Loco, one of India’s leading video games streaming and esports broadcast platforms, has just laid off 40 staff members. The company had 110 employees and made the decision to let go 36% of its workforce to “focus on transaction-based monetisation.”
Loco lays off 40 staff members
The company confirmed the layoff reports to The Economic Times and said, “As part of a recent strategic review, we have decided to focus on transaction-based monetisation and operate with a leaner cost structure. This decision has been taken to ensure the long-term health and sustainability of our company.”
Loco founders Anirudh Pandita and Ashwin Suresh announced these layoffs during a meeting with employees on Wednesday. Loco also revealed that they are now putting a stop to “non-core initiatives” for some time. “We’ve retained just enough people to pursue core functions. So now we won’t spend time pursuing non-core initiatives for the short term, like all kinds of experiments that we were previously doing,” Suresh told ET.
The report also states that multiple Loco employees said that Loco’s daily active users (DAUs) have recently declined. They also added that Loco’s recently launched VIP programme is still not generating enough revenue. Suresh, however, mentioned in the report that Loco’s “metrics have grown significantly over the last two months thanks to the launch of our VIP programme as well as the Sky Championship 5.0 esports series.” Sky Championship 5.0 is a recently held esports series featuring a BGMI and Counter-Strike 2 tournament that involved some of the country’s best esports teams. Loco was the exclusive streaming partner for this tournament series organised by Skyesports.
Loco’s founder Suresh has also stated that the company has six million monthly active users (MAUs) and 800,000 DAUs. As for the VIP programme, he mentioned that 3% of these are subscribers of their premium membership.
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Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
