Epic Games Is Reportedly Losing At Least $330 Million USD and Its CEO Doesn't Mind

Tim Sweeney simply sees it as an investment.

Gaming
6,688 Hypes 2 Comments

Reports have surfaced revealing that Epic Games is suffering losses of at least $330 million USD in its efforts to secure exclusive titles and gain market share from its competitor Steam, but the company’s CEO has responded that it’s simply the company’s business strategy.

According to PC Gamer, Apple revealed during its ongoing legal proceedings with Epic Games that the latter spent a whopping $444 million USD on exclusivity deals in 2020 alone. While the video game company reported earnings of $700 million USD from its users over the year, the third-party titles it secured only accounted for $265 million USD, falling significantly short of the more than $400 million USD spent. Adding in expenses from 2019, Apple claims that Epic Games will lose at least $330 million USD on exclusive titles over just these two years.

Responding to these reports, Epic Games’ CEO Tim Sweeney took to Twitter to say that the reports were correct, but that “it has proven to be a fantastic success in reaching gamers with great games and a fantastic investment into growing the business.” He went on to add in a separate tweet that “Apple spins this as “losing money”, but spending now in order to build a great, profitable business in the future is exactly what investment is! It’s equally true whether you’re building a factory, a store, or a game.”

Elsewhere in the gaming industry, Hideo Kojima is rumored to be signing a new deal with Microsoft and Xbox.

Read Full Article

What to Read Next

Elon Musk Calls Out Apple on Its App Store Fees: "Epic [Games] is Right"
Tech

Elon Musk Calls Out Apple on Its App Store Fees: "Epic [Games] is Right"

Taking to Twitter to share his thoughts on the matter.

Epic Games Raises $1 Billion USD in Funding Ahead of Lawsuit Against Apple
Gaming

Epic Games Raises $1 Billion USD in Funding Ahead of Lawsuit Against Apple

Sony was accountable for $200 million USD of the funding round.

Epic Games Paid $11.6 Million USD on Free Games and Acquired 5 Million New Users
Gaming

Epic Games Paid $11.6 Million USD on Free Games and Acquired 5 Million New Users

38 games in total.


Epic Games Hosting 'Fortnite' Event Centered Around Its Dispute With Apple
Gaming

Epic Games Hosting 'Fortnite' Event Centered Around Its Dispute With Apple

Participants can earn anti-Apple prizes like the Tart Tycoon Outfit from its 1984 parody and a “Free Fortnite” hat.

Intel to Produce Chips for Automotive Industry to Meet Global Shortage
Tech 

Intel to Produce Chips for Automotive Industry to Meet Global Shortage

On top of another $20 billion USD investment the company already made to expand operations.

Netflix to Offer More Original Stories in 'Godzilla Singular Point'
Entertainment

Netflix to Offer More Original Stories in 'Godzilla Singular Point'

Building on the success of its existing ‘Godzilla’ anime titles.

Rolls-Royce's Cullinan Recreation Module Will Hold Your Supreme Jacket, MacBook and More
Automotive

Rolls-Royce's Cullinan Recreation Module Will Hold Your Supreme Jacket, MacBook and More

You can also opt for a “Viewing Suite,” “Hosting Service,” or spec it for skiing, photography and other hobbies.

Dave Releases Double Single "Mercury" and "Titanium"
Music

Dave Releases Double Single "Mercury" and "Titanium"

Marking his first solo release of the year.

Topps Debuts First NFT Baseball Card Collection
Gaming

Topps Debuts First NFT Baseball Card Collection

The sale of digital baseball collectibles begins April 20, 2021.


'TIME' Magazine Will Start Investing in Bitcoin
Tech 

'TIME' Magazine Will Start Investing in Bitcoin

It’ll also start accepting cryptocurrency as payment for subscriptions.

'Ghostbusters' and General Mills Collide on New Marshmallow-Packed Cereal
Food & Beverage

'Ghostbusters' and General Mills Collide on New Marshmallow-Packed Cereal

Start your day with ectoplasmic marshmallows and fruit-flavored corn puffs.

Maison Margiela Has Spilt Paint All Over Its Tabi Boots
Footwear

Maison Margiela Has Spilt Paint All Over Its Tabi Boots

A $980 USD statement.

Brazil's Newest Statue of Christ Will Surpass Rio de Janeiro's Iconic 'Christ the Redeemer'
Design

Brazil's Newest Statue of Christ Will Surpass Rio de Janeiro's Iconic 'Christ the Redeemer'

The world’s third tallest statue of Jesus.

Steph Curry Is Now the All-Time Scoring Leader of the Golden State Warriors With 17,818 Points
Sports

Steph Curry Is Now the All-Time Scoring Leader of the Golden State Warriors With 17,818 Points

Surpassing Wilt Chamberlain’s previous scoring record.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.