Twitch is laying off 500 employees, or a staggering 35% of its own workforce, soon. Twitch has since confirmed the job losses in a blog post; the cuts were first reported by Bloomberg.
"This will be a very hard day. Our service exists to empower communities to create, together, and every single one of you has played a vital role in fostering our community and furthering that mission," CEO Dan Clancy said.
"I know many of you are wondering why this is happening. Over the last year, we've been working to build a more sustainable business so that Twitch will be here for the long run and throughout the year we have cut costs and made many decisions to be more efficient," the executive added. "Unfortunately, despite these efforts, it has become clear that our organization is still meaningfully larger than it needs to be given the size of our business. Last year we paid out over $1 billion to streamers. So while the Twitch business remains strong, for some time now the organization has been sized based upon where we optimistically expect our business to be in 3 or more years, not where we're at today.
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