Fortnite’s parent company, Epic Games, could soon be valued at over USD $15billion, several unnamed sources told Bloomberg yesterday, pending new funding from investors.
The company has allegedly hired a financial adviser to handle fundraising and is currently seeking to raise between $50million and $1billion. Should the company get its targetted funds, the company will exceed the $15billion mark that was announced by the Wall Street Journal in 2018.
Epic Games sold 40 per cent of its shares to Chinese giant Tencent Holdings Ltd. in 2012. Since then, Walt Disney Co., Endeavour Group Holdings Inc. and more have become minority shareholders.
Disney has used Epic Games’ patented Unreal Engine to render scenes for its hit The Mandalorian series. Epic Games also bought social networking app Houseparty for an undisclosed amount last year, before the app became increasingly popular during the coronavirus pandemic.
Epic Games was founded in 1991, by Tim Sweeney, who wrote the original Unreal Engine, which powers games such as Unreal, Gears of War, the Infinity Blade series and Valorant. The engine is also used in Fortnite, which was released in 2017.
Fortnite continues to be one of the world’s most popular games, with PC, console and mobile versions of the game available all over the world. There have been multiple cases of crossovers between the game and movies and musicians, with the latest collaboration featuring Travis Scott.
In other Epic Games news, the company finally began listing Fortnite on the Google Play Store yesterday, after boycotting the platform for 18 months due to Google’s 30 per cent revenue cut.