Disney announced that it will be restructuring its operations to reduce expenses, which includes laying off 7,000 employees for two months and closing its metaverse division. The company aims to save $5.5 billion in operating costs through this restructuring. The metaverse department, which was established in February 2022 to create new ways of interacting with Disney audiences will be dissolved, and its 50 employees will be let go.

With this announcement, Disney revealed its plan to shelve the metaverse division as part of its cost-saving measures, which targets a reduction of $5.5 billion in operating expenses and the layoff of 7,000 employees in the next two months.

Disney obtained a patent for a “virtual world simulator” to be used in its theme parks on December 28, 2021, with the aim of introducing a new direction to the entertainment sector through augmented reality. Additionally, the company had been working on integrating metaverse technology into sports betting.

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