What is Epic Games' net worth in 2021? Find out Tim Sweeney's worth
What is Epic Games' net worth in 2021? If you are a gamer, you must have had a glimpse of how lucrative the industry is. Some of the most popular ones, like Fortnite, have a legion of fans and have earned their developers a fortune. So, what is Epic Games' net worth in 2021?
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Tim Sweeney is no new name in the video games industry. He revolutionized the gaming industry by founding Epic Games, which is behind the development of best-selling video games. Apart from revealing the company's revenue over the years, this article accounts for the company's growth.
Epic Games' net worth in 2021
Who owns Epic Games' net worth? Epic Games, Inc. is an American company that develops software and video games, and it is located in Cary, North Carolina. Tim Sweeney formed it in 1991 as Potomac Computer Systems, although it had nothing to do with video games then.
Tim Sweeney, who is the CEO of Epic Games, began Potomac Computer Systems. By then, he was a student at the University of Maryland pursuing a degree in mechanical engineering. By then, it was a computer consulting business. However, he faced challenges in keeping the company afloat.
In 1992, Tim revived his business and changed its name to Epic MegaGames. He met Mark Rein, who had quit his job, and they joined hands to grow the company. Mark worked in Toronto, Ontario, and handled marketing, sales, and business deals. His business development skills significantly contributed to the company's growth. Months later, they hired 20 employees. Cliff Bleszinski, who is behind the development of Dare to Dream, also joined the company.
By 1996, the company had produced Fire Fighter, a shareware isometric shooter. In 1998, it released Unreal, a co-developer with Digital Extremes. It expanded into a series of Unreal games.
Epic Games
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In 1999, Epic MegaGame morphed and adopted a new name, Epic Games. It also moved the company's headquarters to North Carolina. The move brought all the developers, who initially were scattered all over the world, to one building. Within the same period, the company released Unreal Tournament, a follow-up game.
In 2006, the game market struggled with copyright infringement; therefore, the company shifted its focus to console games. It released Gears of War, which was a significant success for the company, grossing up to $100 million. In 2007, the company released Unreal Tournament 3 for PC.
In 2008, the company released Gears of War 2 and sold over three million copies within the first month of its release, increasing Epic Games' value further.
Epic Citadel
In 2010, the company released Epic Citadel, a demo of how the Unreal Engine 3 would run on Apple iOS. In December that year, the company released Infinity Blade. In 2011, it released Gear of War 3.
Tencent ownership
Between 2012 and 2019, Tim Sweeney realized that video games were shifting to the games-as-a-service model (GaaS). Therefore, in June 2012, the company got into business with Chinese Tencent who had several games operating as a service. In return for experience in the games-as-a-service model, Tencent acquired 48.4% of the then Epic share capital, an equivalent of 40% of the company's worth, including employee stock option.
Fortnite success
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In 2017, the company launched Fortnite, which skyrocketed Epic Games' worth, through a paid early access deal. In 2018, it released the free-to-play option. In September 2017, the company developed another variant of Fortnite called Fortnite Battle Royale, as a free-to-play title across consoles, computers, and mobile platforms. By July 2018, Fortnite Battle Royale had fetched the company $1 billion, significantly influencing Epic systems' net worth. By March 2019, Fortnite had drawn more than 250 million players.
How much did Epic Games make in 2020?
In 2018, the company made massive sales, and the year's turnover was over $5.6 billion. In 2019, the figure dipped a little to $4.22 billion. However, in 2020, the company's gross revenue was $5.1 billion.
What is Fortnite's net worth in 2020? As of 2020, the Fortnite franchise had an estimated value of $2 billion.
So, what is Epic Games' net worth?
What is Epic Games' net worth in 2021? The company's worth is not solely dependent on the revenue from its sales. It also earns its revenue through Unreal Engine assets and game licenses, and royalties. The company also has other income streams like merchandise and revenue from Epic Game Store.
What is Epic Games worth?
While Sweeney is the main shareholder, even though in 2012 Tencent acquired stakes equating to 40%. Following the popular Fortnite Battle Royale release, the company gained additional investments that facilitated the expansion of its Unreal Engine. So, what is the net worth of Epic Games 2021? As of April 2021, the company has a $28.7 billion equity valuation.
What is Tim Sweeney's net worth?
Timothy D Sweeney, popularly known as Tim Sweeney, is the Epic CEO. He made his fortune through the company. According to Forbes, his net worth is approximately $7.4 billion. It shot from $4.7 billion in eight months.
So, if you were wondering, what is Epic Games net worth in 2021, these details dissect that and more. They address concerns on questions around the company's management and net worth.
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