StreamElements restructures workforce, including layoffs
Stream management platform StreamElements has significantly adjusted its workforce citing "current market conditions."
The restructuring: 20% of the company's staff have either been laid off or moved into new roles within the company, as first reported by Esports Insider.
- A fifth of its employees have either been moved to a new role or removed from the company entirely as it restrategizes.
- In a statement to Esports Insider, a StreamElements spokesperson claimed that the restructuring allows the company to "offer more sponsorship opportunities to our community since that is the thriving part of our business we are doubling down on."
- The economy is not in a great place at large and that's what StreamElements is attributing the changes to. The current landscape will likely see more gaming and esports companies reduce their advertising budgets and workforces to try and sustain themselves during financial hardship.
The company: Over 1.6M people use the company's tools, it claims.
- StreamElements has declared that well over half of the industry's top content creators utilize its offerings and it connects them to brands like Epic Games, HBO, and Spotify.
- Interestingly, the company raised $100M in its Series B round back in September 2021. In its announcement, it stated that the bulk of the funding would be used to expand its services relating to both YouTube and Trovo in hopes of attracting new talent.
- Describing the period as its "next growth phase," StreamElements bolstered its management having received the funding. Now, less than a year later, it's having to make severe adjustments to its business. While it's unknown how many people have been affected by these changes, 279 people list themselves as employees of the company on LinkedIn at the time of publication.