This is just the tip of the iceberg, I mentioned late last year that the next couple of years would be brutal filled with layoffs, downsizes and bankruptcies, especially in 2024.
This is happening across the whole economy and across all industries, there's nothing special that hits the games industry especially hard (except the part you can label it as a luxury and non-essential). The whole system is collapsing and the worst part is that there's nothing we can do to soften the blow or avoid the impending doom.