Epic Games Announces Layoffs and Bandcamp Divestment
Epic Games, the maker of popular video game "Fortnite," is laying off approximately 830 employees, which accounts for 16% of its workforce, and divesting online music platform Bandcamp. The company will also spin-off most of SuperAwesome, a platform it acquired in 2020. CEO Tim Sweeney cited lower margins in the creator content-driven growth of "Fortnite" as a reason for the layoffs. The video game industry is facing a slowdown in spending, and legacy publishers are competing with new entrants like Warner Bros Discovery. Epic Games has been engaged in a legal battle with Apple over App Store rules.
