United

Epic

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/09/29/6579628c661c5dc2c6391a1507b12363.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/09/29/6579628c661c5dc2c6391a1507b12363.webp 800w, https://cdn.thebittimes.com/images/2023/09/29/6579628c661c5dc2c6391a1507b12363.webp 450w, https://cdn.thebittimes.com/images/2023/09/29/6579628c661c5dc2c6391a1507b12363.webp 750w, https://cdn.thebittimes.com/images/2023/09/29/6579628c661c5dc2c6391a1507b12363.webp 768w" sizes="(max-width: 800px) 100vw, 800px"> 
In a stunning turn of events, CEO Tim Sweeney pointed fingers at seismic shifts in the company’s financial landscape as he lamented, “We’re spending far more than we’re bringing in.” The juggernaut behind Fortnite, Epic Games, has taken a drastic measure, slashing its workforce by a staggering 16%, amounting to approximately 830 employees. This drastic action came on the heels of overambitious projections tied to metaverse-inspired revenues, which led the company to hemorrhage funds it couldn’t afford. 
In a memo dated September 29, CEO Tim Sweeney laid out the harsh reality for Epic Games’ employees. He wrote, “We’ve come to the stark conclusion that layoffs are the only viable path forward. Implementing them at this juncture and on such a grand scale is imperative to bring stability to our financial standing.” Sweeney further reflected, “I had harbored optimistic hopes that we could navigate this transition without resorting to layoffs, but in hindsight, I realize the impracticality of that vision.” 
While Sweeney acknowledged the company’s recent upswing, attributing it to the Fortnite Creator program—an initiative permitting players to craft and vend their in-game content while taking a 40% cut—this pivot came at the expense of dwindling profit margins. He mused, “Our triumph with the creator ecosystem is undeniably a milestone, but it signifies a fundamental overhaul in our financial framework.” 
In tandem with the aforementioned layoffs, Sweeney disclosed that an additional 250 employees would part ways with Epic Games. The company also unveiled its plans to divest the recently acquired music website, Bandcamp, and spin off its marketing arm, SuperAwesome—a child-safety tech firm that became part of Epic in 2020. 
Notably, employees departing from Epic Games will receive a generous severance package, including six months of pay. Those residing in the United States, Canada, and Brazil can also expect to receive six months of fully covered healthcare. 
Beyond its flagship, Fortnite, which boasts an impressive 400 million registered users, Epic Games is the driving <a rel="noopener noreferrer nofollow" title="force" href="https://thebittimes.com/tag/force.html">force</a> behind the Unreal Engine—a video game development suite that powers acclaimed titles like God of War and PlayerUnknown’s Battlegrounds. 
The post ‘<a rel="noopener noreferrer nofollow" title="Unrealistic" href="https://thebittimes.com/tag/unrealistic.html">Unrealistic</a>’ <a rel="noopener noreferrer nofollow" title="metaverse" href="https://thebittimes.com/tag/metaverse.html">metaverse</a> <a rel="noopener noreferrer nofollow" title="ambitions" href="https://thebittimes.com/tag/ambitions.html">ambitions</a> are the <a rel="noopener noreferrer nofollow" title="reason" href="https://thebittimes.com/tag/reason.html">reason</a> for Epic Games’ 830 work<a rel="noopener noreferrer nofollow" title="force" href="https://thebittimes.com/tag/force.html">force</a> <a rel="noopener noreferrer nofollow" title="layoffs" href="https://thebittimes.com/tag/layoffs.html">layoffs</a>. appeared first on BitcoinWorld. 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/unrealistic-metaverse-ambitions-are-the-reason-for-epic-games-830-workforce-layoffs-tbt64527.html">https://thebittimes.com/unrealistic-metaverse-ambitions-are-the-reason-for-epic-games-830-workforce-layoffs-tbt64527.html</a>

‘Unrealistic’ metaverse ambitions are the reason for Epic Games’ 830 workforce layoffs.

TheBitTimes

Other articles published on Sep 29, 2023

Memeinator Announced: Taking on the Meme Coin Market With a $1 Billion Vision

NFT-Powered Play-to-Earn Game “Snook” Ventures onto the Arbitrum Blockchain

How to Stake NEAR and Earn Rewards Using Trust Wallet

Managing Crypto Portfolio Become Effortless with CoinGecko

BC.GAME: Your Ultimate Crypto Casino and Sportsbook Guide

Tottenham Hotspur launches token following partnership with Socios.com

Join our free newsletter for daily crypto updates!