Epic Games is laying off almost 900 personnel, and selling Bandcamp

Epic Games is laying off almost 900 personnel, and selling Bandcamp

Last updated 9 month ago

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epic games
layoffs

Epic Games is laying off almost 900 personnel, and selling Bandcamp



In a nutshell: Epic Games has confirmed plans to put off around 830 employees, or roughly 16 percent of the organisation's team of workers. In an e mail despatched to personnel that changed into also shared online, Epic Games CEO Tim Sweeny stated they have got been spending extra money than they earn for a while now. He was hoping they'd be capable of climate the hurricane via enforcing measures like internet 0 hiring and decreasing their marketing budget. In retrospect, Sweeny stated, this wish changed into unrealistic.

Most of the task cuts – approximately -thirds – impact teams outside of core development devices. In reality, Epic is not reducing any center corporations. The labor reduction ought to impact a few product shipment schedules, but it's miles a change-off they are able to accept if it way Epic will nevertheless be capable of ultimately reap its dreams of getting to the other aspect of profitability and turning into a leading metaverse company.

Epic is also divesting Bandcamp, the audio distribution it obtained in March 2022. Bandcamp can be becoming a member of track marketplace Songtradr, we're instructed. Furthermore, Epic Games might be spinning off maximum of SuperAwesome, which it picked up in 2020.

Around 250 of the task cuts contain Bandcamp and SuperAwesome staffers.

Sweeny stated that having to mention goodbye to people who helped build Epic is terrible, however became thankful they're in a function to assist laid off personnel. Epic Games is offering a severance bundle that includes six months of base pay plus six months of paid healthcare for those within the US, Canada, and Brazil. The organization will even accelerate stock alternative vesting schedules through the quit of 2024, and will offer additional years from nowadays to exercising the alternatives. Career transition offerings and visa aid will also be to be had in which applicable.

Epic showed that no extra layoffs are inside the works, and that the announced changes will financially stabilize their business. Hiring for critical roles will maintain, but Epic plans to mainly stick with its new length structure for some time.

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