comscore Fortnite developer Epic Games raises $2 billion to grow metaverse efforts
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Fortnite developer Epic Games ready to go full throttle on metaverse with $2 billion investment

The funds come from Sony, which has previously invested in Epic, and KIRKBI, an investment group operated by the Kirk Kristiansen family.

  • Published: April 12, 2022 8:22 PM IST
Fortnite

Epic Games, the developer of popular game Fortnite, has announced a $2 billion round of funding from Sony and KIRKBI, the family-owned investment company which founded the Lego Group. The funds will be used to boost Epic’s dream to build the metaverse. Sony and KIRKBI invested $1 billion, respectively, in Epic. Also Read - Meta, Microsoft, other tech giants form metaverse standards body, except Apple: Check details

“This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive,” said Tim Sweeney, CEO and Founder, Epic Games. Also Read - Global metaverse market to reach $28 bn by 2028 with the help of gaming

Epic’s post-money equity valuation is now $31.5 billion. Also Read - Sony PS5 India restock: PlayStation5, PlayStation5 Digital Edition pre-orders to begin at 12 PM today

Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation, said that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, “will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.”

Epic Games is known for building playful and creative experiences and empowering creators large and small.

“A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in,” said Soren Thorup Sorensen, CEO, KIRKBI.

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

To recall, the Epic Games Store managed to accrue over 194 million users back 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.

Epic Games Store launched back in December 2018, and since then the company has put in a huge amount of resources to grow the platform. A document from the Epic vs Apple trial showcased that the company had $330 million in unrecouped costs in 2020 alone. This amount was for paying developers to give away their games in its store. Last year, Epic gave away 89 different titles and 765 million free games overall.

Epic Games has revealed that players spent around $840 million in its store in 2021, with over a third of the amount being spent on third-party games.

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  • Published Date: April 12, 2022 8:22 PM IST



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