The Esports business, which is known for its quick expansion and lively ecosystem, has recently endured a difficult era defined by an unfortunate pattern of layoffs among two of North America’s most major Esports organizations.
100 Thieves
In a move reflecting the ongoing challenges within the Esports industry, 100 Thieves, a prominent Esports organization, is navigating further workforce adjustments by laying off additional staff. This decision follows their initial announcement of layoffs in January. Notably, the company is also undertaking significant strategic changes by spinning out its internal game development studio and Juvee energy drink project. These actions suggest a shift in focus, possibly aimed at streamlining core operations or reorienting the company’s resources to adapt to the rapidly evolving landscape of the Esports and gaming market.
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Evil Geniuses
Reports from several former employees of Evil Geniuses have surfaced, indicating another round of layoffs within the Esports organization. This marks the third instance of employee layoffs the company has experienced in less than a year. The sequence began with a wave of layoffs in December of 2022, followed by a second round affecting managers in March of 2023.
The departure of prominent figures from the organization has sparked widespread speculation about the potential sale of the team. With the exit of these high-ranking members, rumors have gained traction, hinting at the possibility of Evil Geniuses moving towards an eventual sale. Speculations within the Esports community have been swirling for some time, suggesting scenarios such as the potential sale of Evil Geniuses’ League of Legends Championship Series (LCS) spot or the brand itself, with talks revolving around the ownership considering offloading the brand. This uncertainty has raised questions and interest within the Esports industry about the future direction and ownership structure of the esteemed organization.
The recent series of events underscores the turbulent period the Esports industry is currently navigating. Faze Clan, a prominent entity in the space, is reportedly being acquired in a deal that significantly undervalues its previously estimated worth. TSM, another major Esports organization, faced challenges with an unsuccessful agreement with FTX and subsequently sold its position in the North American League of Legends circuit to Shopify’s Esports team. Additionally, Blizzard’s Overwatch league is undergoing a revitalization effort, signaling shifts in strategy and adaptation. This tumultuous landscape suggests a period of significant adjustment and strategic realignment across various Esports entities, indicative of a critical phase of restructuring and evolution within the Esports sphere.
