Sega said other European subsidiaries would see the impact of cuts, too. The news of Epic Games’ mass layoff comes shortly after Sega announced the cancellation of loot shooter Hyenas, with job cuts expected at developer Creative Assembly. In an FAQ published after the announcement, Epic Games said its priorities remain on its “must succeed initiatives,” like Fortnite’s upcoming season and chapter, as well as upcoming projects codenamed “Del Mar,” “Sparks,” and “Juno.” Epic Games will continue to hire, and no other layoffs are expected.Įpic Games also addressed its ongoing legal battle with Apple: “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.” Sweeney noted that “two-thirds” of the cuts were “outside of core development.” He wrote that some projects will stay on schedule, while others may be delayed. “Success with the creator ecosystem is a great achievement, but it means a major structural change to our economics.” “While Fortnite is starting to grow again, the growth is driven primarily by creator content with significant revenue sharing, and this is a lower margin business than we had when Fortnite Battle Royale took off and began funding our expansion,” Sweeney wrote. CEO Tim Sweeney owns the majority of Epic Games’ remaining shares, Bloomberg said. Chinese tech conglomerate Tencent has owned 40% of Epic since 2012, when it paid $330 million for its stake, according to Tencent’s financial reports. This makes the Cary, North Carolina-based company one of the largest privately owned video game companies. Fortnite alone generates billions of revenue each year - and is growing again, Sweeney said. Roughly 250 people are leaving Epic Games due to the divestitures.Įpic Games is valued at $31.5 billion, according to the Wall Street Journal. The company is also expected to “divest” from two acquisitions, by selling recently unionized music site Bandcamp and “spinning off” most of its marketing company SuperAwesome. Reached for comment, an Epic Games representative pointed Polygon to Sweeney’s memo.Įpic Games employees impacted by the layoffs will get six months of severance and health benefits, Sweeney wrote. “I had long been optimistic that we could power through this transition without layoffs, but in retrospect I see that this was unrealistic.” “For a while now, we’ve been spending way more money than we earn, investing in the next evolution of Epic and growing Fortnite as a metaverse-inspired ecosystem for creators,” CEO Tim Sweeney wrote in an email to staff. Bloomberg News first reported the layoffs before Epic Games published its internal memo online. Check out our homepage today to learn more.Epic Games, which makes Fortnite and Unreal Engine, is laying off a devastating 16% of its workforce, leaving roughly 830 workers without jobs, Management reportedly emailed staff Thursday to share the news. To make your entire promotional materials as aesthetic as possible, explore our other online design tools. When you’re happy with the results, download your high-resolution logo in the format you need, be it in print or digital. Apply your color palette and font styles. Once you’ve found the one, personalize its visual elements. Take your time and browse our logo ideas until you spot the best design. You have plenty of illustrations to choose from. Marked by a minimalist style, our logo designs offer a straightforward approach to marketing your brand. This easy-to-use tool features assorted Aesthetic logos for different types of businesses - interior designer services, beauty salons, cafes, make-up brands, and apparel shops, to name a few. That’s why if you want your business to look artsy and classy, try our Aesthetic logo maker. Your brand’s visual identity affects how consumers perceive your brand.
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