Wattpad Layoffs
January 2024
Wattpad announced a layoff affecting 20 employees (10% of its workforce) in January 2024. The company operates in the Media sector.
20
10%
Jan 30, 2024
About
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.
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