Connect with us

Hi, what are you looking for?

News

Epic Games Announced Workforce Reduction And Bandcamp Sale

Image Source: DANIEL CONSTANTE / Shutterstock

Epic Games, the creator of the popular video game Fortnite, is taking steps to streamline its operations. As part of its effort to achieve financial stability, the company will be reducing its workforce by about 870 employees, which accounts for roughly 16% of its total workforce.

In a memo sent to its staff, Epic Games acknowledged previous measures taken to control costs, such as halting new hires and implementing cost-cutting strategies in areas like marketing and events. However, despite these efforts, the company found that its expenses still exceeded its earnings.

Epic Games CEO Tim Sweeney stated, “We have reached the conclusion that layoffs are necessary and that conducting them now and at this scale will help stabilize our finances.” He emphasized that this decision would not compromise the development of their core businesses.

In addition to the workforce reduction, Epic Games has also decided to divest itself of Bandcamp, an online music platform it acquired just last year. Bandcamp is known for providing independent artists with a platform to earn a higher return on their music compared to traditional streaming services. As part of this decision, Bandcamp will be joining Songtradr, a music marketplace company that supports artists.

Epic Games, which has offices worldwide including in the UK, has not provided specific details regarding where the job cuts will take place. However, Mr. Sweeney clarified that a significant portion of the layoffs would impact teams outside of core development.

Epic Games is well-known for both Fortnite and its influential gaming engine, Unreal Engine, which powers several successful titles. Fortnite, in particular, has a large global following with an estimated 400 million registered users.

Image Source: DANIEL CONSTANTE / Shutterstock

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...