Online education platform MasterClass announced Thursday that it will cut 20% of its workforce, joining a number of other tech companies that have shrunk teams to adapt to worsening economic conditions.
On Wednesday, MasterClass CEO David Rogier Say On Twitter, he had to make a “very difficult decision” to cut staff at the company to “adapt to a deteriorating macro environment and become more self-sustainable”. Rogier continued that this “is a very difficult step that will strengthen our financial and strategic position.” He said the company’s The company’s mission remains the same.
Masterclass launched in 2015 but found New interest in 2020 during the pandemic This Demand for virtual courses grows. 2021, company declare that it has received $225 million in funding from new investors was used to further accelerate its growth. The company offers subscription-based online courses hosted by high-profile celebrities such as actress and producer Issa Rae, photographer Annie Leibovitz, director Spike Lee and chef Gordon Ramsay.
The platform charges an annual subscription fee of $180, or 100% of MasterClass’ revenue, According to TechCrunch. But MasterClass instructors don’t come cheap, some of them cash out at least $100,000 up front, in addition to earning at least a 30% revenue share from any given course, According to The Hollywood Reporter.
MasterClass isn’t the only company that has been forced to lay off workers recently. Paypal, Netflix, cameo, Robin Hoodand Kavanagh, is among a list of companies that have laid off workers in the past few months.bird Laid off nearly a quarter of its workforce in the last week aloneciting economic headwinds that require faster profitability.