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Envato, the Australia-based digital assets company, announced it is shutting down Envato Studio, its community freelance platform, and Twenty20, a stock photo website. The company continues to tighten its belt and focus on newer products after it laid off 100 of its 700 employees, citing global conflicts and inflation.
“We were spread too thin across all of these products we’d established,” Envato CEO Hichame Assi told told The Australian Financial Review.
“They’re all creative products, but some are older with legacy platforms, whereas some are newer and going really well. We wanted to sharpen focus on our future products that are going really well.”