Rec Room and Roblox Make Valuation Waves
In March, two big names in virtual spaces drew attention for significant valuations. Rec Room, the social VR platform, raised US$100 million, which resulted in a US$1.25 billion valuation. Revenue grew at more than 500% in 2020, paired with 1 million monthly active users and 15 million lifetime users. VR is 25% of Rec Room’s user base. Roblox made similar news, after going public with a direct listing and a valuation over US$40 billion. While VR is not the primary portfolio element for Roblox, the platform’s flexibility in content means that there are a few VR-enabled titles as part of the ecosystem. The company claims more than 18 million “worlds” and experiences and 33 million daily users, with nearly US$2 billion spent on the platform’s virtual currency.
These two announcements join an increasingly active market in virtual spaces, sometimes called metaverses—virtualized spaces to facilitate social engagement, collaboration, and content creation and consumption. Facebook is working on its social VR platform Horizon, along with the rest o…
You must be a subscriber to view this ABI Insight.
To find out more about subscribing contact a representative about purchasing options.