Pokemon Go maker Niantic Inc. is closing its Los Angeles recreation studio and canceling NBA and Marvel titles in a restructuring aimed toward stabilizing the corporate’s funds.
“We now have allowed our bills to develop sooner than income,” Chief Government Officer John Hanke wrote in an e mail to staff. “New initiatives in video games and platform haven’t delivered revenues commensurate with these investments.”
The intently held San Francisco-based metaverse darling stated it’ll shut down its NBA All-World recreation and halt work on the upcoming Marvel World of Heroes.
About 230 staff will lose their jobs, Hanke stated. He added that the restructuring will carry bills and income “again in line whereas preserving our core property.”
Final yr, Niantic canceled 4 initiatives and reduce 8% of its employees. In Could, Bloomberg reported that the corporate had been struggling amid metaverse skepticism.
