On January 10th Professional Esports org 100 Thieves laid off 15% of its workforce. Recently some former employees have come forward to explain the recent downfall. Several where in the content creation department and described how they were burnout and ignored by management for the past couple years.
Miscommunication is the common theme echoing from former 100T Employees. The Partnership team, under direction from the executives, would routinely sell shows and creation concepts to prospective partners without communicating with the content team. As a result, the content team quickly began to burnout. They were overworked in 10-12hr shifts trying to complete deliverables with little creative control as the content was already sold.
The managers and executives outright ignored the content production team and their talent involved in the content. As a result the quality of content got worse and their partnerships began to dwindle. This miscommunication between the internal teams at 100 thieves could prove fatal in the coming months. Following the termination of 6 partners (Rocket Mortgage, Omen by HP, Dollar Shave Club, Rockstar Energy, StockX and CashApp.)The company is apparently burning through cash it raised in its $460 Million dollar valuation in December 2021.
100 Thieves is just one of many top Esports teams that are largely unprofitable and living off the millions from their funding rounds. Faze Clan, Cloud 9, and now even TSM are in the same dire situation. Unless they pull off massive innovations or raise more capital. A lot of the household names in Esports could be gone this year. eUnited was the first domino to fall, who do you think will be next?