The games industry is undergoing a 'generational change,' says Epic CEO Tim Sweeney: 'A lot of games are released with high budgets, and they're not selling'

Epic Games CEO Tim Sweeney said during his address at today's Unreal Fest in Seattle that while there's still uncertainty about what exactly the metaverse is, the continuing growth of Fornite—and the failure of a number of high-profile big-budget games to meet expectations—is proof that it represents the future of gaming.

Fortnite hit "new records in concurrency," Sweeney said during his opening comments, achieving an all-time peak of 110 million active users over the previous holiday season—an...