Roblox has been expanding its focus to become a social platform, where users can come not just for gameplay but also to attend virtual birthday parties and concerts with friends. Global game revenue is expected to grow almost 20% this year to $175 billion, according to researcher Newzoo. Usage of most video games has exploded with the coronavirus pandemic keeping millions - including school-age children - at home with time on their hands. The amount of time those users spent engaged on the platform more than doubled from last year to 22 billion hours, the company said.
The company had 31 million daily active users during the first nine months of the year, up 82% from the same period in 2019, according to the filing.
Roblox hosts millions of games that are built by its users, who then get a share of any related revenue. The company will disclose plans for the size and price range for the share sale in a later filing. Securities and Exchange Commission filing Thursday, though that’s a placeholder that will likely change. This showed that the company had not turned a profit since it was founded in 2004.The size of the offering was listed at $1 billion in a U.S. Roblox publicly announced its intention to float in October, filing its S1 form with the United States Securities and Exchanges Commission (SEC) the following month. News that Roblox planned to go public broke in October 2020 with the firm reportedly looking to double the aforementioned $4bn valuation. “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.” “We’re thrilled to welcome Altimeter, Dragoneer and the other new investors,” CEO David Baszucki ( pictured) said.
This new $29.5bn valuation is seven times higher than the $4bn valuation that Roblox attracted in February 2020 when it completed its Series G funding round. This new $520 million Series H round was led by Altimeter Capital and Dragoneer Investment Group, with Warner Music Group and Investment Group of Santa Barbara also taking part. This was announced in a post on its website, with the news coming as the firm says it will be going public via a direct listing offering (DPO) rather than the more traditional initial public offering (IPO), something that was hinted at towards the end of last year. Games creation platform Roblox has raised $520 million in a new round of funding that values the company at a cool $29.5bn.
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