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Bob Chapek

The metaverse division was originally put together to work on new ways to engage Disney’s audience.

Entertainment giant Disney has reportedly ditched its metaverse division as part of a broader restructuring plan that will see the firm cut its operating expenses by $5.5 billion and lay off 7,000 staff over two months.

The news was reported by the Wall Street Journal (WSJ) in a March 28 post, citing "people familiar with the matter."

All of the metaverse division’s 50 or so members will be left without a new employment contract, with the exception of Michael White, who led the broader consumer-products unit, the WSJ reported.

Disney has abandoned a plan to develop its own membership program like Amazon Prime, according to @RWhelanWSJ.

Disney has also eliminated the division that was developing metaverse strategies, according to the report. https://t.co/mSm92XtqE0 pic.twitter.com/e2KqbxAC8i
— Scott Gustin (@ScottGustin) March 28, 2023

The metaverse division is understood to have been created in February 2022 in an effort to create new ways by which Disney audiences can engage with its stories.

Disney also patented a “virtual-world simulator” which aimed to facilitate headset-free augmented reality (AR) attractions at Disney theme parks on Dec. 28, 2021.

The firm also once considered how it could integrate metaverse technology into sports betting. However, nothing serious progressed there.

The decision to cut operating expenses and staff count came following a consultation with McKinsey & Co to find cost-cutting opportunities, according to the report.

Unfavorable economic conditions and increased competition in the streaming sector were two of the main factors that led to the decision.

Both Disney’s former and current chief executives, Bob Chapek and Robert Iger once considered the Metaverse to be a very bullish investment opportunity.

Chapek has reportedly described the Metaverse to be “the next great storytelling frontier,” while Iger previously worked as a director and adviser in Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain.

Cointelegraph reached out to Disney for comment but did not receive an immediate response.

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Disney brings back Bob Iger as CEO: Here’s the crypto connection

November 21, 2022 Coin Telegraph

Bob Chapek

Since leaving The Walt Disney Company, Bob Iger has been acting as an adviser and board member for the digital avatar platform Genies.

Metaverse-backer Bob Iger has announced a surprise return to his former role as CEO of Disney, taking over from now-former CEO Bob Chapek.

While Iger is most well known for serving 15 years as the CEO of the global entertainment conglomerate, the Disney executive became known in the crypto community after becoming a director, adviser and investor in Genies, a digital avatar platform running on Dapper Labs’ Flow blockchain.

“Thrilled to be joining the Genies Board of Directors to help Akash Nigam and company empower humans to create the 'mobile apps of Web3': avatar ecosystems,” Iger said at the time.

Iger was still at Disney as an executive and board chairman when the company filed for a metaverse-related patent on Dec. 28.

The patent was for a “virtual-world simulator in a real-world venue," and according to the filing, would allow visitors to Disney theme parks to use mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects.

However, Disney said at the time there were “no current plans” to use the “virtual-world simulator” patent, and the company has yet to announce any products related to the patent.

According to the Hollywood Reporter, Iger’s return will reportedly only be temporary, though, with Iger only agreeing to serve as Disney’s CEO for the next two years.

During his new term as CEO, Iger will reportedly work with the board to set the strategic direction for the company and work to develop a successor.

In his absence, Disney has continued to work toward projects involving the metaverse, nonfungible tokens (NFTs) and blockchain throughout the year.

In September, Disney started hiring a principal counsel to work on transactions involving NFTs, the metaverse, blockchain and decentralized finance (DeFi).

Specifically seeking someone to provide “full product life cycle legal advice and support for global NFT products” and ensure they comply with all current laws and regulations on United States soil and internationally.

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Bob Chapek

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