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Process of Elimination: Why Layoffs Are Hitting Media, Tech and Gaming – Despite Their Steep Costs
Since the start of the year, media, tech and video gaming industries have been hit hard by layoffs.
Harvard Business School professor Sandra Sucher, who has spent decades studying the “hidden costs” of layoffs, says companies don’t account for their potential losses when making head-count reductions. For gaming in particular, more cuts are likely coming through mid-2024, says IDG Consulting president and CEO Yoshio Osaki, who estimates the industry is about halfway through its latest rounds of layoffs. Major game studios are shifting their focus from growth to profitability — similar to media companies’ strategy with their streaming businesses — and are doubling down on tentpole franchises, Osaki says.
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