Game Platform Roblox Goes Public, Now Valued at $45 Billion

Gaming platform Roblox went public on Wednesday and saw its shares rise from a reference price of $45 to $69.50, valuing the company at $45 billion. A year ago, the company was valued at $4 billion. The NPD Group reported that a record-breaking $56.9 billion was spent on gaming in the U.S. in 2020, up 27 percent from 2019. Sony enjoyed a 62 percent rise in profit, and Microsoft recorded a first-ever $5 billion in quarterly gaming revenue. In a hot gaming market, Roblox delayed its listing to more accurately price its shares. Continue reading Game Platform Roblox Goes Public, Now Valued at $45 Billion

New eSports League to Provide Stake to Players and Teams

Esports Championship Series, a professional league just formed by Twitch and competitive-gaming platform startup FaceIt, is offering teams an ownership stake, the first such video-game league to do so, say its founders. “ECS – Counter-Strike,” offers a prize pool of $3.5 million for players competing in Valve’s “Counter-Strike: Global Offensive” first-person shooter game. The new league enters a crowded field that currently includes Activision Blizzard’s Major League Gaming and Electronic Sports League (ESL). Continue reading New eSports League to Provide Stake to Players and Teams

Flipagram Inks Music Deals, Raises $70M in Round B Funding

Flipagram is a mobile storytelling app that allows users to create short slideshows (or “Flipagrams”) by stitching together video content, photos and music. The company has made a significant step towards becoming one of the first such apps to incorporate modern music in a major way by signing licensing deals with top record labels and landing an additional $70 million in funding. According to CEO Farhad Mohit, Flipagram has attracted 33 million active monthly users in its first year. Continue reading Flipagram Inks Music Deals, Raises $70M in Round B Funding

Flipboard Hopes to Integrate Video with its Social Media Magazine

  • Palo Alto-based Flipboard plans to add film and TV to its social media magazine platform. Flipboard is currently available only on the iPad, but an iPhone version is expected to launch in a few weeks.
  • Reuters reports that the company “hopes to cut deals with studios to carry movies and episodes of TV shows, getting into territory staked out by Netflix, Hulu and Facebook.”
  • Mike McCue, chairman and chief executive of Flipboard, explained he will begin the video project at the end of this year and also hopes to sell electronic books.
  • Flipboard’s service takes a cut of the revenue from advertising. “We’re trying to create the largest company possible,” said Danny Rimer, general partner at Index Ventures, a Flipboard investor. Reuters points out: “Rimer believes display advertising revenue’s migration online is ‘a very big opportunity.'”