Sony Interactive Entertainment has just invested an eye-watering $1 billion into Fortnite creator Epic Games so that it can further evolve its relationship "in the metaverse field". Ugh.
While this is by far the largest investment Sony has made in Epic Games so far, it is by no means the first. The house of PlayStation invested $250 million in July 2020, and another $200 million in April 2021. Meanwhile, I have to do a quick sum in my head to make sure buying a meal deal for lunch doesn't bankrupt me.
In a press release, Sony Group Corporation chairman, president, and CEO Kenichiro Yoshida said the investment was in aid of deepening the companies' expanding metaverse endeavours. The recently released Unreal Engine 5 is also a major factor, of course.
Advert
"We are also confident that 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."
Epic has also received an additional $1 billion in investment from KIRKBI, the firm behind The LEGO Group. The upshot of this is that the company's post-money equity valuation is now an incredible $31.5 billion.
While this is obviously an important investment for Sony, there are whispers of more to come. Earlier this year the company acquired Destiny and former Halo studio Bungie in the interests of expanding its live service offerings. PlayStation boss Jim Ryan stressed soon after that they are "by no means done" with acquisitions and investments, so brace yourselves for further news.
Featured Image Credit: SonyTopics: PlayStation, Epic Games, Sony