Immutable Cuts Workforce by a Third, Replaces Roles with AI
Immutable, one of Australia’s largest private technology companies, has reduced its workforce by a third over the past nine months and replaced certain roles with artificial intelligence to reduce operational costs.
The blockchain gaming unicorn, valued at $3.5 billion in 2022 following a $280 million capital raising, employed 224 people in 2023. However, after aggressive cuts, the company now has approximately 150 employees on its payroll.
This significant restructuring comes as the company seeks to streamline its operations and improve efficiency through technological innovation. The introduction of AI in certain roles marks a strategic shift in Immutable’s approach to managing its workforce and reducing expenses.
Amelia McGuire, the business reporter who covered this story, is based in the AFR’s Sydney newsroom. She previously worked as the aviation, tourism, and gambling reporter for The Sydney Morning Herald and The Age.
The move by Immutable reflects broader trends in the technology sector, where companies are increasingly turning to AI and automation to enhance efficiency and reduce labor costs. As the industry continues to evolve, such strategic decisions are likely to shape the future landscape of tech companies worldwide.
