Iger Shuts down Bob Chapek’s Metaverse Division in Disney Layoffs
Disney CEO Bob Iger has started to make the promised strategic cuts to shed salaries. Former CEO Bob Chapek’s “metaverse” division wasn’t far behind their former boss, who left Disney in early 2023. The metaverse project which Chapek called “next-generation storytelling,” was a pet project of the former Disney CEO. The dissolution of the metaverse division was part of the first round of Disney layoffs promised by Iger in an email to staff on March 27th.
Chapek unveiled the metaverse project in a November 2021 earnings call, promising “a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse, and we look forward to creating unparalleled opportunities for consumers…”
The metaverse division marks the second Chapek-era creation to be undone by Iger. Iger axed the Disney Media and Entertainment Distribution division under Kareem Daniel not long after he assumed control as CEO.
Disney is expected to undergo a series of layoffs until the summer, trimming an estimated 7,000 jobs. A round of cuts on Monday hit Disney’s TV division. Jayne Bieber, senior VP of production at Freeform; Mark Levenstein, head of production at Hulu; and Elizabeth Newman, head of Disney’s acquisitions department were let go from their roles.
While Iger is a technology enthusiast, it appears that at this time, he feels that Disney’s resources and capital are better spent in other areas. Stay tuned for more details on additional Disney layoffs in the coming weeks.
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