- After a slow start in 2020, esports and gaming network VENN is further reducing its workforce
- This means that one of its flagship League of Legends show, “Facecheck,” will also be coming to an end
- VENN is looking for acquisition opportunities as the company tries to further reduce costs
After an ambitious launch in 2020 and successful fundraising, VENN has been caught in a series of layoff moves over the past year.
Gaming Network Clips Its Wings Awaiting Acquisition
VENN, a popular gaming and esports network, has been forced to furlough half of its 15-person workforce, the company confirmed for Dot Esports. According to VENN co-CEO Ariel Horn, the network will stick to branded sponsorship content and while label productions ahead of a planned acquisition.
This means that the current production of content will also be impacted, with “Facecheck,” a show covering League of Legends, also being canceled. Daniel “dGon” Gonzales, one of the employees involved in Facecheck, though, is negotiating with VENN so that the show may continue for at least one more episode before wrapping up this week.
“I can't really get too deep into that as it's an ongoing discussion for the best future home for Facecheck and what it would mean as we're in these next few weeks, because there's a bunch of potential outcomes still,” Horn told Dot Esports.
Horn is trying to reign in expenditures as the company canvasses for parties interested in acquiring the network. Among the sectors listed, Horn has named game publishing, online gambling and wagering, and existing media space.
VENN has ambitious beginnings. The company wanted to be what MTV is to music culture and managed to raise $43 million across two separate rounds, with ESL, Twitch, Blizzard, and others supporting the company's efforts.
VENN's debut in 2020 featured many talented commentators, influencers, and players, including Sasha Grey, an adult movie actress who has been very popular on Twitch for simply playing games and having a chat with people and others.
The company's debut was modest, and it seemed to elicit a slow response from viewers. Regardless, VENN managed to achieve a high quality of production, but this has not stopped the company from laying off 12 people over the past year or so with what now appears to be the latest wave of staff dismissal.