2 ms·
Pretty sure Epic took a big haircut in valuation too, just like its peers. Money is a lot more expensive now, so perhaps Disney got a nice deal.
by ProfessorLayton 3y ago
Pretty sure Epic took a big haircut in valuation too, just like its peers. Money is a lot more expensive now, so perhaps Disney got a nice deal.
- araes 3y agoProbably, they had to let 830 (16%) go to reach financial stability and got rid of Bandcamp and SuperAwesome for another 250. [1] Apparently they were "spending way more money than we earn" to try and turn Fortnite into a metaverse concept. However, lately they say they've been getting by on low margin creator content revenue sharing that seems to not be enough. Based on the letter, the layoffs and divestitures brought them to financial stability again. [1] Sept 28, 2023 https://www.epicgames.com/site/en-US/news/layoffs-at-epic https://www.epicgames.com/site/en-US/news/layoffs-at-epic
- jtriangle 3y agoOh make no mistake, they're still burning a ton of money trying to get their cross play metaverse thing off the ground. Those dev teams didn't lose a single person in those layoffs, in fact, whole departments were gutted and some of the engineering talent was reassigned to the metaverse team. It's so much worse than you can imagine.
- quickthrower2 3y agoDisney ironically being the smartest tech investor by being old school and buying low.