Disney lays off metaverse division in first step of its restructuring plans

The company plans to lay off a total of 7,000 employees


Disney’s plans to lay off 7,000 employees have impacted the company’s metaverse division first.

According to The Wall Street Journal, 50 people made up the team tasked with developing ways to tackle storytelling in the metaverse. Mike White, a one-time Disney consumer products executive, served as head of the division and still remains with the company, the publication reports.

Disney CEO Bob Iger first shared news of the layoffs in February in an effort to save the company $5.5 billion. The company’s streaming service, Disney+, lost 2.4 million subscribers, the first loss since its launch, Disney’s Q1 2023 financial report showed.

Further, The Verge reports layoffs will take place in three rounds.

Source: The Wall Street Journal Via: The Verge