Roblox files for $1bn stock market launch
The company behind tween-friendly social gaming platform, Roblox, is filing for a $1 billion initial public offering (IPO) after its popularity soared during the pandemic.
According to the company’s prospectus, the platform now has 31.1 million daily users who have spent an average of 2.6 hours per day in the game this year.
The platform, which launched in 2004, hosts a collection of more than 50 million user-created video games (sometimes compared to YouTube, but for games rather than videos).
The company makes money when these games offer in-app purchases, and it gets a cut of sales of the in-app currency Robux.
The platform stepped up its interest in music in August 2019 with the appointment of a global head of music, Jon Vlassopulos, a former director of business development at BMG and founder of Tinder-style swiping music discovery app Fab.fm.
Earlier this year, Roblox created a virtual concert venue, hosting an in-game live stream of the Lady Gaga-curated benefit concert One World: Together at Home.
The platform now has 31.1 million daily users who have spent an average of 2.6 hours per day in the game this year
Roblox has also joined social virtual-reality platform Sansar and video game developer Psyonix in partnering with Canadian indie label Monstercat, which also has its own licensing subscription service to allow game streamers to use its music on YouTube and Twitch.
The partnership gives Roblox developers access to a new library of music content to use when making games for the platform, which is comprised of millions of games built by professional developers and the Roblox user community.
Roblox’s involvement in music hit its peak this month, however, when the platform delivered its first in-game concert with Lil Nas X.
The double Grammy award-winning rapper behind worldwide smash ‘Old Town Road’ delivered a free-to-access concert experience which garnered 35 million visits, rivalling Travis Scott’s record-breaking Fortnite concert.
The show, which took place in partnership with Nas’s label, Columbia Records, featured a set of stages inspired by Lil Nas X’s songs and videos and aired three times across 14 and 15 November.
Roblox also recently hosted an album release party for singer Ava Max which was attended by 1.2m players.
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