Epic Games raises $2 billion from Lego parent Sony to develop the Metaverse

Epic Games on Monday raised $2 billion (about Rs 15,200 crore) from Sony and the family holding company behind the Lego Group, valuing the Fortnite creator at $31.5 billion (about Rs 2,39,415 crore). rupees).

Sony, an existing investor, and investment firm Kirkbi have each invested $1 billion (about Rs 7,600 crore), Epic said, with the fundraising to help advance a metaverse partnership the company had. reached with the Lego Group earlier this month to build a metaverse for children.

Metaverse is the latest buzzword in the tech space and largely refers to the idea of ​​a shared virtual platform that people can access through different devices and move around in digital environments.

Deals are accelerating in the segment as tech giants see it as a major innovation and revenue generator.

In January, Microsoft agreed to buy Call of Duty maker Activision Blizzard for $68.7 billion (about Rs 5,22,120 crore), marking the biggest acquisition in the gaming sector.

Fortnite is already considered part of the metaverse, and investing in Epic will give Sony a chance to dig deeper and capitalize on that business.

Epic Games largely lost a lawsuit last year over whether Apple’s payment rules for apps were anti-competitive. The move revealed that Apple had valid reasons for forcing some app makers like Epic to use its payment system and take 15-30% commissions on their sales.

© Thomson Reuters 2022