The total number of employees of MasterClass is around 600
David Rogier explained that its mission is to make it possible for anyone to learn from the masters, but the tough layoffs will help strengthen its financial performance and strategic positioning to continue to serve its members, staff and lecturers for many years to come Serve.
A MasterClass spokeswoman said the company will offer 11 weeks of base pay to these workers and an extra week of severance pay after one year of service. At the same time, the company gave up a year of investing cliffs and gave employees a greater chance of choosing.
The start-up had previously pledged to provide employees with health insurance benefits by the end of 2022, supplemented by end-of-year counseling and job counseling assistance for the next three months, and allowed laptops to be reserved for personal use.
Even so, a MasterClass spokesman insisted the company had not frozen hiring. For more details, head over to David Rogier’s statement on Twitter and LinkedIn.
[Background] In the early days of business promotion, MasterClass created quite a stir during the pandemic by attracting celebrities from many fields to join.
as a subscription-based onlineeducatePlatform ($180 annual fee), its courses cover quite a variety of categories. It can be seen that the subscription business accounted for 80% of the company’s revenue in 2018, and it has almost reached 100% recently.
MasterClass’s operating model has attracted $460 million in venture capital from investors including IVP, NEA, and Owl Ventures (the latest valuation was $2.75 billion), and has been imitated by other companies.
For example, Outlier, founded by the co-founders of MasterClass, just closed a $30 million Series B financing. In addition, former chess world champion Garry Kasparov also launched his own “Master Class for Chess Lovers” platform.