Disney is eliminating its Metaverse division as part of the company’s broader layoffs plan, signaling the company’s retreat from investing in the emerging world of virtual reality and blockchain technology. The decision is driven by the company’s shift towards prioritizing its streaming services and core businesses, and the need to cut costs amid the economic state.
Why it matters: Disney’s decision to shift away from emerging technologies is a reflection of the broader trend among media companies to prioritize profitability and core business functions in uncertain times and speaks to leaders aligning their strategies to that of the overall organization’s objectives and cost-saving measures.
- Disney’s decision to eliminate its Metaverse division is part of the company’s broader effort to streamline its operations and focus on its core businesses, such as streaming services like Disney+.
- The move is a sign that Disney is scaling back its investments in certain areas as it seeks to allocate resources toward its most promising areas of growth.
- The decision to cut jobs and reduce costs is likely driven by which has put pressure on many companies to find ways to save money and weather the economic downturn.
