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Thunderful Group recently unveiled an ambitious restructuring program with the goal of streamlining operations and optimizing resources to maximize growth and profitability.
According to GamesIndustry, Thunderful’s recent restructuring is set to impact approximately 20% of its workforce. The company anticipates seeing the results of this program in the latter half of 2024.
According to Thunderful, the reason behind this situation is the result of excessive investments made in recent years that have proven to be unviable in the current state of the industry. The company aims to achieve annual cost reductions of SEK 90 million ($8.6 million) to SEK 110 million ($10.5 million) by enhancing its cash flow by a corresponding amount.
Here’s CEO Martin Walfisz’s take on the matter:
“Since I joined as CEO in the fall of 2023, we have evaluated the current business and the future position of Thunderful. To ensure and strengthen the viability of the Group, we have found no alternative other than to reduce costs and focus the business on areas with the best future growth and profitability prospects. It has been difficult to make these decisions, and it saddens me that we will have to say goodbye to many skilled colleagues and partners. Nevertheless, I am convinced that this is a necessary direction for Thunderful and that these changes will make the company a stronger player in the market.”
The Thunderful Group is the proud owner of a number of studios, such as Coatsink with their game Worldless, Headup Games and their creation Pumpkin Jack, Image & Form with their popular title SteamWorld Build, and Zoink with their unique game Flipping Death. In 2017, the two studios joined forces to create Thunderful, and later on in 2020, they merged to become Thunderful Development.
What are your thoughts on this latest update from Thunderful Group? Feel free to leave your thoughts in the comments section.
