What's up with all the layoffs in the technology sector, especially in the gaming industry?
What's up with all the layoffs in the technology sector, especially in the gaming industry?
Sony announced a ton of layoffs recently, at the same time they announced they will not be releasing any major titles until 2025. Don't they need staff to make stuff? doesn't every company? Why all the sudden layoffs, it just doesn't make sense to me, what am I missing?
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Its mostly just increased reporting. Tech companies overhired when when they were doing well during lockdowns and are laying people off now that the increased revenue didn't hold indefinitely.
https://layoffs.fyi/ has been tracking layoffs in the tech sector since covid and the charts show how much more layoffs there were in 2023 (particularly January and February). It seems like the biggest change is that now every time there is a layoff it gets more news coverage.
Media wants us to believe we are in a recession so people stop spending and actually cause it, thus the Fed has to lower interest rates and the wealthy can go back to getting lots and lots of free money for virtually nothing.
It's absurd to see a huge company dropping a few hundred jobs as a national headline... but that's how hard the media is determined to pushing the recession narrative/bad economy narrative.