Job cuts made at Brandtech group media agency Jellyfish may be the latest symptom of a contracting advertising and marketing job market. The company cut as many as 50 roles at the end of October, following a slowdown in client spending, Digiday has learned.
“Our existing clients were spending less money, some of those were retracting the projects that they had planned, and that obviously led to a revenue hit,” said one exec whose role was cut in the layoffs and who spoke on condition of anonymity.
Jellyfish confirmed the cuts. “Like everyone in marketing, our business is dynamic and we are constantly making shifts in our resources, redesigning roles and structures,” said a spokesperson. “At 8% we have one of the lowest churn rates in the industry. Currently there is a very small number of roles affected in the U.S. and U.K.”
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