Another gaming platform has decided to let go 36 per cent of its team. Loco, a three-year old Mumbai-based Indian game-streaming platform has let go 40 employees joining the long list of gaming platforms that are downsizing.
The platform, which streams game videos and airs esports content, calls this move a restructuring exercise and claims it intends to focus on global expansion.
Having reported a high market share and extraordinary levels of engagement, with users spending over an hour a day on the platform, Loco had introduced a ‘Quest’ feature about six months ago, to ensure a more interactive experience for users.
As per the official website, since 2020, Loco had grown to 55 million registered users with nine times year-on-year daily active users (DAU) growth. Within a year of its launch, the platform had over one lakh creators streaming on Logo with four times year-on-year creator sign-up growth and a record 17 million live watch hours of content being consumed per month.
The decision to trim the team is expected to ensure the health for the platform in the longer run and also make it sustainable.
The platform of course plans to assist the impacted team members with monetary support, ongoing health insurance as well as outplacement support. The company reportedly intends to focus on controlling costs and transaction-based monetisation.
With the introduction of its VIP programme and the Sky Championship 5.0, Loco’s metrics have grown. Paid users of its VIP programme account for three per cent of its monthly active users.
In 2022, the platform, founded by Anirudh Pandita and Ashwin Suresh, had managed to raise $42 million in a Series A round, led by Hashed a venture capitalist from South Korea.
