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If there’s doubt that Fortnite is one of the biggest games on the planet, this would certainly prove them wrong. Thanks to the massive success of the battle royale game, developer Epic Games is now estimated to be worth between $5 billion to $8 billion. That’s impressive for a company that was previously valued at only $825 million back in 2012. Fortnite has also turned Epic Games CEO and founder Tim Sweeney into a bonafide billionaire.
As reported by Bloomberg, Fortnite revenue has exceeded $1.2 billion since it originally released just over a year ago. In fact, Epic Games is celebrating the game’s first year anniversary with special in-game challenges and rewards. Wedbush Securities Inc. analyst Michael Pachter pointed out that, based on the trading multiples of other major game developers/publishers like EA and Activision Blizzard, Epic Games might as well be worth around a whopping $14 billion. However, he added that buyer’s doubts over the game’s sustainability would probably reduce that margin considerably.
It’s not like Epic Games anticipated Fortnite’s success. At E3 2017, the battle royale game was presented in a private meeting room, instead of being exhibited on the show’s floor to the public. E3 2018 was a complete turn of events, as the developer’s booth was entirely dedicated to Fortnite. It also organized a huge competition participated by celebrities and pro gamers, in what would become its first Fortnite Celebrity Pro-Am.
Additionally, Sweeney joins the ranks of other video game billionaires like Valve’s Gabe Newell and Konami’s Kagemasa Kozuki. In March 2018, he spoke on the current state of cross-play in the games industry. He said that the future of the games industry will be “one in which barriers between platforms will no longer exist.” This has been a hotly debated issue since the overwhelming gamer backlash against Sony’s PS4 Fortnite cross-play stance last month.