The TV streaming hardware and software company Roku has announced a major restructuring that will result in, among other things, a reduction of its current workforce by 10 percent.
Roku posted its decision as a filing on the US Securities and Exchange Commission site. It stated it would take a one-time charge of between $45 million to $65 million related to the layoffs. It added that will also be closing a number of offices, with a one-time impairment charge of between $160 million to $200 million.
Finally, Roku stated it would take another one-time impairment charge of between $55 million to $65 million. This charge is due to the company “removing select existing licensed and produced content from Company-operated services on its TV streaming platform.”
That pretty vague statement likely means the company will be removing content that is available on its free ad-supported Roku Channel. Those removals could possibly include TV shows and movies that were made or bought by the company to be promoted as Roku Originals.
If true, this would be the latest example of streaming services removing content permanently from its library, following the example set by Disney+, Paramount+, and others earlier this year.
The Roku OS is currently the most used for streaming hardware in the US. In addition to its streaming sticks and set-top boxes, Roku licenses its OS to be used by a number of third-party smart TV makers. In 2023, Roku started selling its own branded smart TVs.
This summer, Roku started testing out a new home screen design that included, among other things, a new 4×4 layout for streaming apps. This week, Cord Cutters News reported that the new home screen is slowly rolling out to some Roku devices, which now also includes a “Continue Watching” section so users can quickly access apps they had just watch on their TV.