The current COVID-19 pandemic has had a tremendous negative impact on the global economy. It has created an unprecedented burden on both people and businesses. In the advertising industry, many marketers are adapting by scaling back ad spend.
Unfortunately, we don’t believe that advertising spend will return to the levels we had prior to COVID-19 in 2020 or early 2021. As a result, we have made changes to position the company for success and resilience during this downturn, ensuring we can continue to focus on investing in our products for publishers and marketers.
Specifically, we have:
- Reduced compensation across the leadership team between 15-20%.
- Eliminated, furloughed or reduced hours for approximately 15% of our workforce.
- Realigned market facing teams to increase our focus on the demand side of our business.
We remain well positioned to navigate this pandemic. Our product portfolio is stronger than it has ever been. Our exchange continues to serve thousands of publishers and buyers. OpenAudience powers people-based marketing on the open web. Our Prebid products and services provide an independent integration alternative for publishers. Additionally, all of our products are based on our scalable and low latency infrastructure in the Google Cloud Platform (GCP).
While these changes are a necessary move for OpenX as we adapt to an unprecedented global pandemic, we recognize how hard this is for our team members, especially in the current environment. We are incredibly sad to say goodbye to them and we will do everything we can as a company to help them land new opportunities in this tough time. While our working relationship may have ended, we hope the many personal relationships we have developed together will remain in place for years to come.
– John Gentry, CEO