Even with Minnesota preparing to reopen, the advertising industry continues to feel the impact of reduced advertising revenue. Periscope, who laid off staffers in April, have now apparently went through another round last week.
A Periscope spokesperson confirmed the reductions in a statement to AgencySpy, adding that the layoffs comprised “50 of the 1,100 people employed in the Agency Solutions group at parent company Quad.”
The agency’s statement attributed the layoffs to the “fast-changing market conditions through the first five months of this year and a continued uncertainty into 2021 due to Covid-19.”
“Like many of its industry peers, Periscope is taking proactive steps to address current and expected reductions in marketing spend across the broad array of services it provides. At the same time, the agency continues to evolve how it serves clients,” the statement continued.
Wisconsin-based printing company Quad/Graphics acquired Periscope in November 2018. AgencySpy says Periscope has undergone a series of staffing reductions over the course of the past year and a half, with rounds of layoffs even preceding the impact of the coronavirus pandemic.
The agency started the new year with a round of layoffs impacting around 3% of staff, following a similar round of layoffs last April.