PlaySide Studios, the largest game development studio in Australia, reported a record annual revenue of $64.6 million AUD ($40.9 million USD). Despite this success, the company has announced an operational restructure that includes layoffs of an undisclosed number of employees. The restructuring is a response to delays in securing new work-for-hire contracts, although PlaySide remains optimistic about future deals. The company expects the layoffs to result in annual cost savings of $4 million to $5 million AUD ($2.5M to $3.2M USD), but it will also incur a one-time restructuring cost of $1.5 million AUD ($950,000 USD). PlaySide, with 360 employees including 220 across three offices in Melbourne and the Gold Coast, will continue to support its original titles and existing projects. The studio, founded in 2011, has worked on over 70 titles with major partners like Activision Blizzard and Netflix Games.
Sam | The Fractional Guy
@samtheadvisor
·
Jan 8 This is the $10 million paradox:
The harder you push for growth, the faster you sink.
The more clients you win, the thinner your margins get.
Until success actually starts destroying your company.
Here’s how to escape:
Luca
@lucaspiller
·
Apr 2 Now the fun part 😀
The first round of layoffs happened because of the downturn.
The CEO left abruptly due for “health reasons” (meaning fired with a fat bonus).
Behind the scenes it was revealed he misled the board into the actual financial state of the company. Before he
Ilyas Ibrahim Mohamed
@iiliyaa
·
Mar 9 No need to rehash the “fake contracts” and billions recovered myth; it’s been debunked countless times. But let’s talk about the real issue: slashing jobs indiscriminately and by “mistake”, only to scramble and rehire after realizing, too late, that those roles were essential.
Colin Lewis
@colinalewis
·
Apr 1 900 staff layoff.
Now, one of the ways I am trying to ‘see’ the world now is through the lens of ‘what if its just starting’ AKA social/digital. I tend to always think ‘we’ve reached peak (whatever)…and then something comes along and proves me wrong 100% of the time.
pixzen
@pixzen
·
Mar 27 Thousands of layoffs “nearly inevitable” as L.A. faces $1 billion budget deficit… https://youtu.be/2_CkQ9BnJjA?si=ovHvHlriL924G-l7… via
@YouTube
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