Roblox shares soar 43 per cent on first day, valuing gaming platform at $54b
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By Kellen Browning
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When the pandemic forced people indoors a year ago, many passed the time by playing games on their iPhones, building gaming computers and exploring the latest blockbuster titles on their Xbox and PlayStation consoles.
For video game companies, that has meant gushers of cash. A record $US56.9 billion ($73.6 billion) was spent on gaming last year in the United States, up 27 per cent from 2019, according to the NPD Group. Sony, which released the PlayStation 5 in November, recently reported a 62 per cent profit jump while Microsoft tallied $US5 billion in quarterly gaming revenue for the first time, helped by sales of its new Xbox devices.