Amid mass layoffs across a number of tech companies, video hosting platform Vimeo on Wednesday also announced that it will let go of 11 percent of its staff. Vimeo CEO Anjali Sud informed employees that while it is difficult to make the decision, it is also the "right thing to do" for the company's success.
"We are entering 2023 with a more focused strategy to simplify Vimeo, and ultimately, our team size and composition needs 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," Ms Sud wrote in a blog post.
In her LinkedIn post, Ms Sud stated that she felt deeply for those departing the company, but she also added that after this reduction, the firm will be in a position to sustain profitability. Ms Sud 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 vimeotalent@vimeo.com."
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Further, Ms Sud said that 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.
Meanwhile, as per the blog post, Ms Sud also informed that Vimeo had initiated layoffs in July too, reducing its staff by 6 percent. But she added that the company has seen more deterioration after that, because of prolonged geopolitical conflict, rising interest rates and global recession fears.
Vimeo is a video streaming platform with millions users. It was started in 2004 by Jake Lodwick and Zach Klein. Anjali Sud took over as the CEO of Vimeo in 2017.
