Roblox has reported double-digit revenue and daily active user growth for what execs say was a ‘solid’ Q2 2024. Photo Credit: Oberon Copeland
Roblox Corporation (NYSE: RBLX) revenue jumped by nearly a third year over year (YoY) during Q2 2024, when average daily active users spiked by over 20%.
The company behind the namesake platform disclosed these and other performance specifics in its second-quarter earnings report. With a music industry licensing dispute now little more than a distant memory, Roblox has cemented its status as an increasingly important player in the UGC and broader entertainment arenas.
And that status has rendered the metaverse mainstay highly lucrative for artists in terms of straight revenue as well as promotional perks. Having featured the Rolling Stones, Post Malone, and many more to date, Roblox generated $893.54 million during Q2 2024, up 31% YoY, according to the report.
Similarly positive on the quarter were the platform’s aforementioned average daily active users (79.5 million) and “hours engaged” (17.4 billion, up 24% YoY).
The U.S. and Canada, higher-ups elaborated during the corresponding earnings call, achieved their fastest daily user growth since 2021’s opening quarter. And daily users in Japan – the second-largest recorded music market, that is – hiked 56% YoY, as engagement hours improved by 66% YoY, per execs.
Nevertheless, Roblox also acknowledged a consolidated Q2 2024 net loss of $207.20 million – which was actually down from $284.84 million or so in Q2 2023. And despite the market’s growing prioritization of and emphasis on profitability, Roblox forecasted a Q3 2024 loss of between $255 million and $275 million.
Regarding takeaways related specifically to Warner Music-backed Roblox’s industry relationships, execs during the Q2 earnings call reiterated the quarter’s artist sign-ups and performances.
Furthermore, higher-ups intend to announce “a lot more of these updates” at Roblox’s Developers Conference next month. (Besides investing in Roblox itself, Warner Music under now-former CEO Stephen Cooper took stakes in Roblox-focused developers such as Supersocial.)
While the topic didn’t appear to come up during the call, Warner Music rolled out “time-based listening” in various Roblox worlds as part of a tie-up with Styngr towards Q2’s end. That news followed the March addition (spearheaded by Universal Music and its Republic subsidiary) of “Boombox,” billed as Roblox’s “first scaled music product.”
Though it perhaps goes without saying, Roblox’s double-digit growth in Q2 daily users and hours engaged suggests there’ll be a continued upside for on-platform music events and initiatives moving forward. And that upside will presumably attract different big-name acts, who are also flocking to competing metaverses like Fortnite.
