Our team was focused on bringing innovative and immersive experiences to life for Disney Guests and fans around the world. Creative product director of Disney's next generation storytelling, JC Diaz, writes, 'I never thought I'd ever have to share an update like this, but sadly, my talented team at Disney (Next Generation Storytelling), including myself, have been impacted by the layoffs. Meanwhile, some employees shared posts on LinkedIn, seeking support and jobs.

Last year, the company even hired the consulting firm McKinsey to find 'cost-cutting opportunities.' Additionally, the company faces stiff competition from rivals like Netflix and Amazon.

The company sells tools allowing users to create elaborate online avatars for use in the metaverse, and Iger is also a part of the board.ĭisney, which is under the pressure of investors, has to make adjustments given the ongoing economic conditions. Interestingly, the current Disney CEO, Robert Iger, has also invested in the metaverse project by funding a start-up, Genies. The report points out that the head of Disney's next-generation storytelling and consumer-experiences unit, Mike White, will stay at the company, though his future role remains unclear.

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