Tim Sweeney

Epic v. Apple trial documents reveal new financial information around Fortnite’s success

Source Node: https://dotesports.com/news/epic-v-apple-trial-documents-reveal-new-financial-information-around-fortnites-success
Time Stamp: May 3, 2021 7:58 PM - Modified On: May 3, 2021 - Published By:
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Fortnite served for 97 percent in 2018 and 88 percent in 2019 of total revenue generated by Epic Games, according to documents presented in the Epic Games v. Apple antitrust trial hearing today. In the past three years, Epic has earned more than $15 billion in revenue. Epic brought in $5.7 billion in 2018, the year following the release of Fortnite that saw the company catapult from a major independent game studio to a multibillion-dollar tech company. In 2019, Epic brought in $4.2 billion and in 2020, $5.1 billion, the

Epic Games v. Apple: The start of the next big antitrust war for the iOS developer

Source Node: https://dotesports.com/news/epic-games-v-apple-the-next-big-antitrust-war
Time Stamp: May 1, 2021 5:11 PM - Modified On: May 1, 2021 - Published By:
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It was a big day on March 12, 2018, in Cary, North Carolina, as Epic Games geared up for its next big announcement: Fortnite was coming to mobile. The battle royale title had grown significantly over the preceding months, transforming Epic into one of the biggest companies in the world.  The mobile launch added another layer to that rise and tapped into a larger audience than many PC or console games had lured in. The cultural phenomenon became apparent and Fortnite soon landed merchandising, music, and film collaborations, from hosting

Epic Games closes $1bn funding round led by Sony

Source Node: https://esportsinsider.com/2021/04/epic-games-1b-funding-sony-group-corporation/?utm_source=rss&utm_medium=rss&utm_campaign=epic-games-1b-funding-sony-group-corporation
Time Stamp: April 14, 2021 4:52 AM - Modified On: April 14, 2021 - Published By:
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American games publisher Epic Games has announced the closing of a $1bn (~£727m) funding round, bringing the company’s equity valuation to $28.7bn (~£20.87bn). Sony Group Corporation led the funding round with an investment of $200m (~£145.4m). Other investors include Appaloosa, Baillie Gifford, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton, and Luxor Capital, to name a few. Image credit: Epic Games RELATED: OverActive Media announces $40m investment, Montreal Canadiens joins ownership group The funds will be used to continue advancing its ‘technology, entertainment, and socially-connected online services’. This includes cross-over events between popular

Epic Games announces $1B funding round

Source Node: https://www.esportznetwork.com/epic-games-announces-1b-funding-round/
Time Stamp: April 13, 2021 3:48 PM - Modified On: April 13, 2021 - Published By:
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Fortnite developer and major gaming platform Epic Games announced the completion of a massive $1 billion funding round. The previous investment at $200 million, thanks to Sony Corporation, puts Epic at an equity evaluation of $28.7 billion. The investment will put all of the major titles under Epic into full throttle. Additionally, the company aims to evolve and keep game development and creation at a steady rise.Today we announced a new round of funding to support future growth and our long-term vision for the Metaverse. Thank you to all our

Epic Games Closes $1B Financing Round, Sony Increases Investment to $450M 

Source Node: https://esportsobserver.com/epic-closes-1b-financing/?utm_source=rss&utm_medium=rss&utm_campaign=epic-closes-1b-financing
Time Stamp: April 13, 2021 11:46 AM - Modified On: April 13, 2021 - Published By:
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Fortnite developer Epic Games announced that it has completed a $1B USD financing round bringing the company’s equity valuation to $28.7B. Its latest investment round includes an additional $200M strategic investment from Sony Group Corporation. Following the financing round, Epic Games’ CEO Tim Sweeney remains the controlling shareholder of the company.  Further investors that participated in the investment include Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, funds and accounts advised by T. Rowe Price Associates, Ontario Teachers’ Pension Plan Board, funds and accounts managed by BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital.  According to Sweeney, the

