Half of Bandcamp staff laid off by new owner weeks after acquisition

San Francisco, Oct 17 (SocialNews.XYZ) Half of the employees of the US-based online audio distribution platform Bandcamp have been laid off by the new owner Songtradr (a music marketplace company supporting artists) just weeks after acquiring the company from Epic Games (developer of popular game Fortnite).

Songtradr confirmed that “50 per cent of employees received offers” to continue under the new ownership -- and naturally, the remaining 50 per cent didn’t, reports TechCrunch.

Epic Games bought Bandcamp in 2022 for an undisclosed amount before selling it barely a year later.

"Over the past few years, the operating costs of Bandcamp have significantly increased. It required some adjustments to ensure a sustainable and healthy company that can serve its community of artists and fans," Songtradr was quoted as saying.

"After a comprehensive evaluation, including the importance of roles for smooth business operations and preexisting functions at Songtradr, 50 per cent of Bandcamp employees have accepted offers to join Songtradr," it added.

According to the report, there were reductions made across all departments, and all departments still have original Bandcamp workers.

Several laid-off employees took to social media to share the news of job cuts.

"Officially laid off, after two weeks of limbo where I expected that would be the case but had no confirmation. nearly eight years at Bandcamp and it’s over," an employee of Bandcamp posted on X.

"About half the company was laid off today."

Last month, Epic Games announced to lay off 16 per cent of its employees, impacting nearly 870 people.

Source: IANS