In a memo to staff, Epic said it had tried to cut costs but was still “spending way more money than we earn”.
“We concluded that layoffs are the only way, and that doing them now and on this scale will stabilize our finances,” CEO Tim Sweeney wrote.
“We concluded that layoffs are the only way, and that doing them now and on this scale will stabilize our finances,” CEO Tim Sweeney wrote.
“But we still ended up far short of financial sustainability.”
He said that Bandcamp was joining Songtradr, a music marketplace company supporting artists.
Bandcamp made its name as a place where independent artists could make a better return on their music than streaming platforms so its purchase by Epic in 2022 raised eyebrows, with some questioning how the two businesses would fit together.
This announcement suggests those doubts were well founded.
Epic has offices around the world, including in the UK. It is not yet known where the job cuts will fall.
“We concluded that layoffs are the only way, and that doing them now and on this scale will stabilize our finances,” CEO Tim Sweeney wrote.
In a memo to staff, Epic said it had tried to cut costs but was still “spending way more money than we earn”.
“But we still ended up far short of financial sustainability.”
“We concluded that layoffs are the only way, and that doing them now and on this scale will stabilize our finances,” CEO Tim Sweeney wrote.
“We concluded that layoffs are the only way, and that doing them now and on this scale will stabilize our finances,” CEO Tim Sweeney wrote.
“But we still ended up far short of financial sustainability.”
He said that Bandcamp was joining Songtradr, a music marketplace company supporting artists.
Bandcamp made its name as a place where independent artists could make a better return on their music than streaming platforms so its purchase by Epic in 2022 raised eyebrows, with some questioning how the two businesses would fit together.
This announcement suggests those doubts were well founded.
Epic has offices around the world, including in the UK. It is not yet known where the job cuts will fall.
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