Owing to the success of Fortnite, Epic Games has become a giant in the world of video games. According to SuperData, Fortnite surpassed $1.8 billion in revenue in 2019. It was the highest-grossing game that year.
The final figures are likely to be higher in 2020. It was reported that Fortnite grossed $400 million in April alone due to the pandemic as gamers were spending more time in-game than ever before.
Epic Games' hire of an investor relations specialist was first spotted by Bloomberg Technology columnist, Tae Kim. It was a surprising development, to say the least.
Prior to this, the company had shown little to interest in funding and had happily been operating with money from strategic investors alone.
Investment relations specialists are primarily hired for public companies to frequently communicate with financial backers like fund managers.
Going by that logic, the next move for the company would more than likely be an IPO. That's why a recent hire for the company has left investors asking questions. So far, there's no confirmation of going public. That may change very soon with the recent hire.
Epic Games settle loot box lawsuit with Fortnite and Rocket League
In another recent event, Epic Games finally agreed to settle the loot box lawsuit. All Fortnite and Rocket League players, who had purchased blind loot boxes, will now receive in-game currency as part of a class action settlement.
Prior to the lawsuit, both games gave players the chance to buy random item loot boxes. Epic Games eventually dropped the option and traded it in for a more transparent system. This would be favorable to players as it showed players what they were buying in advance.
The company will begin distributing the in-game currency soon. Players, who bought a random item loot llama in 'Fortnite Save The World' before the discontinuation, will receive 1,000 V-bucks as part of the settlement agreement.
In a statement given to The Verge, Epic Games CEO Tim Sweeney had this to say:
“We stopped offering random item loot boxes like Fortnite Loot Llamas and Rocket League Crates because we realized that some players were repeatedly disappointed by not receiving the random items they hoped for. Players should know upfront what they are paying for when they make in-game purchases.”
With the lawsuit becoming a thing of the past, players can feel relieved to know that Epic Games is putting gamers first and profits second. It's also left to be seen what the new hire means for the company.
If the rumors turn out to be true, hardcore fans and gamers may soon own a piece of Epic Games.