In May 2023, Airmeet, a Bengaluru-based virtual events platform, laid off 30% of its workforce, affecting at least 75 employees across sales, marketing, tech, and operations teams in India, the US, and Europe. This article will discuss the reasons behind these layoffs and their potential impact on the company's future.
The layoffs at Airmeet were primarily driven by lower marketing budgets and the rapid commoditization of the virtual event category. According to an internal mail from CEO Lalit Mangal, these factors led to the company's execution not yielding the desired outcomes. The changing landscape of the virtual event industry played a significant role in Airmeet's decision to lay off 30% of its workforce.
Airmeet aims to reduce expenses and adapt to the changing virtual event industry. Post-layoffs, the company may realign its investments to better suit current business needs and optimize for continued growth. CEO Lalit Mangal's internal mail highlights the need for improved execution amid lower marketing budgets and rapid commoditization of the virtual event category. The company's strategic adjustments following the layoffs could position it for future success in the evolving industry.
Airmeet's layoffs could signal a shift in the marketing industry, particularly within the virtual events sector. As lower marketing budgets and rapid commoditization of the virtual event category have been cited as reasons for the layoffs, it is possible that other companies in the industry may face similar challenges. This could lead to a more competitive landscape, with businesses needing to adapt and innovate to stay relevant. The impact of Airmeet's layoffs on the industry may also prompt competitors to reassess their strategies and investments, potentially leading to further consolidation or diversification within the virtual events market.
Airmeet's layoffs, affecting 30% of its workforce, were driven by lower marketing budgets and the rapid commoditization of the virtual event category. The company's future may involve realigning investments and adjusting strategies for growth in the evolving industry. These developments could signal a shift in the virtual events sector, prompting competitors to reassess their approaches. Airmeet's actions may lead to further consolidation or diversification within the market, impacting the broader sector.
