Walt Disney Co. announced the acquisition of a $1.5 billion equity stake in Epic Games, intended to create what the company describes as a “persistent universe”. This project, which is subject to regulatory approval, promises to be a revolutionary gaming experience that will integrate with Epic’s popular game, Fortnite.
According to a statement issued on February 7, Disney plans to develop a “universe of games and entertainment” that will allow users to interact with Disney’s iconic content, characters and stories. Epic Games founder and CEO Tim Sweeney expressed his enthusiasm for the partnership, highlighting the building of a persistent and open ecosystem. For his part, Bob Iger, CEO of Disney, described this initiative as the company’s biggest step in the world of games.
The project, backed by Epic’s powerful Unreal Engine, aims to give gamers the ability to create their own stories and experiences within the digital universe. However, details on the launch date of this ambitious metaverse project have not been revealed.
Disney’s strategic move comes less than a year after closing its metaverse division in an attempt to cut operating costs, demonstrating a significant shift in its focus toward gaming and digital entertainment.
Tim Sweeney maintained an optimistic stance on the potential of metaverse, challenging claims about its decline and citing the large number of monthly active users on various metaverses.
This partnership between Disney and Epic Games also coincides with Disney’s fiscal first quarter 2024 report, in which the company surpassed Wall Street revenue estimates, generating $23.6 billion in revenue. Despite this success, revenue growth remained stable compared to the same period of the previous year.
In addition, Disney announced a 50 % increase in the dividend per share and experienced a 7 % increase in the price of its shares in off-hours operations.
This strategic partnership between two entertainment giants promises to redefine the gaming and digital entertainment landscape, offering users an immersive and exciting experience within an ever-changing digital universe.
K. Tovar
Source: Walt Disney Company
(Reference image source: Travis Gergen at Unsplash)
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