Roblox valued at $30bn ahead of direct listing
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.
Black music executives set out standards for industry
A collective of Black music executives in the UK has sent a letter to heads of companies including Live Nation, Universal Music Group and Spotify, laying out five “immediate calls to action” to tackle structural and systematic racism within the music industry.
The letter builds on Black Out Tuesday last week, which saw the global music business down tools in solidarity with anti-racism protestors in the US and in order to reflect on what steps need to be taken to address racism in the industry and wider society.
Following on from the demonstration, which was promoted through the hashtag #TheShowMustBePaused, executives from Metropolis Music, the Music Managers Forum (MMF), Ministry of Sound, Sony Music, UMG, Atlantic Records, Warner Music Group, and more, have come together under the #TheShowMustBePausedUK initiative and newly formed Black Music Coalition to call for immediate changes at the UK’s biggest live and recorded music companies.
“The music industry has long been a microcosm for [racial] injustices and they continue to play out within the companies you lead”
Directed to “chairman, CEOs presidents and music industry leaders”, the letter calls on companies to implement mandatory anti-racism/unconscious bias training; commit money each year to Black organisations, educational projects and charities in the UK; implement career development for Black staff to ensure greater representation at senior management level; replace the term “urban music” with “Black music”; and establish a dedicated equality and diversity task force.
“It is a widely shared belief that the music industry has long been a microcosm for these injustices and they continue to play out within the companies you lead, companies which we are a part of,” reads the letter.
“Your public statements of support throughout the recent times were impassioned and we appreciated them, but we now want to drive forward tangible changes, giving power to that show of support.
“We expect that these long overdue steps will be implemented in a comprehensive manner to translate your empathy into a legacy of lasting change and we look forward to working with you to ensure that this happens.”
The letter can be read in full below, along with a list of signatories:
Dear Chairmen, CEOs, Presidents and Music Industry Leaders,
The past few weeks and months have been filled with visceral and overwhelming emotions of frustration, grief and sadness following the violent and untimely deaths of George Floyd, Breonna Taylor and Ahmaud Arbery in America and what the circumstances of their deaths repeated to us about the position of Black people, the value of Black lives and livelihood and of the pervasive stain of racism in our society.
As the Black community mourned, many of us working in this and other industries tried to adopt our usual coping mechanism of suppressing our trauma caused from witnessing the disregard for Black life, but this time was different, we found and find ourselves unable to do so.
For far too long, the global Black community have faced racial injustice, inequality and disenfranchisement across all aspects of society and here in the UK, is no different.
As Black British people, we know of and have seen members of our community overpoliced, brutally treated and die at the hands of institutionally racist police forces and recount for example the deaths of Sarah Reed, Rashan Charles, Mark Duggan, Sean Rigg and many more. Simply put, the UK is not innocent.
Further, we are all facing an unprecedented global pandemic caused by the Coronavirus yet still, it is Black and Brown members of society who are being disproportionately affected e.g. Public Health England COVID19: Review of Disparities in risks and outcomes study shows that Black males in the UK are 4.2 times more likely to die from a Covid- 19 related death than white males. Throughout this public health crisis, racism also continues to rear its head; we witnessed a blatant indifference to Black lives most recently, in the case of Black front-line key worker Belly Mujinga, who was made to work in a public facing position despite her bosses being aware she had underlying health conditions, consequently died from Coronavirus having been assaulted by a white male. The investigation into her case was swiftly closed by the police and only reopened following immense public pressure and a peaceful protest in London.
The music industry has long profited from the rich and varied culture of Black people
These situations illustrate the ways structural and systemic racism creates poor outcomes for Black people and the Black community at large.
The music industry has long profited from the rich and varied culture of Black people for many generations but overall, we feel it has failed to acknowledge the structural and systematic racism affecting the very same Black community and so effectively, enjoying the rhythm and ignoring the blues. We feel that as an industry, we cannot continue to benefit and profit, whilst continuing to ignore the issues of the community we benefit and profit so much from, issues which affect far too many of our artists in one way or another.
In the US, Brianna Agyemang and Jamila Thomas launched #TheShowMustBePaused initiative and their mission was clear – to give us all a moment; a moment to pause, to exhale and find some solace. Here in the UK, the message resonated with many of us Black executives and as a result we launched #TheShowMustBePausedUK, coming together to discuss what permanent change we needed to bring about within our beloved industry.
Coming together and talking about the events outlined herein and our shared experiences, caused us to relive the many instances of injustice, racist comments and marginalisation across our lives including in our experiences within this industry. It is a widely shared belief that the music industry has long been a microcosm for these injustices and they continue to play out within the companies you lead, companies which we are a part of. As a result of the passionate and thought-provoking conversations over the last week; the consensus is clear – the time for change is NOW.
The consensus is clear – the time for change is NOW
As the leaders across the UK industry, who stood in solidarity with us for #BlackOutTuesday, publicly declaring your support and commitment to change, here are our immediate calls to action:
- Mandatory Anti-Racism/Unconscious Bias training across each respective company for all non-Black members of staff, led by Black Educators in the field and complimentary counselling and holistic services made available for Black members of staff with immediate effect.
- For each company to commit a specified annual budget to financially support Black organisations, educational projects and charities across the UK e.g. The Black Curriculum.
- Career development implemented for Black staff across all business areas including long standing consultants in order to develop the next generation of leaders. To address, challenge and change the lack of Black staff at Senior Management level and no Black female President/Chairwomen across the industry.
- Following statements from major labels and management companies, the term “Urban music” is to be removed from your company verbiage and replaced with “Black Music”.
- Establish a dedicated internal task force to review, and with the remit to drive and challenge both the Equality and Diversity aims within your business structure, and the advancement of Black executives across your business including equal pay, mentorship and career progression.
Your public statements of support throughout the recent times were impassioned and we appreciated them, but we now want to drive forward tangible changes, giving power to that show of support.
We expect that these long overdue steps will be implemented in a comprehensive manner to translate your empathy into a legacy of lasting change and we look forward to working with you to ensure that this happens.
The Black Music Coalition, The Show Must Be Paused UK, and on behalf of Black executives from Warner Music Group, Sony Music, Universal Music Group, BMG, Live Nation UK, Spotify and MMF.