Disney's storytelling and consumer experiences division has been eliminated, according to the Wall Street Journal.
The division is said to consist of approximately 50 employees, and their roles are focused on exploring how Disney can use its existing intellectual property in the "next great storytelling frontier," as reported by TheVerge.
Reports state that the team has been laid off in the first of a planned three rounds of layoffs at Disney. A total of 7,000 employees are expected to be made redundant across the company, which will allow Disney to cut around $5.5 billion in costs.
Also read: Disney Wants Drones To Display Movies Over Parks
Disney's Metaverse Ambitions-No More?
In February, Disney announced its metaverse ambitions and created a new paradigm for how audiences experience and engage with their stories. It is unclear what experiences the team was working on, but they involved fantasy sports, theme-park attractions and other consumer experiences.
Disney is not the first company that struggled to fulfill its metaverse ambitions. Meta struggled to build the adoption of its technology.
The metaverse is a term that refers to a virtual world that is created by the convergence of multiple digital platforms, technologies, and devices. It is a new concept that is gaining popularity, especially in the fields of gaming, entertainment, and social media.
Today's metaverse is a vast and interconnected digital space that offers a wide range of experiences and possibilities.
At its core, the metaverse is a shared virtual space where users can interact with each other and with digital objects and environments. It is a place where people can create and customize their avatars, explore virtual worlds, participate in games and activities, and interact with other users through chat and voice communication.
Today's metaverse, includes a wide range of platforms and technologies that are interconnected and constantly evolving.
For example, virtual reality (VR) and augmented reality (AR) technologies are being used to create immersive and interactive virtual environments that allow users to experience games, entertainment, and social interactions in a more engaging and realistic way.
Social media platforms such as Facebook are also moving towards the metaverse. Facebook has announced plans to create a metaverse that will allow users to interact in virtual spaces, attend events, and engage with each other in new and exciting ways.
The metaverse is not just limited to entertainment and social media. It has the potential to revolutionize many different industries such as education, healthcare, and business.
Today's metaverse is a vast and interconnected digital space that offers a wide range of experiences and possibilities. The metaverse is constantly evolving and expanding, and it has the potential to revolutionize many different industries in the future. As technology continues to advance, the metaverse is likely to become an even more important and influential part of our lives.
Related article: Disney Plans to Scale Back Its Releases to Reduce Costs, Including Marvel Content
