Sweeney described Fortnite as “a real-time, computer-powered 3D entertainment and social medium in which real people would go into a 3D simulation together and have experiences of all sorts” - Fortnite as a metaphor for the metaverse. Apple trial” when Sweeney called Fortnite “a phenomenon that transcends gaming”. They also recently launched an app that allows users to turn real objects and photos into 3D models.Īs The Verge pointed out, Epic’s “metaverse concept even made a cameo at last year’s Epic v. They have already been working on it through platforms like their very-popular game Fortnite and the Unreal Engine game-making toolset. The two companies have each put 1bn into Epic in deals designed to strengthen their digital presence, with the game publisher valued at 31. Metaverse, as a concept, remains “nebulous”, but companies like Epic have been “one of the biggest proponents of the idea of a connected virtual world”. Epic Games, the makers of hit battle royale title Fortnite, received a 2bn investment boost from Sony Group Corp and the owners of the Lego Group, Kirkbi this week. It’s possible that BrainPOP will be allowed to keep growing value on its own, Nary admits, but in many cases like this “the temptation to try and extract value from the acquired company becomes too strong for the owner, especially given its own related business interests in Lego.Put your style on exhibit with these two new Back Blings inspired by the legendary art of Jean-Michel Basquiat.īasquiat's Tuxedo and Crowned Rex are available on the Item Shop now. The deal doesn’t appear to clearly establish value for BrainPOP above what could have been done with a partnership that didn’t change ownership, Nary explained to EdSurge. video-learning firm Brainpop for $875 million via Paul Nary October 11, 2022 A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in. I understand what they think they're trying to do here, but I can't quite see how this will work for them other than as an iffy investment. Epic Games is known for building playful and creative experiences and empowering creators large and small, said Sren Thorup Srensen, CEO, KIRKBI. “I understand what they think they're trying to do here, but I can't quite see how this will work for them other than as an iffy investment,” Nary wrote on Twitter. Paul Nary, an assistant professor at the Wharton School of the University of Pennsylvania, expressed skepticism about the deal’s business sense. school districts, and a reach of 25 million students.īrainPOP's CEO, Kirkpatrick, says that he hopes that guidance from Kirkbi A/S can help the company build a more global audience for its products and sell directly to parents in addition to selling subscriptions to school districts.īut not everyone thinks the deal is a great business strategy. These days, BrainPOP says it has a presence in two-thirds of U.S. The company produces animated educational videos for children about a number of subjects. Kadar, a pediatric immunologist, founded the New York-based BrainPOP in 1999. Scott Kirkpatrick will continue as BrainPOP’s CEO, and BrainPOP’s founder, Avraham Kadar, will stay on the board. But BrainPOP will remain “operationally independent.” Earlier this year, it invested about $1 billion into Epic Games, Inc.-the company that created the massively popular video game Fortnite-to spur its attempts to build up the metaverse.Īccording to the terms released about the latest transaction, Kirkbi A/S will assume full control of BrainPOP’s equity. The investment company has been eyeing edtech for some time: Kirkbi A/S has picked up about 15 minority investments in edtech firms over the past half-decade, according to reporting in The Wall Street Journal. The company has telegraphed its intention to make investments into “digital play and learning,” based on Lego’s desire to be a “global force for learning through play,” the announcement of the deal said. Epic last raised cash in May of last year at a 28.7 billion valuation. The deal was announced Tuesday.įueled by the digital transformation of K-12 learning, the acquisition is expected to be only the first of many for Kirkbi A/S. Epic Games has raised 2 billion from Lego owner Kirkbi Invest and Sony as the trio eyes opportunities to build virtual experiences that will lay groundwork for the metaverse. Sony and KIRKBI will each contribute 1 billion in the round, which values Epic at 31.5 billion. Kirkbi A/S, the private investment and holding company that owns a controlling stake in Lego, acquired the video animation company BrainPOP for $875 million. The company that owns Lego is diving headlong into K-12 education’s switch to digital.
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