Commissar SFLUFAN Posted September 28, 2023 Share Posted September 28, 2023 Per Jason Schreier: Quote Epic Games, the maker of Fortnite and Unreal Engine, is laying off a whopping 16% of employees (or around 900 people), sources tell Bloomberg News. More to come Quote Link to comment Share on other sites More sharing options...
Firewithin Posted September 28, 2023 Share Posted September 28, 2023 is tim epic going to blame this on steam too? Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted September 28, 2023 Share Posted September 28, 2023 Still giving away free games though. 🫡 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 More from Jason: Quote This morning, rumors were flying as Epic disabled Slack for employees ahead of the news. Laid-off Epic employees will receive six months severance and health benefits. All-hands meeting happening shortly. Story being updated as I learn more Quote Epic is also divesting from two previous acquisitions, sources say. It is selling music site Bandcamp to the marketer Songtradr and spinning out marketing company SuperAwesome to operate independently. Quote Link to comment Share on other sites More sharing options...
Brian Posted September 28, 2023 Share Posted September 28, 2023 Quote Summary of Tim Sweeney's message to employees: - Epic is spending more than it earns to invest in the next evolution of Epic & Fortnite - Fortnite is growing again, but because of Creative, which is a lower margin business than Battle Royale - Fortnite: Creative is now more popular than Fortnite: Battle Royale, in terms of playtime - Epic has been spending less on marketing & events in an effort to reduce costs, which wasn't effective enough in the end, so they decided to lay off employees. Business 101 - squeeze that shrinking consumer base Fortnite V-bucks are about to get more expensive - The Verge WWW.THEVERGE.COM The changes go into effect in October. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 This morning's letter from Tim Epic: Layoffs at Epic - Epic Games WWW.EPICGAMES.COM Earlier today Tim Sweeney sent the following email to Epic employees. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted September 28, 2023 Share Posted September 28, 2023 Quote We've been taking steps to reduce our legal expenses, but are continuing the fight against Apple and Google distribution monopolies and taxes, so the metaverse can thrive and bring opportunity to Epic and all other developers. 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 Ed Fear (Game Director of Mediatonic, the Fall Guys studio): Quote Unfortunately, I am one of the people affected by the layoffs today at Epic. I'm absolutely devastated to leave behind so many amazing Mediatonic colleagues who I loved. So: the job search begins! If you need an experienced writer or narrative designer, please get in touch Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 This situation may have been precipitated by Epic seeking another round of funding for capital expenditures to facilitate expansion of its Raleigh campus. Epic intended to approach VCs and other capital partners to obtain that funding, but then reconsidered because the valuation of the company wouldn't have been to their liking due to employee headcount and overall operating expenses. Thus, this move would make them more attractive to potential investors by reducing expenses and therefore providing a better rate of return: 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 I reeeeaaaaaly would like to obtain Epic's Statement of Cash Flows because I have a feeling that @Brian and I would find it very "enlightening". 1 Quote Link to comment Share on other sites More sharing options...
Brian Posted September 28, 2023 Share Posted September 28, 2023 The Metaverse keeps grifting 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 This picture was supposedly taken in the Mediatonic (Fall Guys) office earlier today: 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 28, 2023 Share Posted September 28, 2023 So people got laid off to make it more attractive for VCs to invest in Epic therefore diluting current shareholders so that they can expand an on-site campus? lmao Boomer egos needing photos in front of fancy offices 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 2 minutes ago, SuperSpreader said: So people got laid off to make it more attractive for VCs to invest in Epic therefore diluting current shareholders so that they can expand an on-site campus? lmao That's a really good point! I wonder how Tencent (40% shareholder) would feel about that?!? Quote Link to comment Share on other sites More sharing options...
Firewithin Posted September 28, 2023 Share Posted September 28, 2023 surely tim epic took a paycut himself before laying people off right?..............right? Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 In regard to the Raleigh campus, this is the most recent article that I could find as to the status of its construction: https://www.bizjournals.com/triangle/news/2023/06/28/what-is-epic-games-doing-with-new-cary-hq.html The former shopping mall that occupied the site was demolished in April 2022, but there has been no further work on the property since then. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 28, 2023 Share Posted September 28, 2023 On-site is stupid. Quote Link to comment Share on other sites More sharing options...
