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Roblox to launch 3D advertising next year

·1 min read
FILE PHOTO: The Roblox logo is displayed on a banner, to celebrate the company's IPO at the NYSE is seen in New York

(Reuters) - Online gaming firm Roblox Corp said on Friday it plans to launch 3D advertising on its platform next year, as it strives to diversify its revenue stream beyond in-game purchases.

It will test ads with developers and a handful of advertisers by the end of this year, Roblox said at its annual developers conference.

The 3D advertising, better known as "immersive ads", experience will only reach audiences aged 13 and above, Roblox said.

The announcement, however, comes at a time when a deteriorating economy continues to ravage the advertising industry, including giants such as Snap Inc and Facebook owner Meta Platforms.

California-based Roblox, famous for its games "Jailbreak" and "MeepCity", has felt the pinch as reopening of schools after the lockdown and the red-hot inflation crimped user spending.

To combat the cooling demand, Roblox has been doubling down on the "metaverse", a virtual space where players can do everything from hanging out and chatting to shopping and attending concerts.

Currently, it generates most of its revenue from its virtual currency "Robux", which kids use to upgrade players' avatars by buying in-game items such as accessories or pets.

(Reporting by Tiyashi Datta and Eva Mathews in Bengaluru; Editing by Shinjini Ganguli)