Photography app firm Hipstamatic is said to be rethinking its business model after having laid off all but its core staff in a restructuring move.
Engineers, developers and a designer are among those to have received pink slips, a result of the company not making enough money, as reported by The Next Web, in the face of competition from other mobile photography apps, such as Instagram.
A source told TechCrunch that outside of the "core team" of Hipstamatic employees, everyone, including the office manager and social media manager, is being let go.
iOS engineer Jonathan Wight posted news of the layoffs on Twitter:
Hipstamatic, which reportedly employed a total of 11 people, has issued its own statement about the job cuts.
“We are restructuring the company, but business is moving forward as usual,” Hipstamatic said.
“We’re heads down focused on making beautiful, creative and fun products for our community and the world. We’ll definitely be excited to share what’s next when it’s time.”
Most of Hipstamatic’s revenue comes from in-app purchases of lenses, films and virtual camera cases.
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