US tech layoffs continue: Epic Games-owned Bandcamp announces 50% job cuts – Times of India

Bandcamp, a US-based indie music platform, was acquired by Fortnite-maker Epic Games in 2022 for an undisclosed amount. Later, the game-maker also announced its plans to sell the company a year after its acquisition. Now, Bandcamp has reportedly decided to cut 50% of its staff as one of the worst years for tech layoffs continues. The company’s employees took to social media to report that roughly half of Bandcamp employees had been laid off.

Epic Games to sell Bandcamp to Songtradr
Epic Games laid off 16% of its workforce – around 830 employees – late last month.The company’s CEOTim Sweeney explained that the job cuts were done due to overspending.
While announcing the layoffs, Epic also announced its plans to sell the Bandcamp business to California-based music licensing company Songtradr. In this announcement, Epic also disclosed that an additional 250 people would be reportedly leaving Epic either through receiving offers from Songtradr or Epic’s subsidiary ad business, SuperAwesome.
In an email to The Verge, Songtradr also confirmed that 50% of Bandcamp employees have been extended offers to join the company. Songtradr also reaffirmed its commitment to keep the Bandcamp experience the same.
Other tech layoffs in the US in October
Apart from Bandcamp, Microsoft-owned professional social media platform LinkedIn and coding website Stack Overflow have also announced job cuts in October.

In a statement, LinkedIn has announced that it will sack around 668 more employees across different teams. This will be the second round of layoffs for the company in 2023. Earlier, in May, LinkedIn slashed 716 jobs which brings the current total to 1,384.
According to an internal memo (seen by Insider), LinkedIn’s latest layoffs will affect 563 roles in the R&D department, which includes 137 Engineering management roles and 38 Product roles.
On the other hand, the popular coding website Stack Overflow used by students and developers also recently announced its decision to cut 28% of jobs as the company struggles with profitability.
Stack Overflow CEO Prashanth Chandrasekar has said that the company is “significantly reducing the size of our go-to-market organisation,” as well as “supporting teams” and other groups, reports The Verge.