Reportedly Disney decided to terminate or pause its Metaverse concept-based project “Disney Theme Park”.
The Walt Disney Company is popularly known as Disney. This is an American multinational, mass media and entertainment conglomerate, headquartered at the Walt Disney Studios complex in Burbank, California. In late Dec 2021, Disney filed for trademarks related to the virtual world, Metaverse, and Augmented Reality (AR). On behalf of those AR patents, Disney launched its “Disney theme parks” project in Feb 2022.
On 28 March 2023, The Wall Street Journal (WSJ) reported that some people close to Disney’s Metaverse project confirmed that Disney decided to eliminate the division that was developing the company’s metaverse strategies.
Reportedly, Disney laid off more than 50 members from its Metaverse project, except Michael White, who led the broader consumer products unit.
The report noted that Disney aimed to cut its high expenses and save $5.5 billion, under which the company already laid off around 7,000 employees around two months ago.
Experts noted that high competition in this sector & bad economic environment forced the company to take this decision. Perhaps, in the past, Disney’s former and current chief executives, Bob Chapek and Robert Iger said that Metaverse focussed investment was a better opportunity for the company.
Meta, Metaverse, & downfall in the popularity
Initially, in Q3 2021, Meta ( formerly Facebook) rebranded its name from Facebook to Meta and also disclosed that the company filed for several Metaverse-related trademarks.
This news acted as a catalyst to force all the top-level companies to start investing & work on their own Metaverse projects.
In Q4 2022, many crypto entrepreneurs like Vitalik Buterin said that Meta or other companies will do nothing in the sector of Metaverse because they don’t know the actual need of people and they are not aware of the actual innovations that are needed in the Metaverse platforms.
Read also: Binance opens a new regional hub in Georgia
Disney abandons Metaverse project: Report