The Metaverse Technology Faces Potential Demise as Major Companies Discontinue Investment

The Metaverse Struggles with Adoption

The metaverse technology, launched in October 2021, was initially touted as the future of socializing and gaming in an online 3D universe. However, despite early investments from major tech companies such as Facebook, Microsoft, Nvidia, and Disney, the concept has struggled to gain mass adoption. One of the main reasons for this is the prohibitive cost, which is especially challenging for users in developing countries.

Inclusivity Challenges of the Metaverse

Additionally, the metaverse has failed to meet the needs of many people and lacks inclusivity. Even though tech giants have invested heavily in the new technology, it has never been broken down into simple terms that are easily understandable for mass adoption by the public. Due to these issues, major companies such as Meta (formerly known as Facebook), Disney, and Microsoft are discontinuing their efforts to develop the technology.

Major Tech Companies Discontinuing Efforts

Meta invested $36 billion in the metaverse but is now shifting its focus due to a lack of popularity and profitability. Similarly, other companies like Disney are also discontinuing their metaverse divisions and focusing on generative AI instead. This move is a result of a lack of interest and investment in this form of technology from consumers.

Potential Future Uses of Metaverse Technology

However, despite current challenges, some experts believe that metaverse technology still has potential in areas such as virtual reality (VR) and augmented reality (AR) for education, medicine, research, and space exploration. Companies will need to make significant investments in research and development to create a more lightweight product that is affordable and safe for users’ eyes and ears.

Title: ABC News Lays Off Staff Members Due to Walt Disney Co.’s Restructuring Plan

Executives Exiting ABC News

The Walt Disney Co. recently announced plans to restructure the company, resulting in significant layoffs throughout the organization. The news unit, including ABC News, is seeing a reduction in its executive team with senior executives leaving the unit. 50 positions are expected to be cut from the news unit, which produces ABC’s well-known programs such as “Good Morning America,” “World News Tonight,” and “20/20.”

Disney’s Decision to Cut 7,000 Jobs

The layoffs across the organization are a result of Disney’s decision to cut 7,000 jobs over the next few months. The company is facing intense pressure to show new growth and profitability amid competition from streaming-video options like Disney+ and ESPN+.

Consolidation Under Three Executives

To keep the news unit going, ABC News President Kim Godwin plans to consolidate functions under three executives. Katie den Daas will become the vice president of newsgathering, Derek Medina will expand oversight, and Stacia Deshishku will take over investigative and enterprise reporting units. Godwin expressed her gratitude to senior leaders who are staying and acknowledged the work and legacy of departing staff members.

Title: Walt Disney Co Begins Layoffs to Create a More “Streamlined” Business

Divisions Affected by Layoffs

Walt Disney Co has begun implementing downsizing measures to save $5.5 billion in costs as it faces increased competition in the streaming video market. Major divisions such as Disney Entertainment, Disney Parks, Experiences and Products, and Corporate will be impacted by these layoffs. However, ESPN is not affected by this round of cuts but may be included in later rounds.

First Round of Employees Impacted by Layoffs

The first group of employees impacted by layoffs will be notified over the next four days. A second larger round of job cuts is planned for April, followed by a final round before summer. Anxiety has been building within Disney as rumors continue to swirl about possible areas of cuts.

Guestfacing Services Not Expected to be Impacted by Layoffs

Officials for two of the unions representing cast members have confirmed that “guest-facing” services at Walt Disney World Resorts in Orlando are not expected to be affected by the layoffs. However, these layoffs are nonetheless difficult for many affected employees who bring a lifelong passion for Disney to their work.

In conclusion, both the metaverse technology and Walt Disney Co. are facing significant challenges that require significant restructuring and downsizing measures. However, with appropriate investments and focus on areas of growth, these companies may still have a strong future in the modern entertainment industry.

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