Disney reportedly eliminates metaverse division in first round of layoffs

Disney’s next generation storytelling and consumer experiences division, which had been exploring how the company could enter the so-called metaverse, has been eliminated according to The Wall Street Journal. The team is thought to have been made up of around 50 employees, and was exploring how Disney could use its existing intellectual property in what former CEO Bob Chapek called “the next great storytelling frontier.”

The team has reportedly been axed in the first of a planned three rounds of layoffs at Disney. A total of 7,000 employees are expected to be made redundant across the company, helping it cut around $5.5 billion in costs. Rumors of layoffs began to swirl shortly after Bob Iger replaced Bob Chapek as Disney CEO last...

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