Sea Ltd. will close the Booyah streaming platform! after suffering a quarterly loss of nearly $1 billion
The streaming platform Booyah was announced to close by Sea Ltd., the parent company of the famous game developer and publisher Garena. The organization further announced the cancellation of several projects that were in the planning stage following a massive $1 billion quarterly loss. Additionally, Sea Ltd. will lay off some of its workers who are associated with these business units.
Originally founded by Garena, Sea Limited is a Singapore-based technology company. In 2017, the company changed its name to Sea after creating its most popular game, Free fire. The company’s share price is currently down due to a number of issues.
Improving efficiency and creating long-term strength of the sea ecosystem will be given special attention.
A manager of Sea Ltd. said the adjustments will be centered on the “long-term ecosystem health” and that they aimed to increase the efficiency of activities that impact many different jobs, as reported Reuters. Throughout the pandemic, the company has experienced a number of setbacks. Garena’s popular battle royale game Free Fire was banned in India in February last year.
Due to losing such a large market, the company saw its market share shrink by $16 billion in a single day immediately after the ban. Additionally, the company’s Shopee online store has withdrawn from the French market. There was no choice but Sea to downsize and shut down streaming service Booyah!
Many other initiatives, such as public cloud and blockchain, which were important experimental efforts of Sea Lab, will encounter the same problems as Booyah! A dozen jobs will be cut at Sea Lab, against nearly 40 on the streaming platform. At the end of 2021, the company employed twice as many people as the previous year, approximately 67,000 people. The restriction on its gaming app, however, drowned the share price and caused a 39% drop in Garena quarterly paying users.
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