Entertainment giant Disney is reportedly dumping its metaverse division as part of a company restructuring plan. This will reduce the company’s operating expenses by $5.5 billion. and laid off 7,000 workers in two months.
such newsreportby the Wall Street Journal (WSJ) in a March 28 post, citing “people familiar with the matter.”
All 50 members of the metaverse department will be fired without new contracts, except for department leader Michael White. consumer-products
The company had considered incorporating metaverse technology into it, however, so far no serious progress has been made.
Decisions to reduce operating costs and headcount It came after discussions with McKinsey & Co to look at cost-cutting opportunities. according to news reports
Unfavorable economic conditions and increasing competition in the streaming sector These were the two main factors that led to this decision.
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