Roblox is full on Hacking the Metaverse
Level 1- NGMI
Here is the free post on Roblox, I hope everyone enjoys.
The Metaverse I grew up in,
With all this hype about Web 3.0 and the Metaverse, we sometimes forget how progress and evolution typically occurs, even in technology. It all starts with young people, the only real consumer that matters to the future.
My thesis here is that ByteDance and Roblox are perhaps the two companies that best understand young people (we could add Bilibili too to this list). Many of you on LinkedIn may have never heard of all three of these companies.
Young people who grew up on TikTok, Snap and especially Roblox have no idea what Facebook or Meta is. Instagram to them is like an uncool older cousin. Roblox is where you learn to code and socialize in beautiful places, This entire move just makes sense, why would you go outside to experience a broken down park when you have access to the Metaverse with thousands of parks doing things that defy physics as we know them. It’s not just find a universe of games. Roblox is an entire ecosystem where gaming meets Ed Tech. In 2022, it may be among the closest we have to a metaverse platform, The history of this game is absolutely amazing and I’ve already released a post on that entire topic with part 2 coming out soon.
What’s weird with Roblox is how fast they have been able to scale their revenue. Roblox said average daily active users increased 43% year over year during the first 27 days of October. The company also reported strong engagement during that period. The game was offline between Oct. 28 and Oct. 31, due to an update with Nike.
The key takeaway is what we had expected: the gaming platform has seen a surge in usage during COVID-19 as children stay indoors. Given that occurrence, Roblox’s numbers are still staggering.
Roblox reported bookings of $637.8 million, up 28% year over year, compared with an estimated $636.5 million. Revenue excluding deferred revenue came in at $509.3 million, up 102% year over year.
Roblox had more than 47.3 million average daily active users in the third quarter, up 31% year over year and up from 43.2 million in the second quarter.
For young people the Metaverse is already here, and hanging out with your friends on Roblox is the new normal and has been for quite some time. Reminder, I was playing this game in 2012 and it was veryyy early, It’s amazing that the game was out all the way back in 2004. While Facebook tries to build a speculative Metaverse, gaming is really a pioneer in how ecosystems have been emerging in recent years,
Roblox is really enabling kids to learn how to code. The intersection of gaming and Ed Tech is the sweet spot here.
The added immersion of learning how to code and make games is more sticky. Roblox provides tools to create the games and shares revenue with developers from sales of the platform’s virtual currency, known as Robux. Players buy Robux with real money and use it to acquire perks like clothing for their avatars. These players go to clubs and cafe’s and even digital cities that have cars, schools, food districts, shopping districts, you name it. It’s only evolving year after year and with kids growing up into this Metaverse learning to Code, I can clearly see that these games will advance at a faster pace than we can even imagine.
Revenue more than doubled to $509.3 million. Roblox is thus a more decentralized platform that tethers to how young people want to
“create the metaverse they grow up in.”
thanks for reading, i am just a fox be nice.