According to news on January 23, a blog post and employee letter released by Riot Games, a subsidiary of Tencent, showed that the company plans to lay off 530 people, accounting for approximately 11% of the total number of employees. "We are not doing this to appease shareholders or meet our quarterly performance targets; this is necessary," "League of Legends" developer Riot Games said in a blog post on Monday. Riot Games admitted that it has more than doubled its headcount over the past few years.
CEO Dylan Jadeja said in a memo that Riot Games has made "many bold attempts across the company," including launching new games.
In its first 14 years of development, Riot Games' main business was operating "League of Legends", which is still one of the most popular games today. "Our company is not focused enough right now," Jadeja said. "To put it simply, we are doing too much."
Riot Games will reduce the size of the team behind the card game Heroes of Runeterra, admitting that the game is not performing as well as expected, and halting development on League of Legends: Tales of Bandel.
In recent weeks, well-known game developer Unity Software and Amazon-owned Twitch have laid off employees.