Roblox goes public so that it can build a bigger metaverse – Jacob Kastrenakes

Lil Nas X performing ‘Old Town Road’ inside Roblox
Image: Roblox

The company behind the hit kids game Roblox is going public after soaring use during the pandemic. The company now has 31.1 million daily users who have spent an average of 2.6 hours per day in the game this year, according to Roblox’s prospectus.

Roblox has been around since 2004, but the game nearly doubled its daily users over the last nine months as it’s provided a social space where its players — mostly kids and teens — can hang out while stuck inside.

Roblox reported revenue of $588.7 million during the first nine months of 2020, a 68 percent increase over the same period in 2019. The company has spent a lot more money as it’s grown, though. Roblox reported losses of $203.2 million for the first nine months of 2020 — an increase so…

Continue reading…

Read More