The Metaverse Has Failed to Live Up to Epic Games’ Expectations
Epic Games’ computer game marketplace has made the difficult decision to release 16% of its workforce, approximately 870 employees, due to the unprofitability of its Metaverse division.
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CEO Tim Sweeney conveyed that the expectations regarding profits from the Fortnite Creator program have fallen short. He also clarified that these layoffs are essential to restore the company's financial stability.
In addition to these workforce reductions, Epic Games intends to divest its recently acquired music website, Bandcamp.
The affected employees will receive six months of salary and medical benefits as part of the severance package.
During this period, it's possible that a bullish phase in the cryptocurrency market could emerge, potentially driving demand for the Metaverse. Perhaps they could have weathered this storm a bit longer.
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