Plex laid off 37 people on Monday, a figure that represents more than 20 percent of the company’s staff, according to a Slack message from CEO Keith Valory obtained by The Verge. The layoffs affect “every department,” Valory wrote.
Plex offers a popular media server app that lets people upload and stream their own content, but in recent years, it’s bet big on adding free, ad-supported (FAST) movies and shows and live TV. But like many others in streaming, it seems Plex has found it can be tough to make money in the business right now.
Plex’s ad business has been “significantly impacted” by the downturn in global advertising markets, Valory said, and “unfortunately, we cannot know how long ad markets and pricing will continue to be…