Media server company Plex is having a tough go at it lately, as the unpredictable advertising market has led to the company laying off 20% of its workforce. Plex CEO Keith Valory said an unpredictable advertising market is the reason for the layoffs.
As reported by 9to5Mac, news of the layoffs at Plex first appeared on social media on Monday. The Verge later obtained a memo from the CEO confirming the move via Slack.
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 depressed and volatile.”
Layoffs at Plex eliminated 37 jobs across the company as the company looks to significantly reduce personnel expenses, as it struggles to become profitable within the next 18 months.
As part of its efforts, Plex plans to restructure under four main product areas and shared services, says The Verge.
Thousands of free movies and TV shows are available on the service, including content from partners such as MGM, Warner Bros, Lionsgate, and Legendary.
Plex media server software is available for free on most popular device platforms, including iOS, Mac, Apple TV, Roku, Android, Windows, and many Smart TVs.