Plex laid off more than 20 percent of its workforce

According to a Slack message obtained by CEO Keith Valori, Plex laid off 37 people on Monday, a figure representing more than 20 percent of the company’s workforce. ledge, The layoffs affect “every department,” Valori wrote.

Plex offers a popular media server app that lets people upload and stream their own content, but in recent years, it’s made a big bet on adding free, ad-supported (FAST) movies and shows and live TV. Used to be. But like many others in streaming, it looks like Plex has discovered that making money in business right now can be tough.

Plex’s advertising business has been “significantly impacted” by the downturn in global advertising markets, Valori said, and “unfortunately, we cannot know how long the advertising market and pricing will remain depressed and volatile.” Plex has decided to try to make its budget cash-flow positive over the next 18 months, but “the only way to reach profitability under these constraints is to significantly reduce our personnel expenses,” Valori said.

The company will restructure under four core product areas and “certain shared services”. There are also some additional internal changes, including re-prioritizing the product road map and reducing marketing spend.

Plex did not immediately respond to a request for comment. We found a few posts on LinkedIn discussing recent layoffs, including one prior layoff. UX Strategist and a former backend software engineer for the company. The company also ran a round of layoffs earlier this year, according to an earlier LinkedIn post. account Executive,