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VRChat lays off 30% of staff from growth slowdown; iterates sound financial position
Extended Reality
Jun 13, 2024
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Extended Reality

Extended Reality

Jun 13, 2024

VRChat lays off 30% of staff from growth slowdown; iterates sound financial position

Management news

  • Social VR platform VRChat announced that it is downsizing its workforce by around 30% due to slower-than-expected growth in the VR market and the company's over-hiring in 2021. The company noted that it was in a sound financial position and would focus on capital efficiency given a dampened fundraising environment.

  • The company plans to offer departing staff severance packages, which include 12 weeks of severance pay, additional weeks for each year of service, and up to six months of healthcare coverage. Additionally, it is simplifying the process for affected employees to vest and exercise stock options.

  • Analyst QuickTake: The news comes as funding has dried up for social MEPs over the last few years. This is coupled with a shift away from VR social platforms given the lifting of Covid-19 restrictions. VRChat’s close competitor, Rec Room , may be impacted by the external changes, too, given similarities in its product offering.

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