Epic Games, the developer of Fortnite, lays off 830 employees, stating that spending related to the metaverse far exceeds revenue
ChainCatcher news, Epic Games, the company behind Fortnite, has laid off 16% of its staff (about 830 employees), citing unrealistic expectations for revenue from the metaverse, which has led to expenditures "far exceeding" income.
CEO Tim Sweeney wrote in a memo to Epic Games employees on September 29: "Our conclusion is that layoffs are the only way forward, and making such a large-scale layoff now will stabilize our financial situation."
In addition to the layoffs mentioned above, Sweeney stated that another 250 employees will also be leaving Epic Games, as the company announced it will sell the recently acquired music site Bandcamp and spin off its marketing company SuperAwesome.
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