Why did Fortnite maker Epic Games need to raise $1.3b?
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We live in a time where a company selling fake clothes to real people in a fake world generates $US6 million per day. That company is Epic Games and the world in question lies within
Fortnite, a global gaming phenomenon that allows 100 concurrent online players to hunt and kill one another in a cartoonish all-in âBattle Royaleâ. Last week Epic raised another $1.3 billion at a $37 billion valuation, up a massive 66 per cent in just nine months.
Fortnite is free to play yet it reported revenue of $2.3 billion in 2019 from in-game sales (the most recent numbers available). Last year was probably even higher as a bored, locked-down population drove a spike in gaming.