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Wattpada Toronto-based storytelling platform owned by Naver’s Webtoon leisureperformed one other spherical of layoffs earlier this month.
Wattpad has lower fewer than 30 jobs, or about 15% of its workforce, a supply aware of the scenario instructed TechCrunch. In line with native media, together with The Korean Financial JournalThe cutbacks affected roughly 30 workers. A spokesperson for Wattpad didn’t reply to a request for remark previous to publication.
The transfer is a part of the corporate’s restructuring plan geared toward reducing prices as its LA-based mum or dad appears to be like to enhance its funds forward of a disaster. IPO within the US as early as 2025, the supply stated. Webtoon Leisure has three storytelling subsidiaries: Wattpad in Toronto, Naver Webtoon in Seoul and Line Digital Frontier in Tokyo.
That is the second spherical of layoffs on the firm. Wattpad laid off 42 of its 267 workers, or 15% of its workforce, in March 2023.
Final October, Wattpad launched a brand new freemium mannequin“Wattpad Originals,” permitting writers to cover sure chapters behind a paywall and permitting readers to entry free content material and check out earlier than they purchase. Lately the corporate began providing ‘premium Picks’, which supplies Premium and Premium+ subscribers entry to 5 free Wattpad Originals each month.
In 2021, Naver acquired Wattpad, based by Allen Lau in 2006, for $600 million to include the storytelling platform into its publishing division.
We’ll replace this piece as we be taught extra.