Users were able to purchase limited-edition items for their avatars. The company hosted an immersive experience in May to celebrate Gucci’s 100th anniversary. Although it doubled its second-quarter revenue from the same time period in 2020, Roblox had bigger losses and its expenses climbed to pay development fees, for research and development and technology infrastructure.Ĭurrently, Roblox’ business model focuses on users buying virtual currency so they can acquire in-game benefits or items for their avatars.
Roblox’ ambition has not come without cost, however. “It must be a civil and safe platform that welcomes 6-year-olds and at the same time welcomes 30-year-olds who are working together,” Baszucki told analysts on during an earnings call this summer when asked about the interest companies such as Facebook are taking in the metaverse. Baszucki also said the company has invested heavily in technology and has expanded hiring to support these virtual experiences, as well as in areas such as content moderation. Roblox CEO Dave Baszucki noted earlier this year that the company sees its 15-year-old platform as a hub for virtual and immersive experiences where thousands of people can attend concerts, school or staff meetings together, The Wall Street Journal reports. It’s a digital universe where users can “live.” When Facebook first introduced its metaverse concept, the company envisioned users wearing its Oculus Quest 2 VR headsets and walk into virtual offices as avatars and sit in on meetings.
The metaverse is a combination of multiple elements of technology, including virtual reality, augmented reality and video. Keep reading for more analysis on Facebook and Roblox and their respective entrances into the metaverse arena. The Roblox platform has become so popular that it was valued at $45 billion in November and went pubic earlier this year, USA Today reports, leaving investors to wonder if it or Facebook is the better metaverse play. When social media company Facebook announced it was rebranding as “Meta” in October, it seemed like it might claim the oft-discussed concept known as the “Metaverse.” That has turned out not be the case, however as a number of companies are looking to deliver their own version of the metaverse, including Roblox, a gaming platform that lets users build homes, work and play out scenarios.
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