ARTSKY LABS – Disney Eliminates Its Metaverse Division as Part of Company’s Layoffs Plan

Disney has announced that it is eliminating its Metaverse Division as part of its layoffs plan. The move comes as part of a larger restructuring effort by the company, which is looking to streamline operations and reduce costs.

The Metaverse Division was responsible for creating immersive digital experiences for Disney fans, including virtual reality and augmented reality apps. The division also created content for the Disney+ streaming service, including original animated series and interactive games.

The news comes as a surprise to many, as Disney had previously invested heavily in the Metaverse Division, launching several new projects in recent years. However, the company has decided to shift its focus to other areas of its business and the division’s projects have been deemed too costly and time consuming.

The layoffs are expected to affect around 200 employees from the Metaverse Division, who will be offered severance packages and outplacement services. Disney has stated that it will also be offering support to those affected by the layoffs, including career counseling and job search assistance.

This move is part of a larger restructuring effort by Disney, which is looking to reduce costs and streamline its operations. The company has already announced plans to reduce its workforce by 28,000 employees and is also looking to close some of its theme parks.

Disney’s decision to eliminate its Metaverse Division is a sign of the times, as the company looks to cut costs and focus on its core business. The move is sure to have a significant impact on the digital entertainment industry, as Disney’s presence in the space was one of the major driving forces behind its success.