Disney’s metaverse division has been laid off as part of the company’s attempts to cut costs, according to reports. CEO Bob Iger announced a total job reduction of 7,000 distributed in three waves. At the time of the announcement, Iger said it was “part of a strategic realignment of the company.” Companies in the metaverse development sector may be struggling to get funding, as $2bn was raised through March 2022 compared to just over $500m this year, according to Axios. Meta, one of the first firms to pivot to the metaverse, has announced 10,000 layoffs.
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