The Metaverse META Division Loses IDR 57.9 Trillion in the First Quarter of 2023

Entertainment giant Disney has announced they will be laying off some 7,000 employees across the company, over the next two months.

Meanwhile, one of those affected by the reduction in the number of employees of Walt Disney Co. this is the metaverse division that is reportedly about to disband. Disney CEO Bob Iger also said Monday local time that the company’s layoffs would begin this week.

The next-gen consumer experience and storytelling unit, which is a small division for developing metaverse strategies, is likely to be one of the first divisions to be affected by Disney’s layoffs.

To quote techcrunch, Tuesday (28/3/2023), the metaverse division is led by Mike White, who previously served as SVP Consumer Experiences and Platform in February 2022.

White was also tasked with taking Disney deeper into the web3 sector. This unit aims to find ways to tell more interactive stories, in immersive formats that leverage the company’s intellectual property.

As is known, the Disney collection also includes Pixar, Marvel, and Star Wars.

Source Wall StreetJournal said, because of the layoffs, all 50 or more team members have lost their jobs. However, White remains at the company but it is not known what position he will occupy.

Former Disney CEO Bob Chapek, brought on White last year, with the goal of creating their “entirely new paradigm for how audiences experience and engage with stories”.