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

Epic Games, developer of Fortnite has received funding of $2 billion from Sony and KIRKBI. This family-owned investment firm founded the Lego Group, a private equity company. These funds will go towards Epic’s goal of creating the metaverse. KIRKBI and Sony invested $1 billion in Epic.

Tim Sweeney (CEO and Founder of Epic Games) stated that this investment would accelerate our efforts to create the metaverse. Spaces where friends can play with each other, brands can make immersive and creative experiences, and creators and communities can thrive.

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

Kenichiro Yoshida is the Chairman, President, and CEO of Sony Group Corporation. He stated that Epic’s game engine and other technologies will “accelerate our diverse efforts, such as our development of digital fans experiences in sport and our virtual production initiatives.”

Epic Games has a reputation for creating fun and engaging experiences, and supporting creators small and large.

Soren Thorup Sorensen CEO of KIRKBI stated that “a proportion of our investments are focused on trends which we believe will affect the future world we and our kids will live in.”

According to the company, closing the investment will be subject to standard closing conditions including regulatory approvals.

The Epic Games Store had over 194,000,000 users in 2021. It claimed that it has 31.1 million active users per day and peak concurrent users of 13.2 million. The company also disclosed that December saw 62 million active monthly users.

Epic Games Store was launched in December 2018 and has been growing rapidly ever since. Epic Games Store was found to have $330 million unrecouped expenses in 2020, according to a document obtained from Epic vs Apple. The company paid developers $330 million to allow them to share their games on its website. Epic distributed 765 million games free of charge last year and 89 titles.

Epic Games revealed that its customers spent $840 million on their store in 2021. More than a third were spending it on third-party gaming.

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Conclusion

Epic Games, the developer of Fortnite has received $2 billion dollars from Sony and KIRKBI. They will use the funds to create the metaverse, a virtual space where friends can play together, brands can make immersive experiences, and creators and communities can thrive. In 2020 Sony invested