• Fri. Jul 12th, 2024

Disney Puts Brakes on Metaverse Ambitions as Cost-Cutting Takes Priority

Megan Ford

ByMegan Ford

Mar 28, 2023

Disney’s cost-cutting measures have resulted in the termination of its metaverse strategies and the disbandment of its metaverse innovation team. This recent decision by the company has garnered significant media attention.

Reports from a reputable news source suggest that Disney is undergoing a large-scale restructuring, with approximately seven thousand employees expected to be laid off in the coming months. The metaverse team, which comprised fifty people, has been disbanded, and all members have been let go. However, it is unclear what role Mike White, the team’s head, will play.

In 2022, Disney made waves with its announcement of strategies for metaverse expansion, suggesting that this brand system of engagement could set a brand value for entertainment. Information from that year described how the company’s metaverse strategies could shape audience interaction for the next century.

The company had even obtained a patent for a metaverse amusement park, which was celebrated by the cryptocurrency community. In addition, Disney had advertised a job opening affiliated with NFTs, signaling its intention to fully embrace the Metaverse’s possibilities.

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In September 2022, Todayq News published a report stating that Disney advertised a job posting looking for legal counsel to guide support and legal advice for universal NFT products” across all branches, including Disney parks, products, experiences, and media/entertainment supply.

The job was based at the company’s headquarters in Burbank, California, and required the individual to partner with California Bar State. Additionally, the ideal candidate was expected to possess expertise in the cryptocurrency, NFT, and Web 3 ecosystem, including information on relevant legal issues and considerations.

Disney’s choice to pause its metaverse strategies has disappointed many, given the company’s ownership of some of the world’s most significant franchises and its potential to reach a massive user base. The company’s IP and technology could engage hundreds of millions, if not billions, of users in the Metaverse.

Before this decision, there was considerable hype surrounding Disney’s metaverse initiative, and deciding to halt it was all the more disappointing. However, there is some hope for the future, as the company recently reappointed the CEO, Bob Iger, a proponent of the metaverse concept.

Disney’s Operations Concern other Cooperation

Due to economic uncertainty, many companies have adopted cost-cutting measures to stay afloat. Disney is not all alone in this regard. Several other corporations, including Twitter, Meta, Google, Microsoft, and others, have also relieved some of their staff as they struggle to weather the economic storm.

After encountering this obstacle, it is still being determined whether Disney will resume its pursuit of the Metaverse and when this may happen. Disney is renowned for its ability to adjust to emerging technologies and changing consumer preferences and to develop innovative entertainment experiences that captivate and motivate audiences across the globe.

Ultimately, only the future will reveal whether Disney’s metaverse ambitions will come true. The recent move by Disney to pause its metaverse project and let go of its development team highlights the degree of unpredictability and instability that persists in the global economy.

In conclusion, Disney is one of many to implement cost-cutting measures during this anxious period for the global economy. Microsoft, Meta, Twitter, Google, and others have also had to make tough decisions to reduce costs and stay afloat. These measures may be painful for employees and their families, but they are necessary to ensure the long-term viability of these companies in an uncertain economic climate.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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