Home > Latest News > Disney Scraps Metaverse Plans, More Job Cuts Loom

Disney Scraps Metaverse Plans, More Job Cuts Loom

Disney have pulled the plug on their metaverse unit, with around 50 workers sacked. This is part of US$5.5 billion cost-cutting that could see around 7000 workers axed through the next two months.

This is far from the rosy future the company boasted back in 2021, saying, “Suffice it to say our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse.”

They had touted the metaverse “The next great storytelling frontier”.

Disney’s stocks recently fell 2.44 per cent.

You may also like
Sports Rights Start To Get Messy, As Big Tech & Retail Start Splashing The Cash
Disney+ Losing Money, Now Claims Ads Are Coming
Disney+ streaming
Disney To Introduce New Measures To Clamp Down On Password-Sharing
Best Buy Stops Selling Physical Media; Sony Takes Over Disney’s DVDs, Blu-rays
Disney+ Adding 3D Movies To Apple Vision Pro Soon