Apple responded by removing Fortnite from its App Store. Epic tried to avoid Apple's 30% App Store fee through a software update that effectively bypassed the Cupertino, California-based company's own payments system. Over the last year, however, Epic has mainly drawn headlines due to its legal battle with Apple over the latter's app store policies. That game became an instant hit when it launched last summer, attracting millions of players stuck at home due to Covid restrictions. Last month, Epic announced it had bought Mediatonic, the British studio behind Fall Guys. Other companies, including Microsoft and Roblox, are also investing heavily in this trend.Īnd Epic has been expanding into other areas, including PC games distribution with its Epic Games Store - a rival to Valve's Steam - as well as new content. Fortnite has hosted massive virtual concerts with artists like Travis Scott and Marshmello, for example. It also played a role in the film industry's shift to virtual production during the coronavirus pandemic.Įpic is betting big on the so-called " metaverse," an informal term used to describe a collaborative and immersive virtual world. The company's Unreal game engine software powers many of the world's top games. Its battle royale title Fortnite quickly became a hit when it released in 2017 and is now a cultural phenomenon, with millions of people watching others playing the game on streaming platforms and celebrities and influencers promoting it online.īut Epic is known for more than just Fortnite. Credit Suisse and BofA Securities acted as joint placements to Epic in its latest financing round, Epic said, while Wilson Sonsini Goodrich & Rosati provided legal counsel.Įpic is a major player in the video games industry. Sweeney remains the controlling shareholder of the company, Epic said. "Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store."
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