Maybe I am just out of the loop, or fail to connect the dots. What's with a whole bunch of gaming companies laying off people or canceling projects? Is it simply the bad economy all over the world? Because that has been going on for a while, so why so many companies doing this just now, and all at once? A lot of games have been shit too for a while, so it's probably not that either. Do they have to publish quarterly reports in the upcoming days, and are trying to get ahead of the bad news by pretending that they have already done something about the issue?
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There are some other good answers here -- I would say it's largely because the economy is shit.
It's the same with sports media companies. The money on the balance sheet keeps going up, but the profit never appears. Companies have gone from 7-figure contracts to 10-figure contracts in the last 20 years but these same companies are now laying people off and claiming insolvency.
Same with game companies.
Same with housing.
Same with education.
Same with everything.
At some point, this huge bubble is going to collapse.