Riot Games is reportedly laying off 11% of its staff and claiming the gaming giant has “lost focus.” And this is just the beginning of brutal layoffs rumored to be coming to the video game industry in 2024.
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Additional Context:
Riot Games, a subsidiary of Tencent Holdings and the developer behind popular titles like “League of Legends,” has announced a significant reduction in its workforce, amounting to approximately 11% of its global staff. This translates to around 530 employees being laid off. The company’s CEO, Dylan Jadeja, explained in a letter to employees that Riot Games had lost its sharp focus and was undertaking too many projects. As a result, some of the significant investments made by the company hadn’t paid off as expected, and costs had become unsustainable. The layoffs are a part of the company’s effort to refocus on its core portfolio of live games, including “League of Legends,” “Valorant,” “Teamfight Tactics,” and “Wild Rift”.
Additionally, Riot Games has decided to halt new game development under “Riot Forge,” a label dedicated to collaborating with external studios for smaller scale games. The closure of Riot Forge will take place after the release of “Bandle Tale: A League of Legends Story,” which is set to launch on February 24, 2024. This decision is based on the assessment that Riot Forge is not core to the company’s strategy moving forward. Furthermore, the company will reduce the team size for “Legends of Runeterra” and focus its efforts on the “Path of Champions” PvE game mode, as the game’s development and support costs have significantly exceeded its revenue generation.
These layoffs at Riot Games are part of a broader trend of job cuts across the video game industry, with other major companies like Google, Discord, and Twitch also reducing their staff recently. Riot Games had previously laid off 46 employees in January 2023 due to strategic shifts, but the latest round of layoffs indicates a more significant shift in the company’s focus and strategy.
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