Epic Games has been conducting a $1 Billion funding round to boost the utility of the gaming company while entering the world of the metaverse. In this funding round, the entertainment giant Sony has been a key player and recently invested $200 million in Epic Games’ funding initiative.
Epic Games, on April 11th, announced the launch of the funding round where $1 Billion was invented by Sony and the other by KIRKBI to stimulate the building of a metaverse. Epic Games believes that the metaverse is not just a concept or hype but has the potential to change the entire gaming industry. The company said the funding will be used to “advance the company’s vision to build the metaverse and support its continued growth.”
Sony’s Involvement with Epic Games
Epic, after the recent financing, is currently valued at $28.7 billion, and with the new investment, Sony has acquired a $250 minority stake in the company. Sony Games on this investment said, “(Sony) has made an additional strategic investment of 200 million U.S. dollars in Epic through its wholly-owned subsidiary, Sony Corporation of America,”
It further added, “By strengthening the already close relationship between the two companies through this additional investment, Sony will further promote efforts across the Sony Group’s businesses to explore collaborative opportunities leading to new value creation, and strive to accelerate business expansion in the area of entertainment.”
This funding will be utilized by Epic Games to compete with existing gaming metaverses such as Decentraland and the Sandbox. There has been news about Epic Games and LEGO aiming to create a metaverse that will promote good behavior among children.
The CEO of The LEGO Group released a statement, “We have a responsibility to make them (video games) safe, inspiring and beneficial for all. Just as we’ve protected children’s rights to safe physical play for generations, we are committed to doing the same for digital play. We look forward to working with Epic Games to shape this exciting and playful future.”
It would be interesting to see the progression of the metaverse with key players such as The Epic Games, Sony, and The LEGO in the mix.