![]() ![]() This is done to further invest in the growth of the business or even pay off debt. The acronym stands for ‘Initial Public Offering’, it’s a process used by large private companies to raise additional capital. Epic Games tried to circumvent this and as a result, got the boot from the store. ![]() Epic Games argued Apple’s App Store was operating as a monopoly, taking a 30% commission of in-app purchases with no alternative option. However, a big blow to Epic Games was the ban of Fortnite from the App Store and Google Play Store by Apple and Alphabet respectively. The success of Fortnite attracted lots more investing interest and provided Epic Games the ability to set up its digital store. The model was different, using a free-to-play system with in-game purchases. Released in 2017/18, it became a runaway success (in terms of finances and popularity). The change to focus on GaaS learning the ropes from Tencent proved to be a solid move, and Epic Games went on to create Fortnite. Most recently, Epic Games received a $1 billion investment each from Sony and Kirkbi (Lego owners) to fuel growth and metaverse developments. This move led to a partnership with Tencent, who acquired 40% of Epic Games for roughly $330 million in 2012. Then, it changed its approach when it believed gaming interest was shifting towards games-as-a-service model (GaaS). ![]() Also, because it creates the underlying game engine technology used elsewhere, there’s not as much financial pressure to pump out games.Īfter moving from PC games, Epic Games’ focus switched to console games for several years. Developing and operating one of the world’s largest games, Fortnite.Įpic Games doesn’t have a massive back catalogue of games as it concentrates on quality over quantity.Creation of the ‘Unreal Engine’, technology that powers leading games and is used in industries outside gaming (like TV, film, architecture, manufacturing, and simulators).The two major successes of Epic Games thus far include: Founder and current CEO Tim Sweeney decided to move the company from his parent’s house in Potomac to Cary, North Carolina, in 1999 and change the name to Epic Games. The company started in 1991, originally called ‘Potomac Computer Systems’. The closing of the investment is subject to customary closing conditions, including regulatory approvals.Epic Games is a video game software developer and publisher. “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.”Įpic's post-money equity valuation is $31.5 billion. We have found this in our partnership with Sony and KIRKBI,” said Tim Sweeney, CEO and Founder, Epic Games. “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. “Epic Games is known for building playful and creative experiences and empowering creators large and small,” said Søren Thorup Sørensen, CEO, KIRKBI. “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.” “As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time.” said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation. Epic continues to have only a single class of common stock outstanding and remains controlled by its CEO and founder, Tim Sweeney. All three companies highly value both creators and players, and aim to create new social entertainment exploring the connection between digital and physical worlds. This round includes investments from existing investor Sony Group Corporation as well as KIRKBI, the family-owned holding and investment company behind The LEGO Group, with each party investing $1 billion respectively. Today Epic Games announced a $2 billion round of funding to advance the company’s vision to build the metaverse and support its continued growth. ![]()
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