{"id":32484,"date":"2023-09-29T00:32:22","date_gmt":"2023-09-29T04:32:22","guid":{"rendered":"https:\/\/esportbet.com\/?p=32484"},"modified":"2023-09-29T00:32:22","modified_gmt":"2023-09-29T04:32:22","slug":"epic-games-set-to-layoff-over-800-employees-due-to-financial-difficulties","status":"publish","type":"post","link":"https:\/\/esportbet.com\/epic-games-set-to-layoff-over-800-employees-due-to-financial-difficulties\/","title":{"rendered":"Epic Games set to layoff over 800 employees due to financial difficulties"},"content":{"rendered":"

Epic Games is undergoing significant restructuring, resulting in layoffs affecting approximately 830 employees, as confirmed by an email from CEO Tim Sweeney posted on the company’s website. <\/p>\n

This move accounts for roughly 16% of the workforce. Of these job cuts, around 250 employees are connected to Epic’s divestiture of Bandcamp and SuperAwesome.<\/p>\n

The decision to reduce the workforce comes as a response to Epic’s financial situation. <\/p>\n

Sweeney acknowledged that the company has been operating at a deficit, attributing it to their investments in the development of the Epic ecosystem and the growth of Fortnite<\/a> as a metaverse-inspired platform for content creators.<\/p>\n

While Fortnite is seeing renewed growth, it relies heavily on creator content with a substantial revenue-sharing model, which has lower profit margins compared to the early days when Fortnite Battle Royale funded their expansion. <\/p>\n

This shift in business model necessitated a major structural change in the company’s financial approach.<\/p>\n

Sweeney emphasized that Epic had been making continuous efforts to trim costs globally, such as freezing new hiring and reducing expenses in areas like marketing and events. <\/p>\n

However, these efforts fell short of achieving financial sustainability, prompting the layoffs as a necessary step to stabilize the company’s finances.<\/p>\n

Employees affected by the layoffs will receive a severance package consisting of six months’ base pay and six months of Epic-paid healthcare, applicable in the US, Canada, and Brazil. <\/p>\n

Additionally, Epic is offering an accelerated stock option vesting schedule until the end of 2024, granting two extra years for option exercise. <\/p>\n

In the US, they are also allowing unearned profit sharing from employees’ 401k accounts to vest. <\/p>\n

The company will provide support for career transition services and visa-related matters where feasible.<\/p>\n

Epic has asserted that these layoffs mark the conclusion of their restructuring efforts and will bring financial stability to the company moving forward. <\/p>\n

This decision coincides with their ongoing legal battle with Apple over antitrust issues and a recent announcement that Fortnite’s in-game currency, V-Bucks, will see a price increase due to inflation.<\/p>\n

More esports news<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Epic Games is undergoing significant restructuring, resulting in layoffs affecting approximately 830 employees.<\/p>\n","protected":false},"author":15,"featured_media":19931,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","footnotes":""},"categories":[3],"tags":[3411,345,87,3412,3410],"class_list":["post-32484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bandcamp","tag-epic-games","tag-fortnite","tag-superawesome","tag-tim-sweeney"],"yoast_head":"\nEpic Games Expected To Layoff Over 800 Employees<\/title>\n<meta name=\"description\" content=\"Epic Games is undergoing significant restructuring, resulting in layoffs affecting approximately 830 employees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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