Epic Games the studio behind gaming sensation Fornite has been valued at more than $15 billion in latest funding round. The funding was led by private equity firm KKR. The company has secured $1.25 billion cash boost aimed at expanding its exports in esports and live events.
Fortnite Creator Epic Games Valued at More than $15 Billion
Epic Games is North Carolina-based company and developer of titles such as Gears of War that was sold to Microsoft. Not just that Unreal Tournament was valued at just $660 million when Tencent purchases a 48% stake in the company. The valuation of Epic Games has rapidly increased in past year due to popular online game Fortnite. If you are an even a little bit into online gaming you must’ve heard on Fortnite. It is a free to play Battle Royale style game that put 100 players against each other and last standing wins.
According to Epic Games blog post, Fortnite attracted 80 million players in August 2018, it is an incredible achievement. League of Legend is another free to play an online game that reported 100 million players per month in 2016, but they’ve not updated recently.
The credit of Fortnite’s success goes to it’s free to play nature and compatibility with cross platforms including PC, PS4 and Xbox also Android. There is no restriction, players can compete against one another on different devices.
“Epic Games has fundamentally changed the model for interactive entertainment under the company’s visionary leadership,” said KKR’s Ted Oberwager told the Financial Times.
The game generates revenue from in-game purchases that includes special costumes, gears and guns. Players have to buy in-game currency through the available mode of payment and then use the virtual currency to purchase items. Season allow users to purchase a ticket and they can get a lot of items including Virtual Money of Fortnite named V-Bucks. According to a report by IGN, Players have already spent $1 billion in Fornite.