Epic Games just got another $1 billion in funding so it can keep burning through cash
Epic Games needs more money to build a real metaverse.
Epic Games is still fine with throwing cash around for exclusivity deals, and apparently, so are its investors. The maker of Fortnite just closed a $1 billion round of funding, making the game maker worth a staggering $28.7 billion dollars.
The largest chunk of investment? $200 million from Sony, who also invested $250 million last summer in Epic’s last funding round, when Epic was valued at $17.3 billion.
That cash is partly for Epic’s “metaverse” project, which is really just a buzzword-y way of saying all of Epic’s games will have “connected social experiences” between Fortnite, Rocket League, and Fall Guys. Oh, and it’ll fund more development on Unreal Engine, which is probably good as a large percentage of games are built using it.
“Epic continues to deliver revolutionary experiences through their array of cutting-edge technologies that support creators in gaming and across the digital entertainment industry. We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology,” says Sony Group Corporation chair, president and CEO Kenichiro Yoshida.
Epic Games might look like they’re just burning money right now, but the company thinks it will be profitable by 2023. Maybe, although that possibly depends on how long the legal battle with Apple over their App Store policies lasts.
I mean, we all know high-powered lawyers don’t come cheap.
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