Lightricks Layoffs
July 2024
Lightricks announced a layoff affecting 70 employees (12% of its workforce) in July 2024. The company operates in the Consumer sector.
70
12%
Jul 1, 2024
About
Israeli unicorn Lightricks is laying off approximately 70 employees, representing 12% of its 600-person global workforce, as announced in July 2024. This marks the company's second round of layoffs in two years and is part of a strategic shift to focus on generative AI products for enterprises, such as its LTX Studio video creation tool. The cuts primarily affect the consumer applications division, where products failed to meet growth targets. Concurrently, Lightricks plans to hire dozens of new AI experts, emphasizing recruitment in Israel, as it pivots its core operations toward the competitive enterprise AI market.
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