Epic Games raises $200 million from Sony in $1bn round at $28.7bn valuation

Source Node: https://www.talkesport.com/business/epic-games-raises-200-million-from-sony-in-1bn-round-at-28-7bn-valuation/
Time Stamp: April 13, 2021 10:41 AM - Modified On: April 13, 2021 - Published By:
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Epic Games said on Tuesday it had raised $1 billion in its latest funding round that valued the “Fortnite” maker at $28.7 billion. The company said it received an additional investment of $200 million from Sony Group Corp in the funding round, which also included Appaloosa, Baillie Gifford, and KKR & Co Inc. Epic Games Chief Executive Officer Tim Sweeney remains the controlling shareholder of the company after the latest investments, it said in a statement. “Their investment will help accelerate our work around building connected social experiences in Fortnite,

Fall Guys: Ultimate Knockout Developer Joins Epic Games

Source Node: https://gamingbolt.com/fall-guys-ultimate-knockout-developer-joins-epic-games
Time Stamp: March 2, 2021 1:28 PM - Modified On: October 29, 2021 - Published By:
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Tonic Games Group, which is responsible for Mediatonic’s Fall Guys: Ultimate Knockout, is joining Epic Games. According to an official statement on Epic Games’ site, fans won’t see any changes to the title and Epic “will continue to invest in making the game a great experience for players across platforms.” You can also still expect it to release on Nintendo Switch, Xbox Series X/S and Xbox One this Summer. Tonic Games Group co-founder and CEO Dave Bailey stated that, “At Tonic Games Group we often say that ‘everyone deserves a

Epic Games founder Tim Sweeney likens fight against Apple to fight for civil rights

Source Node: https://techcrunch.com/2020/11/18/epic-games-founder-tim-sweeney-likens-fight-against-apple-to-fight-for-civil-rights/
Time Stamp: November 18, 2020 1:23 PM - Modified On: November 18, 2020 - Published By:
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Earlier today, Apple announced it will reduce the App Store commissions for smaller businesses so that developers earning less than $1 million per year pay a 15% commission on in-app purchases, rather than the standard 30% commission. Tim Sweeney, founder of Epic Games, says the move — an apparent reaction to current investigations into Apple by Congress, the European Union, the Justice Department and the Federal Trade Commission on antitrust grounds — doesn’t go nearly far enough. This morning, he told the Wall Street Journal that Apple is merely “hoping

August Investment Recap: Fortnite Billions, BITKRAFTS $165M Venture Fund, and New Capital for Esports Organizations

Source Node: https://esportsobserver.com/august-2020-investment-recap/
Time Stamp: September 2, 2020 7:58 AM - Modified On: September 2, 2020 - Published By:
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August was a record month for esports investments. The Esports Observer tracked 16 investments raised by esports-relevant companies during the month. Disclosed investments accumulated to $2.78B USD, which is more than all seven previous months of 2020 combined, bringing the total sum of disclosed investments in 2020 to $4.34B.  The news of esports-relevant investments was headlined by the $1.78B financing round raised by Fornite developer Epic Games and the closing of BITKRAFT’s new venture fund at $165M. Financial terms were not disclosed for all deals highlighted in this article. Epic

Apple Looking to Nuke Epic’s Entire Developer Agreement, Including Unreal Engine, in Retaliation for ‘Fortnite’ Fiasco

Source Node: https://toucharcade.com/2020/08/17/apple-terminate-epic-developer-agreement/
Time Stamp: August 17, 2020 7:04 PM - Modified On: October 29, 2021 - Published By:
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Well, I’m sure we all remember the rapidly escalating drama between Apple and Epic Games from last week. In short, Epic implemented an alternate payment method into Fortnite on iOS allowing users to purchase the in-game currency V-Bucks directly through Epic at a 20% discount. This was in response to a long-held belief from Epic Games and specifically CEO Tim Sweeney that digital storefronts like the App Store take far too large of a cut of the profits (30%) and that their strict guidelines create a monopolistic position. The alternate