Sony has invested another $1 billion into Fortnite developer Epic Games in order to deepen its relationship with the firm "in the metaverse field". This increases the funding provided by the PlayStation 5 manufacturer to a total of $1.45 billion, as Sony made two other payments of $250 million in July 2020 and then another $200 million in April 2021. This latest round of funding represents the company's biggest investment in Epic Games yet.
Speaking in a press release, Kenichiro Yoshida (chairman, president, and CEO of Sony Group Corporation) said the investment would strengthen the relationship between the two companies in the metaverse field. "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."
Sony is joined by KIRKBI — the firm behind The LEGO Group — which also invested $1 billion in Epic Games. This brings the Fortnite maker's post-money equity valuation to $31.5 billion. While this deal is designed to strengthen Sony's position in the metaverse field, its recent acquisition of Destiny developer Bungie is all about improving its future live-service titles. One of them is likely to be a reboot of Twisted Metal from Firesprite Games. Sony is expected to make more studio acquisitions in the future.