Brian Posted September 28, 2023 Share Posted September 28, 2023 39 minutes ago, SuperSpreader said: Boomer egos needing photos in front of fancy offices This is why we went back to the office 4 days a week. The CEO loves walking around the office feeling himself and staring at the Statue of Liberty from his office. He throws parties so he can make people “kiss the ring”. 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 28, 2023 Share Posted September 28, 2023 23 minutes ago, Brian said: This is why we went back to the office 4 days a week. The CEO loves walking around the office feeling himself and staring at the Statue of Liberty from his office. He throws parties so he can make people “kiss the ring”. It's the only reason anyone has gone back to office. Little Napoleons Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 1 minute ago, SuperSpreader said: It's the only reason anyone has gone back to office. Little Napoleons (looks at you in SCIF) Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 28, 2023 Share Posted September 28, 2023 4 minutes ago, Commissar SFLUFAN said: (looks at you in SCIF) SCIF/etc special situations don't count. Epic makes VIDEO GAMES aka TOYS. No one is saving lives at Epic Games/EA/Zenimax/Rockstar/T2/MS Games/Activision/etc Now I know I'm gonna get some jerk off story about how "videogames saved my life" so preemptively fuck off. 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 28, 2023 Share Posted September 28, 2023 This Meatball Bahn Mi saved my life earlier too. 1 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 2 hours ago, Commissar SFLUFAN said: In regard to the Raleigh campus, this is the most recent article that I could find as to the status of its construction: https://www.bizjournals.com/triangle/news/2023/06/28/what-is-epic-games-doing-with-new-cary-hq.html The former shopping mall that occupied the site was demolished in April 2022, but there has been no further work on the property since then. A ResetERA poster pointed out to me that there's a zoning issue that has yet to be resolved: Quote Looks like the hold up is a zoning issue which the town isn't budging on Epic's desire to turn some of the existing public roads to private. With some experience in construction it also looks like whatever architectural docs they showed off gave some concerns to residents of visual disruption. Either what they had looked disagreeable or unfinished and as such they have to get whatever design firm on it back to the drawing board. Quote I know zoning if often an "ugh" thing but looking at the site it shares a road with an elementary school and access to a senior living center that I'm unsurprised this tripped a "yo hold up" moment from the town if they felt Epic's architects hadn't addressed these factors well enough. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 28, 2023 Author Share Posted September 28, 2023 3 hours ago, SuperSpreader said: So people got laid off to make it more attractive for VCs to invest in Epic therefore diluting current shareholders so that they can expand an on-site campus? lmao Upon further consideration, I'm fairly certain that the next round of funding will be structured in such a way that the class of stock issued wouldn't be dilutive to existing shareholders. Quote Link to comment Share on other sites More sharing options...
Bacon Posted September 28, 2023 Share Posted September 28, 2023 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 29, 2023 Share Posted September 29, 2023 1 hour ago, Commissar SFLUFAN said: Upon further consideration, I'm fairly certain that the next round of funding will be structured in such a way that the class of stock issued wouldn't be dilutive to existing shareholders. It wouldn't, it would dilute the company itself or Tim Epic. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 29, 2023 Author Share Posted September 29, 2023 1 hour ago, SuperSpreader said: It wouldn't, it would dilute the company itself or Tim Epic. Right - I could definitely see the newly-issued class being dilutive of Tim's holdings rather than those of Tencent/Sony. 1 Quote Link to comment Share on other sites More sharing options...
Ghost_MH Posted September 29, 2023 Share Posted September 29, 2023 4 hours ago, SuperSpreader said: On-site is stupid. Won't someone think of the cratering commercial real estate market? 1 Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 29, 2023 Share Posted September 29, 2023 56 minutes ago, Ghost_MH said: Won't someone think of the cratering commercial real estate market? What goes up must come down? Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted September 29, 2023 Share Posted September 29, 2023 59 minutes ago, Commissar SFLUFAN said: Right - I could definitely see the newly-issued class being dilutive of Tim's holdings rather than those of Tencent/Sony. Obviously I don't know their financials but it seems dumb to dilute when you could likely qualify for a favorable loan. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted September 29, 2023 Share Posted September 29, 2023 1 minute ago, SuperSpreader said: but it seems dumb... Well it is Tim Sweeney 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted September 30, 2023 Author Share Posted September 30, 2023 Epic sacked the lead UE5 trainer (and his wife) but "forgot" to inform him on Thursday when the layoffs were announced so he went home thinking he was spared. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted October 2, 2023 Author Share Posted October 2, 2023 Epic's director of publishing strategy (and "brainchild" behind the creation of EGS) is departing because he is "not a good fit" for this "new version" of Epic: Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted October 2, 2023 Share Posted October 2, 2023 Gaming is just so deeply fucked. Quote Link to comment Share on other sites More sharing options...
crispy4000 Posted October 2, 2023 Share Posted October 2, 2023 They can do whatever they want with Fortnite, their publishing arm and the rest. I just hope the free games gravy train isn't coming to an end. Quote Link to comment Share on other sites More sharing options...
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