Obviously, it is not only the physical imaging equipment manufacturers like GoPro that are affected by the epidemic, but also the image editing apps you use frequently, such as the VSCO that everyone has on their mobile phones. Announced that it had to lay off a third of its employees due to “the market environment changed overnight.”
VSCO co-founder and CEO Joel Flory personally announced the news on LinkedIn: “This week is very difficult because we have to say goodbye to 45 outstanding team members.” Flory wrote “2020 is the year we will continue to invest in our business, but overnight, our environment has changed, and we realized that we must switch to operating a self-sustaining business.”
The company Originally called VisualSupplyCo, it transitioned from making film presets to becoming a more popular and community-driven alternative to Instagram in 2018, and its popularity has risen rapidly. But it is still a start-up company backed by venture capital, so it is extremely vulnerable to economic downturns, such as those caused by the new coronavirus. VSCO is currently valued at approximately US$550 million and has raised US$90 million from investors before the economic downturn. They even acquired video editing/hardware manufacturer Rylo in December 2019. However, plans for a new round of investment have stopped, and the company is trying to “turn to operating a self-sustaining business.”
Editor’s point of view
The impact of the new crown epidemic is obviously wider and deeper than we thought. As a necessary software for many people to edit pictures on their mobile phones, VSCO is now Obviously, I have taken a lot of pressure, and I hope I can survive it.
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