Disney, one of the world’s largest entertainment companies, has reportedly decided to discontinue its Metaverse division as part of a company-wide restructuring effort. The news was first reported by The Verge on October 6, 2021, and has since been confirmed by multiple sources.
The Metaverse division was established in 2018 with the aim of exploring the potential of virtual reality and other immersive technologies. The division was responsible for developing a range of projects, including VR experiences based on popular Disney franchises like Star Wars and Marvel.
However, according to reports, the Metaverse division has struggled to gain traction within Disney and has failed to deliver the kind of results that the company was hoping for. As a result, Disney has decided to shut down the division and redirect its resources towards other areas of the business.
The decision to discontinue the Metaverse division is part of a broader restructuring effort at Disney that has been underway for some time. The company has been looking to streamline its operations and focus on its core businesses, which include theme parks, movies, and television.
Disney CEO Bob Chapek has been vocal about his plans to prioritize the company’s streaming services, including Disney+, Hulu, and ESPN+. In a recent earnings call, Chapek stated that “streaming is the future of entertainment” and that Disney would be investing heavily in this area.
While the closure of the Metaverse division may come as a disappointment to some fans of virtual reality and immersive technologies, it is important to remember that Disney is a business first and foremost. The company needs to make strategic decisions that will allow it to remain competitive and profitable in an ever-changing entertainment landscape.
Moreover, it is worth noting that Disney’s decision to discontinue the Metaverse division does not necessarily mean that the company is abandoning virtual reality and other immersive technologies altogether. In fact, Disney has already made significant investments in this area, including the creation of its own VR headset, the Disney Magic Bench, and the acquisition of VR studio Jaunt.
Overall, while the closure of the Metaverse division may be a setback for Disney’s efforts in the virtual reality space, it is unlikely to have a significant impact on the company’s overall trajectory. Disney remains one of the most powerful and influential players in the entertainment industry, and it will no doubt continue to innovate and explore new technologies in the years to come.
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