Disney is seemingly done with the metaverse. As reported by The Wall Street Journal, Disney has called it quits on its own metaverse ventures, despite it being only a year since former CEO Bob Chapek launched efforts to explore space.
The idea was ostensibly to use new technologies to explore how Disney could tell unique and interactive stories, but this has since been scrapped, with many on this metaverse team losing their jobs, while lead Mike White will remain at Disney.
This also comes after Disney pulled the plug on many other recent concepts and ideas, including an Amazon Prime-like subscription that was conceived as a single-user platform combining Disney+ and apps related to its theme parks.
Current CEO Bob Iger has stated that he too sees a future in the metaverse, but as Disney has been under intense pressure from investors to cut costs lately, the metaverse division remains one of many casualties for now.