‘Halo’ and ‘Destiny 2’ video game studio to lay off 17% of its workforce

As a seasoned movie buff with decades of experiencing the rise and fall of various industries, I can’t help but feel a pang of familiarity when I hear about Bungie’s recent layoffs. The video game industry, like Hollywood, is known for its boom-and-bust cycles, fueled by public demand and technological advancements.

Bungie, a video game company owned by Sony Corporation, announced on Wednesday that they will be letting go of approximately 220 employees, which is about 17% of their total workforce, due to financial challenges within the gaming industry.

The Bellevue-based company announced that layoffs will impact all levels, from executives down to junior staff members. To support those who are let go, the company has pledged to provide severance packages, bonuses, and health insurance coverage.

In light of the wider economic circumstances we’ve faced over the past year, and after exploring every other possible solution, it has become essential for us to adjust our studio and our business with more attainable objectives and solid financials, as stated by Bungie Chief Executive Pete Parsons in a post on their website.

As a passionate film enthusiast, I’ve been captivated by the rapid growth of the studio behind “Destiny 2” and “Halo.” Remarkably, they managed to juggle projects from three distinct video game franchises. In an exciting turn of events, Sony, the masterminds behind PlayStation, officially took them under their wing in 2022. Tracing its roots back to 1991, Bungie has certainly left an indelible mark on the gaming industry.

By 2023, however, with the economy slowing down, the video game industry began to adjust following its rapid growth during the pandemic. Notably, Bungie encountered a “quality issue” with their “Destiny 2: Lightfall” game, according to Parsons.

He expressed that our goals were too aggressive, which led us to surpass our designated financial buffers, resulting in operating at a loss, as he put it in his post.

Moving forward, the company is looking to lean more on its parent company, Sony Interactive Entertainment. As per Parsons, approximately 12% of the company’s workforce, equating to 155 positions, will be merged into Sony Interactive Entertainment in the upcoming quarters, a step that decreases the number of layoffs required. Furthermore, a new “science-fantasy” action game will be spun off and developed at a standalone studio under PlayStation Studios to facilitate further growth, according to Parsons.

It’s not just Bungie that has had to let go of employees recently. In fact, last year alone, around 6,500 workers globally were made redundant, as reported by The Times. Notable among these were hundreds from California-based companies such as Unity and Riot Games.

Read More

• TOMI PREDICTION. TOMI cryptocurrency
• CANTO PREDICTION. CANTO cryptocurrency
• G PREDICTION. G cryptocurrency
• ZEX PREDICTION. ZEX cryptocurrency
• UNI PREDICTION. UNI cryptocurrency
• The 1% Club is plunged into chaos as empty-handed contestant BLAMES host Lee Mack for missing out on £20,000 cash prize (before he compares her to Minnie Driver!)
• The Fall Guy confirms streaming release date
• Dancing influencer caught at centre of ‘body shaming’ row hits back at trolls who called her a ‘whale’ and reveals the five-figure monthly sum she makes from her online content
• PUBG Mobile 3.4 Beta Version Update: What’s new and how to download
• The biggest movie news you might have missed this week (August 5-9)

2024-07-31 21:01