Plex Layoffs
June 2023
Plex announced a layoff affecting 37 employees (20% of its workforce) in June 2023. The company operates in the Media sector.
37
20%
Jun 28, 2023
About
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.
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