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- 1 Roblox holds half of the global metaverse user base.
- 2 The platform has already managed to garner tens of millions of users via music concerts.
The pandemic days were the boom times for doom times. As it cleared the city roads with massive lockdowns, it also opened doors for the virtual worlds to grow. Roblox, a metaverse game, took full advantage of the situation to boost its growth. Now, as everyone is back on the streets, the company is looking for the next chapter in their journey. Their CEO, David Baszucki, recently revealed how they are looking forward to the future of the platform.
Raising The Bar
In an interview with an American global business magazine, Fortune, he divulges that they are seeking major retail partnerships to draw older enthusiasts to Roblox. Available data calls attention to the fact that nearly half the population is either aged 13 or below. Users aged 17 to 24 are increasing at a frantic pace, and such collaborations will play an integral role in getting the wheel moving.
Many found comfort in virtual worlds while they suffered being alone in the real world. Mr. Baszucki explains, “We see a lot of behavior where people use it as a place to hang out or communicate. We’ve grown all our metrics relative to that peak time, so the foundation of the social communication platform has shown it has the strength to grow following the pandemic.”
Now that the company has gained ground, it wants to spread its roots to reach a Billion users. The metaverse currently holds around 400 Million users globally with a range of sectors establishing their presence there. Half of them are lurking on Roblox. Mark Zuckerberg, CEO of metaverse company Meta Platforms, speculates a billion people will participate in virtual worlds within the next decade.
David put up some possibilities as to how Roblox may attain the number. The growing age range and their existing presence in countries like Japan and Brazil are a couple of options. He predicts to see “a musician perform live on Roblox to over a million people spontaneously.”
Roblox has already managed to garner tens of millions of users via music concerts, although they weren’t live events. Their first metaverse music concert featuring Lil Nas X, an American rapper, had the attendance of 37 Million in 2020. Other notable names who have performed on the platform include Twenty One Pilots, Charli XCX, Lizzo, and more.
An Immersive World
With regards to brand advertising, David Baszucki thinks ads have become more immersive. He told Fortune that, “Now, there is a level of immersiveness, like for Vans, where we can put on some of the merch and skateboard around together and see what’s for sale.”
Three-dimensional (3D) billboards have taken over the streets of countries like the United States, Japan, South Korea, and more. Major companies like Meta Platforms and Activision Blizzard have showcased their products via 3D billboards in an immersive manner. Such technologies would allow a metaverse user to experience a product at a deeper level.
Baszucki surmises virtual worlds may serve as ‘third shop stop’ after physical shops and websites. Metaverse game Decentraland offers “Districts”, virtual land parcels, where individual users or institutions can develop digital experiences. Their Virtual Reality Shopping (VRS) District acts “as a resource to high-end businesses interested in creating their own Virtual Reality Shop.” As of now, it is not listed for sale.
Lastly, Roblox CEO didn’t rule out the possibility of brands coming from a variety of sources. He said, “We saw early innovation in brands like Gucci, which was selling items for $3,000 through Roblox. But we should expect a wide range. I wouldn’t rule out automotive, I wouldn’t rule out consumer electronics, I wouldn’t rule out movies, and of course, I wouldn’t rule out fashion and beauty.”
Although the CEO is positive about the platform’s future, the company was recently involved in a class action lawsuit. Plaintiffs allege that Roblox allowed exposure to explicit content to underage users on the platform. Such instances could attract unwanted outcomes for the organization.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
