Disney has eliminated a small business unit focused on exploring the metaverse, part of its initial efforts to reduce its workforce by about 7,000 employees. About 50 workers were part of the group…
at one time talked up the metaverse as a significant growth opportunity for Disney, not only in the theme park unit he once ran but across its other divisions. The metaverse has captivated a number of companies eager to be early on the next wave of change, including Facebook parent Meta Platforms, which changed its corporate identity to reflect its new focus. As yet, most investments in metaverse technology have not shown profits, however.
Bob Iger, who both preceded Chapek and then succeeded him last November, has made a point of undoing certain Chapek initiatives, principally the former corporate structure with a centralized distribution operation. Iger doesn’t lack enthusiasm about technology. The exec has described his connection with late Apple chief Steve Jobs as one of the most important relationships of his personal and professional life.
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