The company has been affected by the downturn in ad markets.
Plex’s ad business has been “significantly impacted” by the downturn in global advertising markets, Valory said, and “unfortunately, we cannot know how long ad markets and pricing will continue to be depressed and volatile.” Plex has decided to try and get its budget back to being cash-flow positive in the next 18 months, but “the only way to reach profitability under these constraints is to significantly reduce our personnel expenses,” Valory said.
Plex didn’t immediately respond to a request for comment. We’ve found some posts on Linkedin discussing the recent layoffs, including a former
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