Roblox reported growth in daily users and digital currency sales last quarter
Online game creation platform Roblox has reported its Q1 2023 results: more active players and sales of Robux’s internal cryptocurrency increased sharply.
According to the published data, the platform received $774 million in sales from Robux, which is 23% more than in the fourth quarter of 2022. Users can buy and install customized avatars with those coins.
In addition, the number of daily active users has increased to 66.1 million. That’s 22% more than a year earlier.
According to Roblox CEO David Bashuki, the number of users was a “record high,” but the platform’s long-term goal is to reach 1 billion daily active users.
The platform’s revenue last quarter also increased to $655.3 million, up 22% from a year ago.
The platform’s revenue also increased to $655.3 million, up 22% from a year ago.
“We also expect more of our bookings [Robux purchases] to be processed through credit cards and prepaid cards, which will also have a positive impact on margins,” said Roblox CFO Michael Guthrie.
A white streak for Roblox
Last year, Roblox’s results were much worse – in Q3 2022, the company said its net loss was $297.8 million, four times as much as in the same quarter of 2021.
That said, Robux’s orders or sales were slightly less than the $701.7 million in the first quarter of 2023..
Roblox attributed last year’s poor performance to an increase in staff, which resulted in a 56% increase in personnel costs..
However, that didn’t stop the platform from making plans to hire new employees at the time.
Virtual Real Estate Crisis
But Roblox’s decentralized competitors, the metacities Decentaland and The Sandbox are having a tough time.
Virtual real estate prices have plummeted by 90% over the past fourteen months, according to analysts.
Moreover, the native tokens Decentraland (MANA) and The Sandbox (SAND) have also collapsed by more than 80% since February 2022.
In the meantime, the Decentraland (MANA) and The Sandbox (SAND) tokens have also collapsed by more than 80% since February 2022.
According to experts, from an investment point of view meta universes are of no interest to venture capital firms.
Moreover, the entry threshold into virtual worlds remains much higher compared to video games like Roblox or Fornite.