100T lays off more employees as it “spin off” Juvee and Dev studio

One of the top organizations in the esports industry, 100 Thieves, is “spinning out” its in-house game development studio and Juvee energy drink in addition to laying off more employees.

John Robinson, the president and chief operating officer of 100 Thieves, disclosed intentions to “spin-off” Juvee and the 100 Thieves game development studio, as well as to shrink the 100 Thieves staff in the process, in a statement that was issued. This would be the second wave of layoffs at 100 Thieves in the last year. At the start of 2023, the company laid off over thirty workers, including Matty Lee, the chief revenue officer, among many others.

Today we announced that we’re spinning off Juvee and our 100 Thieves Game Development studio, and reducing the size of the 100 Thieves team. We’re making these changes because we believe it’s time for 100 Thieves to refocus on our core business and do less, better.

— John Robinson (@RohnJobinson) November 2, 2023

 

100Thieves cut off more jobs amid the “Esports Winter”

Led by former Call of Duty pro, Matthew “Nadeshot” Haag, 100 Thieves started as an esports organization that featured professional players in Call of Duty, League of Legends, and VALORANT. Not to mention, the organization represents some of the biggest names in streaming and content creation. The group had enormous growth and success, which inspired the members to take on other ventures. As a result, they founded the Juvee energy drink brand, a game development studio to work on Project X, and a keyboard company, Higround.

Before this “spin-off,” the company was able to introduce and test its energy drink into the market, but Project X is failing without a full development. These changes also result in an additional dreadful layer of layoffs, with employees from the teams responsible for sales, marketing, content, and human resources being the first to go. Robinson estimates that there has been a 20% reduction in staff overall, much of which is attributable to the Juvee and Game Dev spin-offs, which include long-term designer “Seso” and head of social media Micah Kulish. 

Unfortunately-
Today I was affected by the 100 Thieves layoffs.

Just a few weeks from 5 years working at a place that gave me so many great memories. Being able to step in as a Senior creative for a childhood hero of mine is something I’ll forever be grateful for.

As of now…

— Seso (@SesoHQ) November 2, 2023

 

The most recent wave of layoffs at 100 Thieves is a reflection of the unpredictable and turbulent times many esports organizations are currently facing. Bungie and Evil Geniuses, two well-known figures in the gaming and esports industries, laid off several employees last week. 

Another popular organization Faze Clan was acquired by GameSquare last month, while Heroic and Astralis, two well-known Danish Esports teams, both seemed to be having financial difficulties. For 100 Thieves, this is the third layoff in less than two years. About thirty workers were purportedly let go by 100 Thieves in January and about a dozen employees were terminated in July 2022.

Moving forward, 100 Thieves will maintain a tiny minority ownership stake in both Juvee and the Game Studio, but both will be separate businesses with new majority owners. According to reports by The Verge, Juvee will be spun out over the next three months, but the game development company will be spun off right away.  However, Robinson stated in a different article that 100 Thieves will concentrate on its esports teams, merchandise, and online content. 

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