Epic Games has given a first look at its new Unreal Engine 5.

The new development tool will enter preview for next-generation consoles in early 2021 with a launch set for later that year. Unreal Engine 5 will be compatible with current and next-gen consoles, PC, Mac, iOS and Android.

Furthermore, Epic Games has now waived the first $1 million of revenue generated through games made with its engines. Developers can download and use the tool for free, and not pay royalties until they have hit the $1 million.

At Pocket Gamer Connects Digital, Epic Games senior engine evangelist Alan Noon explained why creators should choose the Unreal Engine, stating that: "Amazing things are being made with UE4."

Epic services

The American firm has launched its Epic Online Services. Across consoles, PC and Mobile, Epic Games released services such as friends, matchmaking, leaderboards, achievements, lobbies and accounts. As of now, developers can get access to those features for free.