Envato slashes headcount by 30% amid AI ramp up: reports
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The news: Melbourne-based digital assets marketplace Envato, now acquired by Shutterstock, has announced a plan to slash 30% of its headcount amid a push to advance artificial intelligence across its workflow.
The context: The move comes after similar announcement from Block that saw it had cut over 10,000 employees due to improvements in artificial intelligence tools.
Envato CEO Hichame Assi said the company had completed a “strategic review” that will lead to significant changes across 600 workforce based in Australia, New Zealand, the US and Mexico, according to Mumbrella.
Assi acknowledged the emotional toll on impacted staffs and said that he is “conscious there will be a mix of emotions across global teams this week”, and that he did not take these decisions lightly.
What they said: “We are reducing the number of layers, creating smaller and more focused teams, and elevating the importance of individual contributors so more of us can directly impact customer outcomes. In parallel, we are reducing operational costs to ensure we can invest further in product, marketing and AI,” Assi wrote in a statement.
The source: Mumbrella
