Why Did Boeing Build The 747-8?

The Boeing 747-8 first took the skies in March 2011, and entered commercial service in June the following year. The modern, fuel-efficient aircraft boasts a stretch fuselage of 250 ft 2 in (76.25 m) in length, and a passenger capacity of up to 467 in a typical three-class configuration. What prompted Boeing to produce the largest variant of its iconic 747?