Epic Games Secures the Big Bag From Sony to Develop Metaverse -Breaking
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© Reuters. Epic Games secures the Sony Big Bag to Help Develop Metaverse- From $1Billion, Epic games received an investment Sony (NYSE:) To create its metaverse.
- However, no sensitive information is shared with the general public.
- Sony is also investing $1 billion in KIRKBI.
Epic Games revealed Monday that it received a multi-billion dollar investment from Sony, the multinational conglomerate. This will allow Epic Games to increase its progress in metaverse development.
According to the announcement, the investment plays a key role in creating “new social entertainment” through bridging the digital and physical spaces. Although it was not clear what funding would look like, top executives from both businesses indicated that funding would be directed towards developing the metaverse.
Tim Sweeney is CEO and Founder of Epic Games.
The investment will help us accelerate our work in building the metaverse. It creates spaces for players to have fun with each other, where brands can offer immersive experiences that are creative and engaging and places where creators can thrive.
“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 Sony Group Corporation President and CEO Kenichiro Yoshida.
Sony is an Epic Games Partner. In 2020, the company invested $250 million for unknown reasons. Epic received $200 million more from Sony in 2021. Monday’s investment became the third and is double the prior fundings.
The release also suggests that Sony is banking on Epic to help strengthen the giant’s virtual reality endeavors, with Sony’s PSVR2 just right around the corner. Yoshida praised Epic, saying that Sony trusts the gaming company to “help accelerate [Sony’s] various efforts, such as the development of new digital fan experiences in sports and our virtual production initiatives.”
In addition to Epic’s $1 billion acquisition from Sony, the company also bagged another $1 billion from family private holdings KIRKBI. KIRKBI’s CEO, Søren Thorup Sørensen, echoed Sony’s address about the investment’s role in the “long-term focus” of developing the metaverse.
Epic has received $2 billion from these investments and is currently valued at $32 billion.
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