Disney layoffs begin as metaverse division is shut down

Layoffs have started at Disney, with about 50 members of the metaverse division, and more expected in the coming weeks, according to media reports.

The metaverse division of Disney has been shut down and all the people on the team were laid off Monday, according to a report in the Wall Street Journal.

Disney has studios in Burbank and theme parks in Anaheim.

Disney CEO Bob Iger started the metaverse team to explore interactive ways to tell Disney stories using new technologies. A plan to launch a streaming subscription service similar to Amazon Prime has been scrapped according to reports.

Iger previously announced a plan to lay off around 7,000 Disney employees in three stages. The first wave started on Monday. The next round of layoffs are expected to begin in April, with thousands of workers affected. The third and final round is anticipated to begin before the beginning of summer.