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{"id":36111,"date":"2023-06-29T21:58:00","date_gmt":"2023-06-29T21:58:00","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/29\/plex-lays-off-20-of-its-workforce-amid-advertising-slowdown\/"},"modified":"2023-06-29T21:58:01","modified_gmt":"2023-06-29T21:58:01","slug":"plex-lays-off-20-of-its-workforce-amid-advertising-slowdown","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/29\/plex-lays-off-20-of-its-workforce-amid-advertising-slowdown\/","title":{"rendered":"Plex lays off 20% of its workforce amid advertising slowdown"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/29\/plex-layoffs-advertising-slowdown\/<\/a><\/br>
\nPlex lays off 20% of its workforce amid advertising slowdown<\/br>
\n2023-06-29 21:58:00<\/br><\/p>\n

\n

Plex<\/a>, the free streaming app, laid off approximately 20% of its staff, TechCrunch has learned, which will affect all departments, including the Personal Media teams.<\/p>\n

\u201cThis is by far the hardest decision we\u2019ve had to make at Plex,\u201d CEO Keith Valory said in a statement. \u201cThese are all wonderful people, great colleagues, and good friends. But we believe it is the right thing for the long-term health and stability of Plex.\u201d<\/p>\n

The streaming app gives users a single destination to upload and organize content (video, audio and photos) from their own server while also allowing them to stream it via mobile app, smart TV or desktop.<\/p>\n

In recent years, however, Plex has invested in<\/a> free, ad-supported streaming (FAST)<\/a> and live TV<\/a> offerings. The FAST market has become saturated as many companies have entered the space. Plus, the overall advertising industry has taken a hit, making it harder for companies to earn enough revenue.<\/p>\n

Valory noted in his statement that the company was significantly impacted by the slowdown. \u201cWhile we adjusted our business plan last year after the shift in equity markets to get us back on a path to profitability without having to cut personnel expenses, the downturn in the ad market in Q2 put significantly more pressure on our business and ultimately it became clear that we would need to take additional measures in order to maintain a confident path to profitability within the next 18 months,\u201d he said.<\/p>\n

He added that the company is still expected to see 30% growth this year.<\/p>\n

According to a Slack message from Valory, obtained by The Verge<\/a>, which first reported the layoffs, Valory noted that 37 employees would be impacted.<\/p>\n

Additionally, it seems that Plex may have had another round of layoffs earlier this year. Five months ago, a former account executive\u00a0posted<\/a> on LinkedIn that they were \u201caffected by company layoffs.\u201d<\/p>\n

As of January, the company had 175 employees<\/a>, and its revenue was in the double-digit millions.<\/p>\n

Updated 6\/29\/23 at 12:10 p.m. ET with a statement from CEO.\u00a0<\/em><\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/29\/plex-layoffs-advertising-slowdown\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/29\/plex-layoffs-advertising-slowdown\/ Plex lays off 20% of its workforce amid advertising slowdown 2023-06-29 21:58:00 Plex, the free streaming app, laid off approximately 20% of its staff, TechCrunch has learned, which will affect all departments, including the Personal Media teams. \u201cThis is by far the hardest decision we\u2019ve had to make at Plex,\u201d CEO Keith Valory said […]<\/p>\n","protected":false},"author":1,"featured_media":36112,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-36111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nPlex lays off 20% of its workforce amid advertising slowdown - 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