Roblox Dev Makes A Big Step By Going Public
Roblox is one of the biggest games on earth, and now anyone can invest in the company.
The company will be trading on the New York Stock Exchange under the name RBLX. The filing of the IPO was rumored for a while now, and it comes this week amid a rally in stocks from US-based companies after the Presidential election.
In its filing, Roblox Corp. disclosed some new financial statistics, including revenue in the third quarter of $242.2 million, which is up 91 percent, according to CNBC.
The game boasts an incredibly impressive 36.2 million daily players globally, and the developer has big plans for the future, as it said it hopes to reach "billions" of users.
The company has a number of plans to grow in the future, including "significant investments" in updates to the game to make characters and worlds look more lifelike. "These investments should enable Roblox to support human co-experience in the entertainment, learning and business markets," the developer said.
Roblox Corp. is also looking to grow internationally, and it is currently investigating the possibility of releasing Roblox in China through a partnership with Luobu. Additionally, the company said it has a lot of room to grow in terms of getting more money out of Roblox.
"First, we are actively working with our developer and creator community to help them improve their monetization. Second, we recently introduced our subscription service, Roblox Premium, which we believe will increase our conversion of our free users to paying users and the retention of our paying users," the studio said. "Finally, we expect to work with leading brands to build unique marketing opportunities on the Roblox Platform."
Regarding the branded opportunities, Roblox recently hosted an in-game concert series where "Old Town Road" singer Lil Nas X debuted a new single. The concert event was massively popular, eclipsing a record set by Fortnite's Travis Scott show.
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