Video games: a restructuring plan at Riot Games with 530 employees (11% of the workforce) laid off

Riot Games, a subsidiary of Tencent Holdings, is laying off 530 employees, or approximately 11% of its workforce, according to the American video game studio and publisher on 22/01/2024.

These redundancies mainly affect teams "outside of core development (League of Legends video game)," said Dylan Jadej, CEO of the publisher founded in 2006. The employees affected will receive a "minimum" of six months' salary as redundancy pay, a cash bonus and comprehensive back-to-work assistance.

"Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable, and we've left ourselves with no room for experimentation or failure - which is vital to a creative company like ours. All of this puts the core of our business at risk," explained Dylan Jadeja.

The company has also announced that it will be reducing its follow-up to Legends of Runeterra (trading card games) and closing its Riot Forge publishing label, which focused on titles set in the League of Legends universe. "Legends of Runeterra hasn't…