Disney shuts down it’s Metaverse initiative

The Walt Disney Company has decided to discontinue its Metaverse division as part of staff cuts that promise to reduce its head count by 7,000 throughout the company within the next 2 months.

Additionally, other brands such as Microsoft have done a similar move on 10th March 2023, when the company decided to shut down AltspaceVR and consequently lay off 11,000 employees.

What does this mean for the future of the Metaverse?

The Metaverse has already been adopted by numerous global brands such as Nike, Tommy Hilfiger, Gucci and Amazon. The discontinuation of Metaverse operations from one organization does not mean that the Metaverse itself will come to an end. It is a growing platform, with brands still adopting and filing for trademarks in the Metaverse to this day.

Metaverse Platforms like Roblox and Fortnite in particular are indicators of how the virtual world will continue to hold its own despite Disney’s decision, since brands are continuing to do collaborations and launch experiences to a vast userbase on each Metaverse platform respectively.