Jump to content

Update: Epic laid off ~50% of Bandcamp's staff amidst its sale to Songtradr


Commissar SFLUFAN

Recommended Posts

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.

 

Link to comment
Share on other sites

  • Commissar SFLUFAN changed the title to Epic Games to lay off 16% (~900 people) of its workforce, divesting Bandcamp (March 2022 acqusition)
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

 

WWW.THEVERGE.COM

The changes go into effect in October.

 

Link to comment
Share on other sites

  • Commissar SFLUFAN changed the title to Epic Games to lay off 16% (870 people) of its workforce, divesting Bandcamp (March 2022 acqusition)

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 :)

 

Link to comment
Share on other sites

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:

 

rumors-of-massive-layoffs-at-epic-are-re

  • Halal 1
Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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”.

  • Halal 1
Link to comment
Share on other sites

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. 

  • Sicko Sherman 1
Link to comment
Share on other sites

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.

 

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

  • Commissar SFLUFAN changed the title to Update: Epic laid off ~50% of Bandcamp's staff amidst its sale to Songtradr

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...