Christian Steinhof, formerly of BMG parent Bertselsmann, will head up the German ticketer and promoters' newly created corporate communications department
Sign up for IQ Index
The latest industry news to your inbox.
As it welcomes $520m in new investment, including from Warner Music, Roblox has revealed it is pushing ahead with a direct stock market listing
By IQ on 07 Jan 2021
Online videogaming platform Roblox, which recently held its first in-world concert, has raised US$520 million in a new funding round which values the company at $30 billion.
The series-H round sees investment companies Altimeter Capital and Dragoneer Investment Group buy into Roblox at a price of $45 per share. The California-based company announced its intention to go public in November, and said yesterday (6 December) it will proceed with a novel Spotify-style direct listing on the stock market in the near future.
Other investors participating in the funding round are the Investment Group of Santa Barbara and, more interestingly, Warner Music Group, whose artist Ava Max participated in a Roblox album launch event in October.
“We’re thrilled to welcome Altimeter, Dragoneer and the other new investors,” comments David Baszucki, CEO and co-founder of Roblox. “We look forward to working with all of them as we continue our mission to build a human co-experience platform that enables shared experience, from play to work and learning, among billions of users.”
“Roblox has built a unique and imaginative virtual experience with a growing, loyal community”
Brad Gerstner, CEO of Altimeter, says: “While once viewed as a gaming platform, Roblox has emerged as a definitive global community connecting millions of people through communication, entertainment and commerce. And, as the world moves toward a hybrid future – where online and offline community and learning co-exist – we are proud to back a values-driven business that takes seriously its obligation to build an inclusive, creative and positive community.”
“Roblox has built a unique and imaginative virtual experience with a growing, loyal community, and we’re excited to have the opportunity to support the company at this stage of its development,” adds Marc Stad, founder and managing partner of Dragoneer. “We look forward to partnering with the Roblox team as they continue to execute on a compelling growth strategy and capitalise on the substantial opportunities ahead.”
Speaking to IQ shortly after Lil Nas X played Roblox’s first virtual show, the company’s head of music, Jon Vlassopulos, predicted a future where fans will no longer need to “pick real world or virtual [concerts] once lockdowns are over – they can have both.” Read the full, in-depth interview, which also touches on lessons learned from the Lil Nas X show, as well as the future of music and entertainment more broadly, here.
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.