Disney Shuts Down Metaverse Division in Larger Company Restructuring Efforts

Walt Disney Co. has announced the elimination of its metaverse division, as part of a larger restructuring effort that will reduce the company’s workforce by 7,000 employees in the coming months. The metaverse division was tasked with developing strategies to integrate Disney’s extensive library of intellectual property into immersive, interactive storytelling formats using web3 technology. The team of about 50 members have reportedly lost their jobs, while the future of the division’s head, Mike White, remains uncertain. Disney’s decision to shut down the metaverse division follows a broader trend in the entertainment industry, with companies like Facebook (now Meta) investing heavily in web3 technology and the metaverse.