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Riot Games to lay off 530 workers amid broader gaming industry cuts (www.latimes.com)

submitted 9 months ago by MicroWave to c/news

10 comments fedilink hide all child comments

Los Angeles-based video game giant Riot Games announced Monday it would lay off 530 workers, cuts that amount to roughly 11% of the company’s global workforce.

In a letter to staff, Chief Executive Dylan Jadeja called the move a “decision we hoped we would never have to make.” The biggest hit would be to teams outside of core development, he said.

“To all the Rioters who are being laid off, we are deeply sorry that it has come to this,” Jadeja wrote. “As CEO, I’m accountable for the changes we’re making and where we’re headed in the future.”

The layoffs come after a year of deep cuts in the video game industry, as publishers and developers adjust to post-pandemic demands, rising production costs and growing competition. More than 10,000 video game workers have been laid off globally since January 2023, including hundreds at California-based companies, industry estimates show.

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[–] rockSlayer 13 points 9 months ago* (last edited 9 months ago)

Because the point isn't to make money, it's to accumulate capital. IP is fake bullshit, but it's been turned into capital by the state so it's valuable to accumulate.