Digital media outlet Tech in Asia (TIA) announced on July 1 that it will lay off nearly a fifth (18%) of its team and close down its Indonesian-language publication in a bid to streamline operations.
In an announcement published on its website, CEO and founder Willis Wee attributed the decision to growing economic pressures and the need to reassess the company’s strategy to ensure long-term sustainability.
“After careful consideration, we saw that some of our initiatives either don’t align with these more focused strategic goals or haven’t gotten the traction we hoped for,” he said.
“While we’ve made changes and tried new ideas where possible, our current cost structure isn’t sustainable. These tough but necessary decisions are meant to give Tech in Asia a stronger path forward.”
TIA shared that it has reached out to affected employees, offering severance packages and transitional support, including allowing them to retain their laptops.
Although it is discontinuing its Indonesian-language publication on July 15, Willis emphasised that this does not mark Tech In Asia’s exit from Indonesia. “We are still fully committed to covering and supporting Indonesia’s vibrant tech ecosystem,” he said.
The company’s international edition—which will become a greater focus moving forward—will continue covering the market in English. TIA will also retain its local operations and team members, and plans to continue hosting its annual events in the country.
In a personal message to employees, Willis shared that he intends to focus on getting TIA back to profitability as soon as possible. The company was profitable in 2020 and 2021, but reverted to being loss-making in 2022.
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Featured Image Credit: Tech In Asia
