Plex

Plex, a free streaming app, laid off approximately 20% of its workforce, affecting 37 employees out of 175 total, due to an advertising slowdown and market saturation in the FAST sector. The layoffs were announced on June 29, 2023, as part of cost-cutting measures to achieve profitability within the next 18 months.

Plex, a media streaming and server platform, laid off 37 employees on June 28, 2023, which constitutes over 20 percent of its total staff. The cuts impacted every department within the company. CEO Keith Valory cited a significant downturn in global advertising markets, which has severely affected Plex's ad-supported streaming business, as the primary reason. Facing a challenging environment to achieve profitability, the company is restructuring to focus on four main product areas and aims to return to being cash-flow positive within the next 18 months. This move reflects broader difficulties in the streaming industry.