Sony sinks $1 billion into Epic Games to "deepen" its relationship with the metaverse

Sony has invested $1 billion into Fortnite maker Epic Games, having previously sunk $250 million into the company in July 2020.

Sony Group Corporation president and CEO, Kenichiro Yoshida, explained the PlayStation maker was eager to "deepen" its relationship in the "metaverse field" with its latest investment.

"We are confident that Epic's expertise, including their powerful game engine, combined with Sony's technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives," added Yoshida.

KIRKBI, the holding and investment company behind The Lego Group, has also invested $1 billion into Epic as part of the investment round.

The news comes just a week after Epic and The Lego Group partnered to create a metaverse experience for children. 

Commenting on its broader plans, Epic said the cash will be used to advance its vision to "build the metaverse and support its continued growth." At the time of writing, Epic's post-money equity valuation stands at $31.5 billion.