Last day of school for some: EdTech platform MasterClass to lay off 20 per cent of employees too

MasterClass, a US-based EdTech platform, has also come up with the decision to lay off its employees in India, at a time when all major EdTech platforms in India have done so. The platform has announced that it would reduce its workforce by 20 per cent. This means that out of its 600-member workforce, 120 people from each team would be affected by this move.

"It was the most difficult decision I've had to make since we launched 7 years ago because our team poured their heart and soul into MasterClass. They are some of the most creative, curious, caring and dedicated people in the world," MasterClass CEO David Rogier had tweeted, as per an IANS report.

However, he also added that the step was taken in order to "adapt to the worsening macro environment and get to self sustainability faster". He said, "(The step will) strengthen our position both financially and strategically, allowing us to serve our members, employees and instructors for many years to come."

For those unaware, MasterClass is a platform on which students can access tutorials and lectures pre-recorded by experts in various fields, including Photography, Storytelling, Screenplay Writing and many more. The platform created remote education with aspirational content, meaning that celebrities, like Serena Williams and Issa Rae appear for the tutorials. Even former Chess World Champion Garry Kasparov launched a "MasterClass for chess lovers" platform.

In India, EdTech platforms have laid off more than 3,600 employees till date. Overall, nearly 10,000 workers have lost their jobs in this start-up arena in the last 2-3 months, according to the IANS report.