Friday, June 21, 2024

US-based firm Plex lays off 20% of workforce

US-based free streaming app Plex has laid off about 20 per cent of its workforce due to a drop in overall advertising revenue, the media reported.

According to The Verge, every department has been affected due to the layoff and about 37 workers lost their jobs.

“Plex’s ad business has been ‘significantly impacted’ by the downturn in global advertising markets, and unfortunately, we cannot know how long ad markets and pricing will continue to be depressed and volatile,” Plex CEO Keith Valory was quoted as saying.

“The company has decided to try and get its budget back to being cash-flow positive in the next 18 months, but the only way to reach profitability under these constraints is to significantly reduce our personnel expenses,” he added.

Moreover, the report said that the company will be restructuring under four main product areas and “a few shared services”, plus some additional internal changes, including reprioritising product road maps and reducing marketing spend.

Earlier this year, the company also did a round of layoffs, according to a LinkedIn post from a former account executive. Meanwhile, US-based web analytics and software company New Relic has announced to lay off more than 200 employees as the company struggles to achieve profitability.

In a US Securities and Exchange Commission (SEC) filing, the company announced the job cut as part of a larger “restructuring” process, reports SFGATE.

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