loco layoffs: Game streaming startup Loco lays off 40 staffers

israel: Israel's judicial proposals prompt startups to relocate: government agency

Loco, a gaming-focused streaming platform, has laid off around 40, or 36%, of its 110 employees.

The company announced the layoffs during a town hall meeting with employees on Wednesday, even as it plans to expand operations overseas. Anirudh Pandita and Ashwin Suresh, the founders, told employees that the layoffs are part of the firm’s restructuring strategy, said people aware of the matter.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
IIM Kozhikode IIMK Senior Management Programme Visit
Northwestern University Kellogg Post Graduate Certificate in Product Management Visit
IIM Kozhikode IIMK Advanced Data Science For Managers Visit

Loco founders confirmed the matter. “As part of a recent strategic review, we have decided to focus on transaction-based monetisation and operate with a leaner cost structure. This decision has been taken to ensure the long-term health and sustainability of our company,” the founders said in a statement to ET.

Going forward, Loco will solely focus on core objectives like monetisation. “We’ve retained just enough people to pursue core functions. So now we won’t spend time pursuing non-core initiatives for the short term, like all kinds of experiments that we were previously doing,” said Suresh.

According to multiple Loco employees ET spoke to, the company’s daily active user (DAUs) base has seen a dip recently, its launch of the VIP programme is yet to generate noteworthy interest from users and the number of fake users or bots has been on the rise. For companies in gaming and social media, DAUs and monthly active users (MAUs) keep fluctuating.

Suresh, however, refuted any drop in Loco’s DAU. “Our metrics have grown significantly over the last two months thanks to the launch of our VIP programme as well as the Sky Championship 5.0 esports series,” he said.

Discover the stories of your interest

According to him, it has six million MAUs and 800,000 DAUs. Three percent of its MAU base constitutes the paying users from the VIP programme, he added.Loco is backed by investors like South Korean gaming giant Krafton and Indian gaming-focused venture firm Lumikai.

On November 15, ET reported that the company had begun testing its Arabic app in various West Asian countries. According to Pandita, the company plans to expand into Latin American countries next.

Although Loco has not officially announced its entry into West Asian markets, it has outlined strategies for promotions, talent acquisition and content creation.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

Source link

Online Company Registration in India

Leave a Reply

Your email address will not be published. Required fields are marked *