Thunderful Group Reveals They Will Lay Off 25% of Their Employees
Swedish video game holding company, Thunderful Group, is set to downsize its workforce by 20%. The group comprises approximately 30 subsidiaries, which include seven development studios and three publishers. Thudnerful plans on initiating this move to fortify long-term competitiveness.
With over-investments being cited as the primary reason, Thunderful Group expressed the need for restructuring. The company highlighted that it had made substantial investments in recent years leading to this strategic workforce reduction. As a result, the layoff will affect around 100 out of its nearly 500 European employees.
Thunderful Group CEO, Martin Walfisz, conveyed the necessity of these measures, stating, “To ensure and strengthen the viability of the Group, we have found no alternative other than to reduce costs and focus the business on areas with the best future growth and profitability prospects.”
This move comes amidst a broader trend in the gaming industry, echoing the widespread job losses observed in 2023. The industry seems to be navigating further challenges, and Thunderful Group’s restructuring adds to the ongoing transformations within the gaming industry.
Moreover, layoffs were emerging all year in 2023, and only one month into the new year, the trend seems to have no plan of slowing down.