Fortnite developer Epic Games raises $1 bn, including $200 mn from Sony

Topics Sony Corp | Video game

Epic Games

Fortnite developer Epic Games has announced that it completed a $1 billion round of funding, that includes an additional $200 million strategic investment from Sony Corporation.

With the new funding round that involved over a dozen investors, Epic's equity valuation has touched $28.7 billion.

Epic Games CEO Tim Sweeney said on Tuesday that the company will use the investment to "help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store."

Epic has used Sony's PS5 console to reveal its next-gen Unreal Engine 5 engine.

The two companies worked closely together on developing the PS5's storage architecture.

"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," said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation.

Epic Games will defend its stance during a lawsuit hearing against Apple in the US that starts from May 3, as the tow companies got themselves involved in a legal battle over the use of an in-game payment system.

While Epic Games argues about Apple's monopoly over the app market and treats 30 per cent standard fee amount to anti-competitive behaviour that must be regulated by antitrust law, Apple contends that "the whole antitrust allegation and associated dust-kicking is little more than a PR stunt".

Apple CEO Tim Cook as well as Epic Games Founder and CEO Sweeney may testify in the trial.

--IANS

na/


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel