ROI: Houseparty had raised around $70 million from firms like Aleph, Greylock, Sequoia Capital, UTA Ventures and Comcast Ventures.
The bottom line: "While Fortnite does have an in-game voice chat function, many players opt to use independent group chat programs to communicate with fellow gamers. The group chat networks, like Houseparty and Discord, have the added benefit of existing outside of the game as social media platforms." — Rebecca Aydin, Business Insider
The big picture: The future of gaming is one where casual gamers just whip out their phones and play on the go.
Consoles are powerful but costly and restricting, and Big Tech is building new platforms like Google's Stadia and Apple Arcade to work around them. Meanwhile, 5G will enable lower-latency streaming, which is crucial for games.
"Gamers, right now, don't expect the same experience when they leave the house. 5G allows you to have that — and we're only 12 to 18 months away from it," Andrew Paradise, founder of Skillz Inc., told Axios.