Quick take:
- Epic Games has acquired music distribution platform Bandcamp.
- The game developer recently filed trademark applications for metaverse goods and experiential services.
- Its latest acquisition expands its addressable market to provide musical experiences in the virtual world.
Popular game developer Epic Games revamping its content offerings for its planned metaverse. The company has announced the acquisition of music distribution company Bandcamp in a move that will allow it to offer experiential music services in the metaverse.
Epic is creating a Megaverse, which is a version of the metaverse that in addition to offering gaming and digital assets, also offers experiential services like entertainment centres. The company has filed for trademark applications to provide digital products, VR and AR, among others.
It recently teamed up with Spire Animation Studios to build metaverse experiences. Epic raised $1 billion from venture capital firms last April, attracting participation from Playstation creator Sony.
Fortnite has been one of the most successful video games in the industry, playing a key role in Epic Games’ rapid growth over the last few years. The company wants to build its metaverse ecosystem around its iconic game, which saw Sony invest $250 million last year.
Its grand plan is to create an ecosystem that blends technology, blockchain gaming and social media. The company has acquired social video app Houseparty, as well as, Guitar Hero and Rock Band developer Harmonix in a bid to achieve this goal.
Therefore, the purchase of Bandcamp fits well its Megaverse, which is beginning to take shape.
Epic Game Store chief Steve Allison said in a statement the company was excited to welcome Bandcamp to the family.
“Bandcamp has built an incredible community and business where up and coming artists can succeed thanks to the direct support of their fans, with one of the best revenue models and terms in music,” he said, adding that the online music distributor’s business model “aligns well with Epic’s approach to supporting creators across all media and enabling them to connect directly with their fans.”
On the other hand, Bandcamp CEO Ethan Diamond said working with Epic will help the company accelerate the realisation of its mission whilst working together to achieve the shared goal of empowering creators fairly and openly.
“In Epic, we’ve found a partner who believes as deeply as we do that the future of music, and art itself, depends on the creation of equitable and inclusive communities like the one our fans and artists have helped to build,” Diamond said in a statement.
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