Ailing Kumu makes tough choices to stay live

Check out our top articles for the week. [Read from your browser]( Top Stories of The Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} Timing plays a vital part in when a story is ready to be told. Last August, I first caught wind of layoffs at Kumu. At that time, I tried reaching out to several sources to find out more information but didn’t get any response and decided to move on. Months later, the story returned to me as I started to hear chatter about several rounds of layoffs and, more importantly, Kumu’s decline in users. This got me thinking: What were the deeper issues behind these symptoms? This time around, the information started flowing. I also had help from my colleague Candice in reaching more sources and doing some research. To be honest, I didn’t anticipate that we would get so much information - enough for us to write two stories about the firm. This was an investigative piece that consumed me and warranted to be told in the best possible way. The [first story]( is a deep dive on how Kumu went about trimming its headcount and the reasons behind its downsizing efforts. The company spent heavily on producing premium shows and acquiring users - efforts that weren’t giving the same return on investment as it did in 2022. It also made me think about how essential it is for companies to be transparent to employees during such tough times. For instance, throwing staff events at fancy hotels or clubs - no matter how little these cost - might not be received well by employees just after a layoff. If part one of the story talked about the symptoms, [part two]( dives into the diagnosis and the heart of Kumu’s problems: its dwindling users, downloads, and consumer in-app spend. What’s interesting is the rise of TikTok in the livestreaming space in the Philippines at the same time. Kumu’s co-founders were transparent and told us that their goal was to achieve profitability by Q3 this year and how they plan on getting there. I find that social media is a tough space for a product to find long-lasting success. Unless you can reinvent your product or introduce a new one, there will always be something fresh on the block for people to move on to. Do let me know your thoughts on the Kumu story. -- [Collin Furtado]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Kumu’s struggles: layoffs, departures slash workforce by almost half]( The Philippine livestreaming platform has seen big bets not panning out and ex-employees alleging that frivolous expenditures cost the firm. 2. [Kumu grapples with declining users, rising competition]( Kumu aims to be profitable by Q3 2023 but faces declining active users and in-app spend - and the looming threat of competition from TikTok. 3. [Surviving the funding game: how timing can make or break your startup]( Industry realities, economic conditions, and market volatility can affect the time gap between funding rounds. 4. [Indonesian beauty firm turns $40k investment into profitable business in two years]( Cindy Angelina and Kezia Trihatmanto founded vegan cosmetics brand Esqa, which now has hundreds of thousands of followers on social media. 5. [How Malaysia’s 5G rollout turned messy]( When a public project morphed into its own “multiverse of madness.” 6. [Mastercard-backed fintech firm DigiAsia on track for US listing at $500m valuation]( The Indonesian embedded finance pioneer aims to quickly expand into Southeast Asian markets after going public. 7. [Indonesia’s ascent to the top of global Islamic fintech faces obstacles]( The archipelago has more Shariah fintech players yet a smaller market size than Malaysia and Saudi Arabia. 8. [Vingroup founder’s EV play revs up Vietnam’s ride-hailing race]( The billionaire behind both Vingroup and VinFast is betting that his new EV venture can resurrect competition in Vietnam’s ride-hailing landscape. 9. [Tracking startup failures across Southeast Asia]( There are several reasons why startups in Southeast Asia go bust, but we lack data about it. This piece helps you track the region's macro-level trends. 10. [ByteDance’s hefty profits leave Tencent and Alibaba in the dust]( TikTok’s parent company hit a record profit in 2022 with a cool US$25 billion, up about 79% from 2021, despite the headwinds that TikTok faces. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Product Development Conference 2023]( from May 16 to May 17 Tech in Asia’s Product Development Conference is back! This year’s edition, which will be held in person in Jakarta, will feature over 20 industry leaders, experts, and innovators sharing the latest trends and strategies that can accelerate product development growth. 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