Epic Games Lays Off Hundreds as It Shifts Focus to Metaverse Version of Fortnite

Epic Games is laying off around 16% of its employees, about 830 people, following a transition towards a metaverse-inspired Fortnite.
Fortnite is now more creator-driven, meaning lower revenue for Epic as it is more distributed.
Epic Games CEO Tim Sweeney said he had been optimistic layoffs could be avoided during the metaverse transition.
The metaverse is a concept for an immersive virtual world that can be used for work, play, socializing, and events.
Epic Games' layoffs suggest major video game developers have been making strides to harness the metaverse, even though it remains in early stages.

coindesk.com

Relevant topic timeline:

9/20/2023

Fortnite Players Have Until January to Claim Refunds from $245M Settlement Over Unauthorized Purchases

Thirty-seven million video gamers have until January 17 to apply for their portion of a $245 million legal settlement with Epic Games Inc., the maker of Fortnite, after allegations of deceptive practices.

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

Epic Games Lays Off 16% of Staff, Fall Guys Team Impacted But Game Remains Priority

Epic Games lays off 16% of its workforce, including employees from Mediatonic, the developer of Fall Guys, but clarifies that Mediatonic is still intact and its work on Fall Guys remains a priority.

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.

10/6/2023

Telltale Games Lays Off Majority of Staff Again, 5 Years After Previous Mass Layoffs

Telltale Games, the video game studio, has laid off employees due to current market conditions, but they are committed to supporting those impacted and continuing development on their ongoing projects. The layoffs are part of a trend of mass layoffs in the gaming industry, leading to increased discussions around unionization.

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.

Topics

Posted 9/29/2023, 8:33:00 AM

Epic Games Lays Off Hundreds as It Shifts Focus to Metaverse Version of Fortnite

Epic Games is laying off around 16% of its employees, about 830 people, following a transition towards a metaverse-inspired Fortnite.
Fortnite is now more creator-driven, meaning lower revenue for Epic as it is more distributed.
Epic Games CEO Tim Sweeney said he had been optimistic layoffs could be avoided during the metaverse transition.
The metaverse is a concept for an immersive virtual world that can be used for work, play, socializing, and events.
Epic Games' layoffs suggest major video game developers have been making strides to harness the metaverse, even though it remains in early stages.

coindesk.com

Relevant topic timeline:

9/20/2023

Fortnite Players Have Until January to Claim Refunds from $245M Settlement Over Unauthorized Purchases

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

Epic Games Lays Off 16% of Staff, Fall Guys Team Impacted But Game Remains Priority

Epic Games lays off 16% of its workforce, including employees from Mediatonic, the developer of Fall Guys, but clarifies that Mediatonic is still intact and its work on Fall Guys remains a priority.

10/6/2023

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

10/6/2023

Telltale Games Lays Off Majority of Staff Again, 5 Years After Previous Mass Layoffs

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