Epic Games — the developer for the massively popular battle royale video game Fortnite — has now reached a market valuation of $17 billion USD, according to a new report from Reuters. The new valuation is preceded by a fresh round of funding for the company, which raised a whopping $1.78 billion USD, including a $250 million USD investment from Japanese tech and gaming company Sony for a stake in the developer. Other funds include those managed by BlackRock Inc. and the Ontario Teachers' Pension Plan Board.
“Having the support of leaders in the financial community accelerates Epic’s efforts to build a new kind of digital ecosystem using real-time 3D technology, services that connect hundreds of millions of people, and a digital storefront that offers a fair business model," said Epic Games CEO Tim Sweeney. "We are delighted to have them as part of the Epic family.”
Amid the ongoing coronavirus pandemic, the gaming industry at large has been booming, mostly due to more people staying at home and turning to video games as a primary form of entertainment, leading to increased spending on both new titles and in-game purchases. Spending on games in the U.S. went up 26 percent to $1.2 billion USD, while Nintendo's profits surged a staggering 400 percent during COVID-19. Sony also noted almost a doubling in game sales for the PlayStation 4.
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