EA's new game Apex Legends sent the company's stock skyrocketing 16 percent on Feb. 8 when the company announced that it had 10 million players within 3 days of launch. Then, on Feb. 12, shares jumped again, 8 percent, when EA said the game had reached record 25 million players. The new free-to-play shooter is growing faster than the massively popular Fortnite, and investors are excited about its potential to earn EA big bucks.
Wall Street loves these types of games because they're free for anyone to play, which attracts huge numbers of players, but can earn publishers millions of dollars through "micro transactions" where players spend a couple of bucks here and there on virtual items.
All of this spare time spent gaming scares other companies fighting for our free time. Netflix said in January that it's more afraid of Fortnite taking viewers away than streaming video competitors like YouTube and Disney, for example.
And there's lots of money to be made. Fortnite launched in July 2017 and by July 2018 had passed more than $1 billion in in-game sales. It brought in $100 million in the 90 days after it launched on the iPhone.
So why is Apex Legends taking off? Here's what you need to know about the hottest new video game and its potential to boost EA.