The Walt Disney Company’s once-grand plans for the metaverse have been quietly shelved, and the media and entertainment giant has joined other big companies in laying off employees dedicated to the technology, according to the Wall Street Journal.
The around-50-person next-generation storytelling and consumer experiences division was created under former CEO Bob Chapek, who once described the metaverse as “the next great storytelling frontier,” according to the Journal. All of the team's employees were laid off in the company's most recent round of layoffs—about 7,000 people—sources told the Journal.
