Pocket Aces is an Indian digital entertainment company co-founded by Aditi Shrivastava.
.jpg)
The company produces and distributes original content across a range of digital platforms, including social media, video streaming, and gaming.
Pocket Aces is known for its humor and entertainment-focused content, which has become popular among audiences in India and around the world.
FilterCopy is a brand under Pocket Aces that creates and distributes entertaining and relatable content, primarily through social media platforms such as YouTube and Instagram.
The content ranges from short films, skits, and social commentary to listicles and memes, and is popular for its comedic take on everyday life and current events.
Amidst a global economic slowdown, digital entertainment start-up Pocket Aces announced layoffs at another company.
To reduce costs, the company that operates YouTube channels like Dice Media and FilterCopy laid off 25% of its staff.
According to a report, Pocket Aces reduced 50 of its 200 employees across the content, production, and post-production teams.
According to the report, the company stated that it is moving towards a model where it depends more on independent contractors.
These layoffs, according to the company, are a part of its 2024 fiscal year plans, in which it is “focused on ensuring that our resources remain well-aligned to support our key priorities for the coming year.”
“Letting go of some of our talented team members and friends has not been an easy decision.”
Aditi Shrivastava, co-founder, and CEO of Pocket Aces said, “However, we must continue to develop our operating models, as this is the only way to ensure that we remain flexible with changing audience preferences.”
The interactive media company announced in a statement that it is rethinking its business plan to rely more on independent writers for in-depth subjects.
Mumbai-based Pocket Aces also let go of 50 of its total 200 employees, or 25% of the workforce, to cut expenses and later become profitable.
A company spokesman confirmed Your Story, saying, “Even though we continue to work towards our dream of becoming culture founders who have a positive impact on people through our subject matter and product lines, humans had to take a few difficult but necessary measures to keep our organizational structure nimble and adaptable.”
The economic crisis was the first to make the development public. Cutbacks would have a greater effect on employees working for the commercial organization, post-production, and the information team.
“We genuinely do care a lot about the people who are splitting apart and getting separated, and we’ll totally support them financially for their transformation as well as with additional funding and ongoing health insurance for the sake of betterment.”
“We would continue to work as independent contractors for different clients and support those who were losing their jobs,” she added.
The company appears to have 35 million monthly active users as well as 700 million month-to-month views across various social media platforms, including Gobble (culture), Dice Mainstream Press (a high-quality long-form television show), Nutshell (entertainment news), and FilterCopy (short fiction).
This keeps up Clout, a network of thought leaders and more than 100 electronic performers.
Sequoia Capital, North Base Mainstream Press, 3One4 Investment, DSP Team, and Infosys are a few of the company’s shareholders.
Saying our final goodbyes to a number of our seasoned staff friends and colleagues have been incredibly difficult.
However, we should keep improving our production methods to remain adaptable in the face of shifting viewer preferences. Aditi Shrivastava, the founder, and COO of Pocket Aces reacted to this development by making a statement.
Reasons behind layoffs:
There can be several reasons for a company to lay off employees, including:
1. Financial Performance: If a company is facing financial difficulties, it may need to reduce its workforce to cut costs and stay afloat.
2. Changes in the Business Environment: Shifts in the market, competition, or technological advancements can require a company to adjust its workforce to remain competitive.
3. Reorganization: Companies may choose to restructure their operations, including downsizing or reorganizing departments, which can result in layoffs.
4. Acquisitions: When two businesses merge or one business buys another, there may be redundancies that result in layoffs.
5. Lack of Work or Reduced Demand: If there is a decrease in demand for a company’s products or services, it may need to lay off employees to align its workforce with the reduced workload.
These reasons are not exhaustive, and companies may have other specific reasons for layoffs.
However, it’s important to note that layoffs are a difficult decision that can have significant impacts on employees, families, and communities, and companies typically implement them as a last resort after carefully considering all of their options.
Also, read these articles.