Twitch plans to lay off 35% of its staff, which is about 500 employees, reports Bloomberg.

There has been no official statement from the company yet, but Bloomberg, citing people familiar with the plans, reports that employees may be told about the layoffs as early as today.

The day before, the company also ceased operations in South Korea, as the costs of maintaining the service in the country were too high.

In addition, it is reported that despite the increase in advertising on the platform in recent years, Twitch still remains unprofitable.

It is also worth mentioning that at the end of 2023, several directors left the company. These are the Chief Product Officer, Chief Customer Officer, Chief Content Officer, and Chief Revenue Officer.

This is the second company associated with the gaming industry to conduct mass layoffs in 2024. As a reminder, yesterday Unity announced cutting 25% of its staff, about 1800 employees.