{"id":623491,"date":"2023-03-29T05:07:00","date_gmt":"2023-03-29T10:07:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/29\/disney-scraps-metaverse-department\/"},"modified":"2023-03-29T05:07:00","modified_gmt":"2023-03-29T10:07:00","slug":"disney-scraps-metaverse-department","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/29\/disney-scraps-metaverse-department\/","title":{"rendered":"Disney Scraps Metaverse Department"},"content":{"rendered":"<div>\n<p><span><span>Reading Time: <\/span> <span>2<\/span> <span>minutes<\/span><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span>Disney has reportedly closed its metaverse department in a restructuring move<\/span><\/li>\n<li aria-level=\"1\"><span>The department had 50 employees who have since been sent home<\/span><\/li>\n<li aria-level=\"1\"><span>The move is part of the company\u2019s wider plan to reduce its overall workforce by 7,000 employees before June 2023<\/span><\/li>\n<\/ul>\n<p><span>Disney has reportedly closed its <\/span><a href=\"https:\/\/fullycrypto.com\/what-is-the-metaverse\"><span>metaverse <\/span><\/a><span>department in a restructuring move meant to reduce the company\u2019s overall workforce by 7,000 employees before June this year. The department had 50 staff and who have since been sent home according to people familiar with the matter. The move adds to a growing list of <\/span><a href=\"https:\/\/fullycrypto.com\/crypto-firms-slashing-jobs-as-crypto-winter-bites\"><span>companies slashing their headcount<\/span><\/a><span> to survive the prolonged <\/span><a href=\"https:\/\/fullycrypto.com\/crypto-officially-enters-bear-market\"><span>bear market <\/span><\/a><span>and a dwindling economy.<\/span><\/p>\n<h2><span>Metaverse Head Remains<\/span><\/h2>\n<p><span>According to the <\/span><a href=\"https:\/\/www.wsj.com\/articles\/disney-eliminates-its-metaverse-division-as-part-of-companys-layoffs-plan-94b03650\" target=\"_blank\" rel=\"nofollow noopener\"><span>Wall Street Journal<\/span><\/a><span>, which quoted sources close to the developments, the entertainment company has kept the metaverse department\u2019s head Michael White, who was involved in other tasks outside the unit. The unit, which is slightly over a year old, was created to conjure new formats of telling interactive stories derived from the company\u2019s wide array of intellectual property.<\/span><\/p>\n<p><span>The company has in the past fronted ideas such as offering sports betting in the metaverse and introducing augmented reality (AR) in its theme parks. However, despite the company\u2019s current and former CEOs, Robert Iger and Bob Chapek, showing interest in the virtual world, it had a somewhat fuzzy metaverse strategy.<\/span><\/p>\n<h2><span>7,000 Employees to Go in Cost Reduction<\/span><\/h2>\n<p><span>Shutting down the metaverse department is part of the company\u2019s plan to lay off roughly 7,000 employees before June this year to reduce its operating costs by over $5 billion. Disney\u2019s move comes at a time when traditional, crypto, <\/span><a href=\"https:\/\/fullycrypto.com\/nfts-a-beginners-guide-to-non-fungible-tokens\"><span>NFT <\/span><\/a><span>and <\/span><a href=\"https:\/\/fullycrypto.com\/blockchain-news\"><span>blockchain <\/span><\/a><span>companies are considering layoffs as the best way to cut costs to survive the harsh economic times.\u00a0<\/span><\/p>\n<p><span>NFT startup Candy Digital, for example, <\/span><a href=\"https:\/\/fullycrypto.com\/mike-novogratz-backed-nft-startup-slashes-workforce\"><span>laid off close to a third of its employees<\/span><\/a><span>. Kraken and Gemini have also been accused of <\/span><a href=\"https:\/\/fullycrypto.com\/exchanges-accused-of-shady-staff-cuts\"><span>shady staff cuts.<\/span><\/a><span> Leading NFT marketplaces OpenSea and <\/span><a href=\"https:\/\/fullycrypto.com\/magic-eden-reduces-workforce-in-restructuring-move\"><span>Magic Eden<\/span><\/a><span> have also reduced their workforce within the last one year.<\/span><\/p>\n<p><span>With Disney\u2019s metaverse head still around, it\u2019s likely the company will resurrect the department once the economy and crypto space stabilizes.<\/span><\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/fullycrypto.com\/disney-scraps-metaverse-department?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=disney-scraps-metaverse-department\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Philip Maina<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reading Time: 2 minutes Disney has reportedly closed its metaverse department in a restructuring move The department had 50 employees who have since been sent home The move is part of the company\u2019s wider plan to reduce its overall workforce by 7,000 employees before June 2023 Disney has reportedly closed its metaverse department in a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":623492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[333,534,2737],"tags":[],"class_list":["post-623491","post","type-post","status-publish","format-standard","has-post-thumbnail","category-disney","category-financial","category-scraps"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/623491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=623491"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/623491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/623492"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=623491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=623491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=623491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}