In an interview with The Verge, Epic Games CEO Tim Sweeney outlined his big plans for the rest of the decade, and why Epic had to lay off 16% of its workforce last year to make it happen. The top line is that Sweeney still sees promise for a "metaverse" of interoperable assets and marketplaces between Fortnite and other Unreal Engine games/initiatives, like a planned Unreal "persistent universe" owned by Disney.
"Last year, before Unreal Fest, we were spending about a billion dollars a year more than we were making," Sweeney said. That's since receded to just "a bit" more than Epic earns in revenue. For perspective, Forbes estimated the company's revenue to be north of $6 billion in 2022, while the Epic Game Store self-reported $950 million in sales in its 2023 year in review. Like Microsoft, The Embracer Group, and many other publishers, Epic balled out in the go-go years of the pandemic and NFTs before having to tighten its belt amid the current industry contraction.
