Video streaming company Vimeo to cut staff by 11 pc due to 'uncertain economic environment'
New York/IBNS: Video hosting company Vimeo will lay off 11 percent of its employees amid “an uncertain economic environment” to invest in our growth priorities and be sustainably profitable, the company’s CEO Anjali Sud said in a blog post.
Sud informed employees that while this was a hard decision, impacting people’s lives in already difficult times, it was also the responsible thing to do.
"We are entering 2023 with a more focused strategy to simplify Vimeo, and ultimately, our team size and composition need to reflect that focus. This reduction enables us to achieve our growth and profitability goals in a way that is far less dependent on the broader market, putting us in full control of our destiny," she wrote in a blog post.
In her LinkedIn post, Sud expressed concern for those leaving the company, but she also stated that after this reduction, the firm will be in a position to sustain profitability and maintain a strong balance sheet.
The Vimeo CEO wrote that she was invested in the careers of Vimeo professionals and will help them navigate the layoffs.
"I will be reaching out to each of them to offer my network to support them in their next career steps," the Vimeo boss wrote adding, "If you know of an opportunity or are seeking great talent, let us know a firstname.lastname@example.org."
Despite this difficult change, Vimeo is entering the new year with more clarity and structural alignment than ever before.
"The future of work will only become more video-first, and the world needs easy and innovative solutions to communicate and connect better. I believe in our strategy and in our team's ability to make it happen, as do countless others," she added.
As per her blog post, Sud also informed that the company had cut down staff by 6 percent in last year’s July, too.
However, the company continued to face further deterioration after that owing to long-drawn geopolitical conflict, rising interest rates, and risks posed by a likely global recession.
Vimeo is a video streaming platform with millions of users. It was launched way back in 2004 by Jake Lodwick and Zach Klein. Anjali Sud was appointed the CEO of Vimeo in 2017.