c-4f10-b944-a2f724262b4e","keyframes":{"transform":["translate3d(-154.83874%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-404a0204-0968-4137-9cf4-76453124d8e8","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] More Crypto Stories...