Epic Games announced on Monday that it had secured a billion-dollar investment from multinational conglomerate Sony to speed up its 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 the release did not discuss in detail what the funding would entail, statements from the top management of both enterprises suggest that the funding will point toward developing the metaverse.
Epic Games CEO and Founder Tim Sweeney said:
“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, who is already an Epic Games partner, can be remembered to have invested $250 million in the gaming company back in 2020 for reasons that are yet to be disclosed to the public. In 2021, Sony gave Epic another $200 million. 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.
Having a total of $2 billion in these recent investments, Epic is now valued at around $32 billion in funding at press time.
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Source: Cryptocurrency - investing.com
