Streaming platform Twitch to lay off 35% of staff: Bloomberg

• Twitch is set to ax 35% of its staff, or about 500 workers, per Bloomberg.
• The layoffs come after a series of executive departures in the last few months.
• The company laid off about 400 workers in March last year. 

Live-streaming platform Twitch is looking to slash about 35% of its workforce, Bloomberg reported on Tuesday.

The impending layoffs would affect about 500 workers, Bloomberg reported, citing sources familiar with the matter. The publication said the layoffs could be announced as early as Wednesday.

The job cuts come after a series of executive departures at the end of 2023. Since November, Twitch's chief customer officer, chief content officer, and chief revenue officer said they were leaving the company.

This isn't the first round of layoffs the Amazon-owned platform has had to endure. In March, Twitch CEO Tom Clancy said the company was laying off about 400 workers.

"Like many companies, our business has been impacted by the current macroeconomic environment, and user and revenue growth has not kept pace with our expectations," Clancy wrote in a company blog post then.

"In order to run our business sustainably, we've made the very difficult decision to shrink the size of our workforce," he continued.

The slowing economic environment has been a challenge for other tech companies as well.

Music-streaming giant Spotify went through three rounds of layoffs last year while online marketplace operator Etsy said in December that it was axing 11% of its workers.

Representatives for Twitch did not immediately respond to a request for comment from Business Insider sent outside regular business hours.