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XR Games suffered a round of layoffs, reportedly cutting staff by 86%

The Immersive Wire - 7 October 2024 (Briefing)

Executive summary

Welcome to your weekly briefing on the metaverse and spatial computing. Here are your snippets to sound smarter in meetings this week:

The Isle of Wight was a rainy mess. On brand, really.

Tom Ffiske, Editor of the Immersive Wire

Top story

XR Games experienced a round of layoffs.

  • How many? 72 staff were reportedly let go, leaving only 12 behind. The company cites a “challenging gaming market.” Both Zombie Army VR and Starship Troopers: Continuum are expected to launch later in 2024 regardless.

  • What’s the significance? This has been a difficult time for companies working in the gaming industry, with companies letting go of thousands of employees throughout 2024. The downsizing coincided with a rise in interest rates and a high inflation environment. What I wonder is if it will get better in 2025 or not It was already a cold market by the end of 2023; how long will the winter last, and will it worsen?

Note: The Immersive Wire is run by Tom Ffiske, who also works within Accenture’s metaverse group. The contents of the newsletter should not be regarded as Accenture’s views.