Epic Games has confirmed the acquisition of Artstation. With the acquisition, the company gains access to an established online marketplace that artists use to sell their art, post jobs and host portfolios.
Fees Reduction
Following the acquisition, Epic Games has confirmed it will be reducing the amount of fees that artists pay to get their wares listed on the Artstation marketplace. The standard fee for art sales will drop from 30% to 12%, matching the fee that Epic Games charges on Epic Games Store.
Artstation Pro members will see their fees reduced to 8% from 20% and 5% fees for self-promoted sales. In addition, Artstation educational videos are set to be free for the rest of the year. Likewise, the two have confirmed plans to accelerate the development and growth of the creator community worldwide.
“We’ll be actively hiring and growing the Artstation team. We’re committed to improving the platform, and now, as a part of Epic, we’ll be able to do much more,” Artstation CEO Leonard Teo wrote in a blog post.
Merger Synergy
Epic Games acquiring Artstation does not come as a surprise as the two have shared a relationship since 2014. Following the merger, Artstation is to continue operating as an independent brand that Epic Games owns. Epic stands to leverage Artstation sites popularity and structure to enhance its Unreal Engine, related staff.
Artists will still be able to use the platform to post and sell wares. Artstation will also remain open to all creators across 2D and 3D like. There are also plans to hire more people to grow the Artstation team and empire.
The acquisition comes when Epic Games is embattled in a fierce standoff with Apple over App Store fees. It also comes hot on the heels of the company completing a $1 billion capital raise. With the raise, the company now has the much needed financial muscle to pursue other acquisitions to gather assets relevant to the virtual world.
