Disney isn’t the only company seeing massive layoffs. Another recently acquired company might be losing roughly 50% of its staff.
It’s been a difficult year for tech companies. With the general downward trend worldwide, many have had to downsize and make a lot of challenging decisions to save the company. One of the most prominent cases of this was the Walt Disney Company.
Earlier this year, Disney CEO Bob Iger announced that the Walt Disney Company would be undertaking 7,000-person layoffs, wherein 4,000 people were fired from their existing positions and 3,000 job openings were canceled. Now, another company has seen layoffs on a similar scale wherein almost 50% of the staff was laid off.
Roughly 50% of Bandcamp Staff Laid Off After Songtradr Acquisition
Online record store and music community Bandcamp was recently sold by company Epic Games (responsible for many of the fan-favorite Disney games we enjoy and a company in which the Walt Disney Company has a minority stake) to Songtradr.
After the sale closed, it was announced that at least half of Bandcamp staff were laid off, and Bandcamp United took to social media to share their frustration and their desire to fight and negotiate for the safety of their jobs.
Bandcamp United’s statement read,
Today, Epic Games’ sale of Bandcamp to Songtradr was closed and at least half of Bandcamp’s staff was laid off. This is heartbreaking. We love our jobs, the platform we’ve built, and the Bandcamp community. We’re glad we have our union—coworkers who have each other’s backs. We’ll be moving together to decide what our next steps are. On Wednesday we return to the bargaining table with Epic Games, and we’ll keep you updated. Love and solitary to the whole Bandcamp community. Thank you for your support.
Update on today's layoffs: pic.twitter.com/yyUkcifXdQ
— Bandcamp United (@bandcampunited) October 17, 2023
What is Epic Games’ Deal With Bandcamp?
As The Verge reported, “Epic Games bought the indie music platform back in 2022 for an undisclosed amount before selling it barely a year later.” However, this reduction isn’t the only staff cut Bandcamp has seen recently. Last month, CEO Tim Sweeney explained that due to “overspending,” Epic Games laid off 16 percent of its workforce or 830 employees.
Deep rage, sadness & frustration at the Bandcamp layoffs (along with everything else atm)
The editorial team built one of the best & most dependable platforms for independent musicians to be celebrated & discovered. Only to be gutted by corporate greed. Same story ad infinitum
— Otto Von Biz Markie (@Passionweiss) October 16, 2023
Epic Games Faces Similar Criticism to Disney
Much the way many criticized the Walt Disney Company for its extensive layoffs earlier this year, with many Disney employees even speaking out about how the work environment had deteriorated, the community has spoken out, taking Songtradr and Epic Games to task.
One community member shared, “Deep rage, sadness & frustration at the Bandcamp layoffs (along with everything else atm) The editorial team built one of the best & most dependable platforms for independent musicians to be celebrated & discovered. Only to be gutted by corporate greed. Same story ad infinitum.”
Along with this, some employees also took the time to share their experiences. Many were grieving the loss of their jobs and putting feelers out for new work as well.
https://twitter.com/modernistwitch/status/1713962311579234428
Songtradr confirmed in an email to The Verge that 50 percent of Bandcamp staff have been extended offers to join Songtradr. They also reaffirmed the company’s commitment to keeping the Bandcamp experience the same.
“Over the past few years, the operating costs of Bandcamp have significantly increased,” Songtradr explained in a statement. “It required some adjustments to ensure a sustainable and healthy company that can serve its community of [Bandcamp] artists and fans. After a comprehensive evaluation, including the importance of roles for smooth business operations and pre-existing functions at Songtradr, 50% of Bandcamp employees have accepted offers to join Songtradr.”
It’s truly sad to see so many companies go through the same difficulties the Walt Disney Company did, often with long-time employees paying the price. It certainly has us wondering about what the future of Disney holds when companies that they have a minority stake in have to take the same steps as Disney did.
Bob sounds like you need money you need to give the money back that Disney paid for your office. I don’t get it I wouldn’t have Disney+ or Hulu hope there is somebody watching you give our channels back.