Roblox worth $47 billion after its New York Stock Exchange debut
The famous virtual game popular among young teenagers and children was valued at $47bn after its debut on the New York Stock Exchange. The game is currently valued higher than other famous game publishers like Ubisoft and Electronic Arts. The stock value is expected to increase in the following weeks.
The net worth of the CEO of Roblox, David Baszucki, doubled in size after the Roblox stock increased by over 60%. Baszucki said in a tweet that the influx of cash will help the company create its "vision of the Metaverse".
Roblox is regarded as one of the biggest virtual games sites
Roblox is regarded as one of the biggest user-generated game sites currently in existence. In Roblox, gamers can create and share the worlds they create with other players. Expenses in the game are paid using Robux- the official digital currency of the game.
Game developers are also encouraged to build worlds for the game. They are paid on Robux which is then converted to cash. According to data from the company, more than 1300 developers earned $9,900 dollars each.
Roblox earned close to $1.2bn from its Android and Apple users alone. According to an analyst, Craig Chapple, investors' interest in the game company shows that they are confident in Roblox. He added that Roblox has done a great job in creating a virtual world game where players can interact with each other.
Roblox popularity increased during the pandemic
Interest in the game company sharply rose during the start of the coronavirus pandemic as its target audience, children and teenagers, were not allowed to mingle with their peers.
The ability of users to also attend virtual concerts, birthday parties, and other events hosted by other players has increased the average time each user spends on the app. The company's data shows that the game witnessed an 85% jump in the number of users that play the game.