Epic Games

Fortnite creator Epic Games recently entered a long-term partnership with The Lego Group to shape the future of a family-friendly metaverse.

The metaverse isn’t the only market Epic Games has its eye on. “We have found this in our partnership with Sony and Kirkbi. “This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.”

According to Sony and The Lego Group, the investment into Epic Games is to create a “family-friendly” metaverse project.

This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.” According to Najarro, this initiative “affirms that the metaverse has a future for the gaming community.” Meanwhile, Sony views the latest investment initiative as another groundbreaking milestone in its push for tech advancement. The platform is the developer of Unreal Engine, one of the biggest platforms used to create video games. Sony (TYO: 6758) and The Lego Group are investing $2 billion in Fortnite maker Epic Games as part of a metaverse-driven initiative. This immersive and engaging digital experience will be an outlet for children of all ages to enjoy and interact.

Epic Games, creator of the Unreal Engine graphics engine and publisher of the massively popular video game Fortnite, has secured $2 billion in a fresh.

Sony and KIRKBI invested equally in the transaction, each shelling out $1 billion at a post-fund valuation of $31.5 billion. Epic stated that the additional $2 billion in cash will be used to “advance the company’s mission of building the metaverse and to support its sustained expansion.” The announcement is part of a strategy to fast-track the company’s aim of making a presence in the Metaverse.

Epic Games is already printing money thanks to Fortnite's ongoing success, but investors are keen to pour more in.

According to Epic Games, the new funding values the company at $31.5bn, with CEO Tim Sweeney saying it 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”. These are both existing relationships: Sony is already an investor in Epic Games, while Lego recently teamed up with the company to build a new metaverse for children. Yesterday, the company announced a $2bn funding round, with a billion apiece from Sony Group Corporation (Sony Music’s parent company) and KIRKBI (the owner of Lego).

The Japanese tech and gaming giant is joined by LEGO Group owner KIRKBI, who has also injected $1 billion USD to bring the total up to $2 billion USD for the ...

“We are also confident 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.” The Japanese tech and gaming giant is joined by LEGO Group owner KIRKBI, who has also injected $1 billion USD to bring the total up to $2 billion USD for the game developer. Despite the new investments, Epic will continue under its current CEO and found Tim Sweeney.

“Fortnite" creator Epic Games Inc. raised $2 billion, the most for any gaming company in two decades, from investors including Sony Group Corp.

It also owns the studios behind hit games such as “Rocket League’’ and “Fall Guys: Ultimate Knockout." Epic said “Fortnite" had more than 350 million registered users in 2020. The move came after Epic rolled out a new way of making in-game purchases that circumvented the cut the tech giants make from digital transactions within apps. In addition to the shooter game “Fortnite," it makes the Unreal Engine, a suite of software tools for developing videogames and producing special effects for television shows, movies and other types of digital content. “Fortnite" quickly became a global phenomenon after its debut in 2017. We have found this in our partnership with Sony and Kirkbi," Mr. Sweeney said.

Fortnite is one of the world's most popular video games. The investment "will accelerate our work to build the metaverse," Epic's CEO said.

He adds that it could also further Epic's game engine development: "Unreal Engine is a software tool to create and design video games, and could be an essential tool for creating the metaverse." as Epic tweeted when it announced a partnership with Lego a few days ago. Headquartered in Cary, N.C., Epic Games was founded by CEO Tim Sweeney in 1991.

In today's ExchangeWire news digest: Big Tech firms are predicted to lose up to USD$16bn (£12.2bn) due to Apple's privacy changes; Epic Games.

The following month, children in China were limited to three hours of game time a week, a move which dramatically slowed revenue growth for companies like NetEase and Tencent. The restrictions from Chinese authorities also limited the growth of foreign gaming companies seeking to break into the country’s market, such as online multiplayer game Roblox. Commenting on the company’s latest backing, Sony’s chief executive Kenichiro Yoshida, stated, “We are also confident 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.” NetEase experienced similar growth, jumping by almost 8%, reports the Financial Times. China’s biggest tech companies have been under heavy scrutiny over the last two years, as the Communist party has tightened regulations on gaming under its “common prosperity” policy. The deal swiftly follows an announcement from both Epic Games and Lego that the two companies had formed a “long-term partnership” to develop a metaverse specifically for children. Meta had anticipated that Apple’s privacy change would result in a significant blow to its revenue, predicting a USD$10bn loss in 2022 (£7.6bn). The company has, like other tech platforms, been developing new privacy-focused measurements to assuage the impact of Apple’s update, yet Meta is yet to confirm a complete policy update.

Sony and Lego have invested a combined $2 billion in Epic, to aid in their efforts to build the metaverse, whatever they think that is.

It's just that it's the school holidays in the UK at the moment and I have Covid, so my six-year-old and I already spent most of the day in the metaverse called "Kirby And The Forgotten Land". It's a videogame, sure, but we've also spent a lot of time expanding its town and hanging out there to play the fishing minigame. Online virtual hangout spaces have existed for decades, but calling them "the metaverse" makes it sound exciting and new to investors. Last week, Epic and Lego announced their intent to build "a space in the metaverse" for children.

Epic Games announced that the company received a $2 billion investment from KIRKBI (the company with ownership of The Lego Group) and Sony Group Corporation ...

With $2 billion invested in the company from these two corporations, the post makes it clear that Epic "remains controlled by its CEO and founder, Tim Sweeney." Yoshida expresses confidence that this partnership which utilizes "Epic's expertise" and "Sony's technologies" will assist its development of "new digital fan experiences in sports" and "virtual production initiatives." Sony already held a minor stake in Epic after a $250 million investment in 2020, giving the company 1.4% ownership at the time.

Epic Games has announced a $2 billion round of funding to advance the firm's vision "to build the Metaverse and support its continued growth."

“As we reimagine the future of entertainment and play we need partners who share our vision. This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.” A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in.

The funds will be used to advance the company's vision to build the metaverse and support its continued growth.

This latest round of funding follows the acquisition of rival Activision Blizzard by Microsoft in January for US$68.7 billion to accelerate the latter's gaming business across mobile, PC, console, and cloud. Sørensen added that the investment will accelerate engagement with digital play and continue growth, with a long-term focus on the metaverse. Epic Games has announced a US$2 billion round of funding from Sony and KIRKBI, the holding and investment company behind The LEGO Group. The funds will be used to advance the company’s vision to build the metaverse and support its continued growth.