Walt Disney has cut its next-generation storytelling and consumer-experiences unit, which employed about 50 people and was focused on developing metaverse strategies, The Wall Street Journal reports. The move is part of the company’s broader restructuring efforts expected to result in 7,000 layoffs over the next two months. (The Wall Street Journal)

Talking point: Like other large media companies, Disney is facing economic challenges, competition in the streaming space and shrinking revenues from cable TV and the box office. It’s currently seeking to make US$5.5 billion in cuts. While Disney’s former chief executive Bob Chapek once described the metaverse as “the next great storytelling frontier,” plans for Disney’s metaverse strategy had remained unclear since the division was created, although there had been hints that the metaverse would be used for fantasy sports, theme-park attractions and other consumer experiences. Disney shares closed down nearly one per cent on Tuesday.