Rovio Entertainment, the Finland-based maker of Angry Birds, has been struggling to bring in the cash and as a result will have to let go up to 260 employees, which amounts to about 37% of its total workforce.
Angry Birds is still the No. 1 paid mobile app of all time. However, Rovio has failed to put out another blockbuster game since Angry Bird’s 2009 launch. Instead, the company has relied on licensing revenues on such things as Angry Bird stuffed animals, K’Nex toys, Hot Wheels cars and other products. It even opened Angry Bird playgrounds in China and Singapore, which is now plans to divest.
Rovio is also banking on revenue from an upcoming Angry Birds 3D movie, which will come out in May of next year. The movie could also help boost sales of its myriad licensed products.