Fortnite developer Epic Games ready to go fully on the metaverse with $2 billion investment

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Epic Games, developer of the popular game Fortnite, has announced $2 billion in funding from Sony and KIRKBI, the family-owned investment company that founded the Lego Group. The money will be used to promote Epic’s dream to build the Metaverse. Sony and Kirkby invested $1 billion in Epic, respectively.

Epic Games CEO and Founder Tim Sweeney said, “This investment will accelerate our work to build the Metaverse and create spaces where players can have fun with friends, brands can create creative and immersive experiences, and creators can build a community.” can and will be successful.”

Epic’s post-money equity valuation now stands at $31.5 billion.

Kenichiro Yoshida, president, president and CEO of Sony Group Corporation, said that Epic’s expertise, which includes their powerful game engine, combined with Sony’s technologies, “adds to our various efforts such as the development of new digital fan experiences in games and our virtual production.” will speed up initiative.”

Epic Games is known for creating playful and creative experiences and empowering creators big and small.

“Part of our investments are focused on trends that we believe will impact the future world in which we and our children live,” said Kirkby CEO Soren Thorup Sorensen.

The closing of the investment is subject to customary closing conditions, including regulatory approvals, the company said.

To recall, the Epic Games Store managed to garner over 194 million users in 2021 out of which the company claimed to have 31.1 million daily active users and peak concurrent users touched 13.2 million. It also revealed that it had 62 million monthly active users in December.

The Epic Games Store launched back in December 2018, and since then the company has invested an enormous amount of resources into developing the platform. A document from the Epic vs. Apple trial showed the company had $330 million in non-refundable costs in 2020 alone. This amount was to pay developers to have their games in their stores. Last year, Epic gave away 89 different titles and 765 million free games in total.

Epic Games has revealed that players spent about $840 million in its store in 2021, with more than a third of that amount spent on third-party games.

Fortnite developer Epic Games, ready to go all-in on the metaverse with a $2 billion investment, first appeared on BGR India.

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