Topics

Posted 9/28/2023, 4:06:53 PM

Epic Games Lays Off 830 Employees, Sells Bandcamp, Spins Off Ad Business Amid Tech Industry Slowdown

Epic Games is laying off 16% of its workforce, about 830 employees, to cut costs and reach financial stability.
Epic is selling its music platform Bandcamp to Songtradr. Bandcamp will continue operating independently.
Epic is spinning off most of its SuperAwesome ad business into an independent company.
The layoffs come amid a wave of job cuts across the tech industry facing slowing growth.
Epic Games is privately held, with China's Tencent owning a large minority stake. Epic was valued at over $30 billion in 2022.

cnbc.com

Relevant topic timeline:

9/19/2023

Epic Games to Pay $245 Million in FTC Settlement for Unwanted Fortnite Purchases

The Federal Trade Commission is notifying consumers who may be eligible for compensation in a settlement with Epic Games over deceptive practices in Fortnite, with $245 million being used for refunds; consumers have until January 17, 2024 to submit a claim.

9/28/2023

Epic Games Lays Off 830 Employees Amid Fortnite Growth, Promises Severance

Video game company Epic Games will lay off about 830 employees, representing around 16% of its workforce, due to financial challenges and a lower-margin business.

9/29/2023

Fortnite Emote Mocks Layoffs Same Day Epic Announces 900 Employees Let Go

Epic Games faced backlash after laying off 900 employees and then re-releasing a microtransaction in Fortnite, causing criticism and anger among players and former employees.

9/30/2023

Bandcamp Sold to Songtradr Months After Employees Formed Union, Disrupting Newly Formed Bandcamp Union

Bandcamp, the online music platform, has laid off 16% of its staff and has been sold from Epic Games to Songtradr, raising concerns about the future of the newly-formed Bandcamp United union.

10/6/2023

Epic Games CEO reveals financial struggles led to recent layoffs after relying too heavily on Fortnite revenue

Epic Games CEO Tim Sweeney admitted that the company's recent layoffs were a necessary survival move to stabilize their finances amid financial difficulties and ongoing legal battles, with the company heavily relying on Fortnite's revenue.

10/16/2023

Epic launches Now On Epic program to bring older games to its store with favorable revenue split

Epic Games has introduced the "Now On Epic" program, offering developers 100 percent of net revenue for six months to encourage them to bring their older games to the Epic Games Store and compete with Steam.

10/16/2023

Epic Games Launches 'Now on Epic' Program with 100% Revenue Share to Attract Developers

Fortnite maker Epic Games has launched the Now on Epic program, which offers a 100% revenue boost for eligible back catalog games for the first six months of release on the Epic Games Store, in an effort to compete better with Steam.

10/16/2023

Epic Games Store Offers Developers 100% Revenue for Exclusive Games and Back Catalogues

Epic Games is enticing developers to bring their back catalogue titles to the Epic Games Store by promising to give them 100% revenue for the first six months through its Epic First Run and Now On Epic schemes.

10/17/2023

Epic Games Store Ramps Up Improvements and Incentives to Lure Players and Developers Away from Steam

The Epic Games Store has announced planned improvements including better search features, support for third-party subscriptions, and special publishing offers for developers to compete with Steam, while also facing layoffs and a shift in focus due to Fortnite's declining revenue.

Topics

Posted 9/28/2023, 4:06:53 PM

Epic Games Lays Off 830 Employees, Sells Bandcamp, Spins Off Ad Business Amid Tech Industry Slowdown

Epic Games is laying off 16% of its workforce, about 830 employees, to cut costs and reach financial stability.
Epic is selling its music platform Bandcamp to Songtradr. Bandcamp will continue operating independently.
Epic is spinning off most of its SuperAwesome ad business into an independent company.
The layoffs come amid a wave of job cuts across the tech industry facing slowing growth.
Epic Games is privately held, with China's Tencent owning a large minority stake. Epic was valued at over $30 billion in 2022.

cnbc.com

Relevant topic timeline:

9/19/2023

Epic Games to Pay $245 Million in FTC Settlement for Unwanted Fortnite Purchases

9/28/2023

Epic Games Lays Off 830 Employees Amid Fortnite Growth, Promises Severance

Video game company Epic Games will lay off about 830 employees, representing around 16% of its workforce, due to financial challenges and a lower-margin business.

9/29/2023

Fortnite Emote Mocks Layoffs Same Day Epic Announces 900 Employees Let Go

Epic Games faced backlash after laying off 900 employees and then re-releasing a microtransaction in Fortnite, causing criticism and anger among players and former employees.

9/30/2023

Bandcamp Sold to Songtradr Months After Employees Formed Union, Disrupting Newly Formed Bandcamp Union

Bandcamp, the online music platform, has laid off 16% of its staff and has been sold from Epic Games to Songtradr, raising concerns about the future of the newly-formed Bandcamp United union.

10/6/2023

Epic Games CEO reveals financial struggles led to recent layoffs after relying too heavily on Fortnite revenue

10/16/2023

Epic launches Now On Epic program to bring older games to its store with favorable revenue split

10/16/2023

Epic Games Launches 'Now on Epic' Program with 100% Revenue Share to Attract Developers

10/16/2023

Epic Games Store Offers Developers 100% Revenue for Exclusive Games and Back Catalogues

10/17/2023

Epic Games Store Ramps Up Improvements and Incentives to Lure Players and Developers Away from Steam