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Entertainment products and services provider Roblox (RBLX) has partnered with Sony Music Entertainment to bring more Sony Music recording artists into the Roblox metaverse. The companies seek to work on creating innovative music experiences for the Roblox community.
Roblox will be presenting Sony artists with new commercial opportunities and expand the listeners base to new audiences and help generate revenues from virtual entertainment.
The Vice-President and Global Head of Music at Roblox, Jon Vlassopulos, said, “They truly understand the massive opportunity that the metaverse presents for their artists and we are committed to helping them unlock new creative and commercial opportunities on Roblox.”
The President of Global Digital Business and U.S. Sales at Sony, Dennis Kooker, said, “Immersive online environments represent a meaningful opportunity for reaching a growing number of fans who want to use virtual communities to enjoy shared music experiences.” (See Roblox stock chart on TipRanks)
The move comes after the $200-million lawsuit filed against Roblox by some music publishers, who alleged Roblox of widespread copyright infringement.
Last month, Truist Financial analyst Matthew Thornton reiterated a Buy rating on the stock with a price target of $103 (upside potential of 18.4% from current levels).
Consensus among analysts is a Strong Buy based on 6 unanimous Buys. The average Roblox price target stands at $92.20 (6% upside potential from current levels).
TipRanks data shows that financial blogger opinions are 93% Bullish on RBLX compared to a sector average of 69%.