Video game developer Roblox Corporation (RBLX) recently announced the launch of Roblox Listening Party, a music streaming platform where consumers can listen to latest albums of their favorite artists in a shared experience.
Following the news, shares of the company rose 1.1% on Friday. The stock, however, declined marginally to close at $83.21 in extended trade.
Roblox and Sumerian Records, a leading independent record label, announced that Poppy, with her new album Flux, will be the first artist to host a listening party on the platform,
The company sees twofold benefits for both the artists and the listeners through the launch of the music streaming platform. While listeners can share music with their friends, artists can promote their new releases and attract fans in a unique manner.
The Vice-President and Global Head of Music for Roblox, Jon Vlassopulos, said, “It has been such a pleasure working with Poppy and Sumerian Records to launch our first-ever Listening Party. Music is such a natural part of the way we express ourselves, entertain ourselves, and find connections with other people, and we want to keep finding new ways to make music more of an integral part of the Roblox experience.” (See Roblox stock chart on TipRanks)
Recently, Jefferies analyst Andrew Uerkwitz assigned a Hold rating to the stock. The analyst, however, lowered the price target from $92 to $86, which implies upside potential of 3.3% from current levels.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 5 Buys, 1 Hold and 1 Sell. The average Roblox price target of $90.86 implies that the stock has upside potential of 9.2% from current levels. Shares have gained about 19.7% over the past year.
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