Audio AI company Veritone is the latest media-forward company to face significant layoffs to start 2024. The company announced restructuring efforts that would include a reduction of approximately 14% of Veritone’s global workforce by the end of March.
The company anticipates incurring up to $2.0 million in associated costs, mainly due to severance and other termination-related expenses. This restructuring is part of a broader strategy designed to enhance operational efficiency and foster growth, as well as innovation in AI software and solutions.
Veritone CEO Ryan Steelberg said, “The leadership team is taking decisive action to restructure Veritone’s operating structure in order to align our AI-leading strategy with market conditions to support long-term success.”
“Since my appointment as CEO a year ago, we have implemented and delivered on our strategic priorities to focus Veritone for profitable, sustainable growth. While the vision we laid out in 2023 remains, there is more work to be done to streamline our organization so Veritone can capitalize on its next phase of disruptive growth and the increased demand we are seeing.”
