Wattpad

In January 2024, the storytelling platform Wattpad, owned by Naver's Webtoon Entertainment, laid off approximately 20 employees, representing about 10% of its then 200-person workforce. This reduction was part of a company reorganization aimed at cutting costs. The move supports its parent company's broader financial restructuring efforts as it prepares for a potential U.S. IPO as early as 2025. This marks the second round of layoffs for Wattpad, following a 15% staff cut in March 2023. The Toronto-based company operates in the media and entertainment industry and has been introducing new monetization features like Wattpad Originals to adapt its business model.

Wattpad, the Toronto-based online storytelling platform, has laid off 42 employees, representing 15% of its 267-person workforce. The company-wide cuts were announced by interim president KB Nam, who cited the "changing economic environment" as the primary reason, stating that the global economic shifts have impacted the business despite efforts to mitigate them. This decision follows a period of significant growth, including hiring nearly 100 employees over the past two years after its acquisition by Naver for $754 million CAD. Operating in the tech and digital media industry, Wattpad, which boasts a community of over 94 million users, is now recalibrating its team size to align with current business realities amid broader economic uncertainties affecting the tech sector.