wattpada Toronto-based storytelling platform owned by Naver’s Webtoon Entertainmenthad another round of layoffs earlier this month.
Wattpad has cut about 30 jobs, or roughly 15% of its workforce, a source familiar with the situation told TechCrunch. According to what was reported by local media, including Korea Economic DailyThe reduction affected about 30 employees. A Wattpad spokesperson did not respond to a request for comment before publication.
This step comes within the framework of the company’s restructuring plan, which aims to reduce costs The parent company is based in Los Angeles Seeking to improve its financial resources before US IPO as early as 2025The source said. Webtoon Entertainment has three storytelling subsidiaries: Wattpad in Toronto, Naver Webtoon in Seoul, and Linear digital borders In Tokyo.
This is the second round of layoffs at the company. wattpad 42 of 267 workforce, or 15% of employees, laid off in March 2023.
Last October, Wattpad Launched a new freemium model“Wattpad Originals”, allowing writers to hide certain chapters behind a paywall and for readers to access free content and try before they buy. Recently, the company began offering “premium selections,” This gives Premium and Premium+ subscribers monthly access to five free Wattpad Originals.
In 2021, Naver acquired Wattpad, founded by Allen Lau in 2006, for $600 million to integrate the storytelling platform into its publishing division.
We will update this piece as we learn more.