Malaysia’s video on-demand platform, iflix, is planning to cut numbers of its staff as part of cost-cutting measures.
The exact number was not disclosed, the estimated number from different sources indicated a layoff between 50 and 65 staff.
Iflix was founded in 2014 and is backed by Southeast Asia internet company Catcha Group. Last month, the company offered a one-month VIP access to everyone while Malaysia has just announced the Movement Control Order (MCO).
The company is planning to go for initial public offering (IPO) in July 2020. The company’s decision on the layoffs is one of the steps to help the company achieving breakeven in 2021.
This recent layoffs are not the first for iflix, the company had let go of staff at various points since 2016.