Mickey Mouse has exited the Metaverse. The Walt Disney Company has announced it's laying off its division that was dedicated to metaverse strategies, according to the WSJ.
in February 2022 in an effort to create new ways by which Disney audiences can engage with its stories.facilitate headset-free augmented reality attractionsThe 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.
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