Yet another prominent esports company is undergoing significant adjustments. 100 Thieves, which confirmed layoffs in January, is cutting off more employees and separating out the company’s in-house game development studio and Juvee energy drink, according to 100 Thieves president and COO John Robinson in a Thursday thread on X (previously Twitter). According to Robinson, the layoffs affect around 20% of the company’s personnel, principally Juvee and the game design studio. (Robinson will not disclose the number of staff members affected.)
Backstory
Call of Duty star Matt “Nadeshot” Haag created 100 Thieves in 2017 and soon developed a reputation for merging gaming with fashion to establish a kind of successor to the Supreme of esports. (Streamers Rachell “Valkyrae” Hofstetter and Jack “CouRage” Dunlop, as well as Drake and Scooter Braun, are co-owners.) Beyond those basic aims, the firm has moved into hardware sales, the development of a video game dubbed Project X, and the debut of Juvee last October. However, it looks like 100 Thieves has spread itself too thin, resulting in the modifications outlined by Robinson on Thursday.
“We saw tremendous growth in our esports business and brand during the esports franchising era and were fortunate to be able to make investments beyond that core,” Robinson wrote on X. “As the economic landscape changed over the last two years, our business did not grow in tandem with our organization.” We can’t afford to have as large an organization as we used to, so that obligation rests on myself and Matt.
Future Planning
In the future, 100 Thieves will concentrate on its esports teams, merchandise, and online content, according to Robinson in another article. Robinson tells The Verge that Juvee will be spun out over the following three months, while the game development studio will be thrown out immediately. (On the platform, the X account for Project X no longer exists; 100 Thieves launched the game in June 2022.) Robinson stated on X that “we’ll share additional information on these businesses over the coming months.”
This is 100 Thieves’ third layoff in a span of two years. According to reports, 100 Thieves laid off roughly 30 employees in January. It will lay off over twelve employees in July 2022.
The esports business has had a difficult time recently. Faze Clan is about to be acquired for a fraction of its $725 million SPAC. TSM, one of the world’s largest esports companies (and a former partner of FTX), has sold its spot in the North American League of Legends circuit to Shopify’s esports squad.
Blizzard is developing a “revitalized” concept for its Overwatch League. Around 20 personnel were reportedly laid off on Wednesday, and Sports Business Journal says that the firm has been looking for “possible integrations or investments.”
With many people lay off, a company may plan on cost-cutting may or may not impact the future of this gaming cum fashion industry the future may be unpredictable. Ass the firm has announced its future plans which focus on the new content and fashion model. Stay connected with TechStory for more future updates on 100 Thieves and all other news related to the gaming industry, nothing is left behind.
