June 30, 2022

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Masterclass retires 120 employees, about 20% of its core population

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MasterClass, a celebrity-driven online learning subscription service with Hollywood’s biggest talent partners, has slashed its flagship number by 20%. CEO David Razia cited the “damaged macroeconomic environment” for the cutback.

The layoffs of the San Francisco-based masterclass, which previously had about 600 employees, affected the entire team of the company.

“Today is a sad day @ masterclass,” Razier said Tweet Wednesday. “I made a really difficult decision to reduce our team by 20% to adapt to the deteriorating macro environment and quickly achieve self-sustainability.” He continued, “Our goal – to make it possible for anyone to learn from the best – has not changed and will not change. Will give. “

Launched in 2015, MasterClass provides access to more than 150 online courses led by experts including James Cameron, Shonda Rhymes, Ken Burns, Jody Foster, Spike Lee, Martin Scorsese, Nass, Gordon Ramsay, Bob Eger, Metallica, Isa Ray. Rupel, and Bill Clinton and Hillary Clinton. An annual MasterClass membership starts at $ 180 / year.

In May 2021, MasterClass announced $ 225 million in new funding, valued it at $ 2.75 billion, CNBC reported. Investors include Fidelity, IVP, Javelin, NEA, Owl Ventures, Atomico, Boniar, Cleo Capital, Dan Capital, Next Equity Partners, Outlier Ventures, Powerhouse Capital, RPS Ventures.

Razia says Diversity In an interview last year, the grandmother behind the masterclass was once advised by her grandmother – an education that no one can take away from them.

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