US-based business Patreon, has stated that it is cutting 80 jobs or roughly 17% of its workforce in the face of challenging worldwide market conditions.
CEO Jack Conte expressed his sincere regrets to the kind, gifted, and creator-focused individuals who will be leaving Patreon.
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“Today we will lay off 80 Patreon teammates from our Go-to-Market, Operations, Finance, and People teams, with roughly 17 per cent of our team leaving the company. Before I get into the reasons for this decision, I want to recognise that today will be difficult for much of our team and even harder for those leaving Patreon,” Conte wrote in a letter to the staff.
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“Over the last 9 months, we have seen the tech industry — and the whole economy — change considerably. Many of you have asked me about layoffs at All Hands meetings as we have set out to tighten our focus, and I have said that layoffs would be a last resort. Today we are taking that step” he added.
He further stated that the pandemic introduced volatility to the broader trend, starting with a rapid acceleration during Covid lockdowns.
“In response, we built an operating plan to support this outsized growth, but as the world began recovering from the pandemic and enduring a broader economic slowdown, that plan is no longer the right path forward for Patreon,” he said.
“I take full responsibility for choosing that original path forward, and for the changes today, which will be very difficult for our team,” he added.
In the near future, the company also intends to reorganise its marketing initiatives under a smaller, more compact staff that will be concentrated on increasing creator resources, modernising the brand, and introducing new items.
Additionally, it would reorganise its Creator Partnerships initiatives to adopt a scaled strategy with a smaller, more streamlined staff in the US.
(inputs from IANS)
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