• Loading stock data...
Saturday, June 22, 2024

Epic Secures $2B from Sony, Lego Owner for Metaverse Push

  • Epic Games raised $2 billion from Sony and Lego owner Kirkbi.
  • Each company invested $1 billion with an eye toward the metaverse.
Epic-Games
Fortnite

As Epic Games pushes further into the metaverse, it’s strengthening ties with giants in digital entertainment and toys.

The “Fortnite” maker raised $2 billion, split evenly between Sony and Kirkbi, owner of The Lego Group. The new funding bumped Epic’s valuation to $31.5 billion.

  • Epic was previously valued at $28.7 billion from a $1 billion funding round in April 2021, which included $200 million from Sony. 
  • Sony invested $250 million in Epic in August 2020, securing a 1.4% stake at that time.

While the most obvious link between Epic and the PlayStation producer is gaming, Sony could also collaborate on scripted content. A report from October said that Epic was looking into launching an entertainment division.

The company hired several executives from Lucasfilm, and its Unreal Engine game development technology is also used by Hollywood studios.

The Lego Piece

While Lego already has a prominent digital presence through numerous movies, television shows, and video games, including “LEGO Star Wars: The Skywalker Saga,” released earlier this month, the brand also shares certain futuristic ambitions with Epic and Sony.

Kirkbi CEO Soren Thorup Sorensen cited Epic’s “long-term focus toward the future metaverse,” in hailing the investment.

Sony CEO, president, and chairman Kenichiro Yoshida also stated his company’s interest in the metaverse, while hinting at other joint projects.

“Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
Sponsored

How Duracell is Making Fans Fall in Love with F1 Racing

Nobody expected this household brand to become F1’s newest darling.
Sponsored

Major League Rugby’s Vision for American Rugby

How Major League Rugby is leading the Rugby renaissance in the U.S.

ESPN Narrowly Avoids Disaster on Hurricanes-Rangers Broadcast

The network briefly switched playoff games in crunch time of Canes-Rangers.
podcast thumbnail mobile
Front Office Sports Today

How Women’s Sports Media is Charting Its Own Path

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

The ‘Big’ in Big 12 Could Soon Be Replaced With a Sponsor’s Name

Allstate is said to be in discussions about a deal with the Big 12.
June 12, 2024

Saudi Arabia’s Next Big Sports Target: Boxing, With Joint Venture Worth $5B

The Public Investment Fund of Saudi Arabia is focusing on boxing as its next large-scale sports target.
June 13, 2024

Everything You Need to Know About the Schism Rocking Competitive Eating

The business story about hot dogs that you never knew you needed.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
June 11, 2024

Breakthrough? Tiger Says PGA Tour and LIV Golf Are Eyeing ‘End Game’

Woods called a recent meeting ‘productive.’
June 10, 2024

Salt Lake City’s $4B Olympics Price Tag Could Be a Bargain: Here’s Why

Utah is the preferred bidder for the 2034 Games.
June 7, 2024

New Era’s Acquisition of ’47 Set to Reshape Sports Apparel Market

New Era is set to acquire ’47 in a deal creating a combined operation with $2 billion in annual revenue.
June 5, 2024

One Year After ‘Merger,’ the PGA Tour and LIV Golf Still Remain Far Apart

Leaders of the tours struck an agreement exactly one year ago.