Epic Games axes 16% of its workforce and sells recently acquired BandCamp

Epic Games, creator of the massively successful video game Fortnite, is making some major changes. The company is cutting 870 jobs, which accounts for about 16% of its workforce. Additionally, Epic is selling Bandcamp, the online music site it acquired just last year. 

In a memo to staff, CEO Tim Sweeney stated, "We have determined that layoffs are necessary to stabilise our finances."

As part of this restructuring, Bandcamp will be joining  Songtradr, an e-business platform, which  offers products that can assist agencies, artists, and labels in the finding, licensing, and managing of music across various formats. As of 2019, Songtradr was the largest music licensing platform in the world.

Epic Games, known for their gaming engine Unreal Engine, which powers popular titles like Fortnite and Gears of War, has gained worldwide fame. Fortnite alone boasts approximately 400 million registered users.

- CyberBeat