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Summary
- Activision Blizzard, a US based video game company’s shares fell by over 8 per cent on Tuesday as employees proposed a walk off due to alleged sexual harassment and discrimination at the company.
- Roblox, a NYSE listed gaming app company, was trending after it launched a new podcast to discuss its development of a metaverse.
- Video game stocks are among the biggest sectors in entertainment and is expected to reach up to US$ 250 billion in total consumer spending by 2025.
Video games is one of the biggest sectors in the media and entertainment industry today. In fact, total consumer spending on video games is forecasted to reach up to US$ 250 billion annually by 2025.
Two global video stocks Activision Blizzard Inc (NASDAQ:ATVI), (LON:0H8X) and Roblox (NYSE:RBLX) were in action on Tuesday. Let us take a closer look at why these two stocks were buzzing:
- Activision Blizzard Inc (LON:0H8X) (NASDAQ:ATVI)
Activision Blizzard is a US based video game holding company and makes popular games such as Call of Duty and others. Recently, employees at the video game company planned to hold a walkout due to allegations of rampant sexual harassment prevailing across the company.
The company has supported the move by providing paid time off to employees. A lawsuit was filed against Activision Blizzard, citing a sexist workplace culture by the state of California last week.
The company’s CEO Bobby Kotic issued an open letter late Tuesday to all of Activision Blizzard’s employees acknowledging the initial tone-deaf response to the allegations and hiring a law firm to review the company’s policies and change its games which include inappropriate content.
Activision Blizzard’s shares fell to USD 84.05, down sharply by 6.09 per cent on 27 July on Nasdaq.
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- Roblox Corp (NYSE:RBLX)
Roblox is an online gaming platform that lets users create their own 3D gaming worlds. It is one of the biggest gaming apps in the world and has over 42.1 million daily active users.
Roblox’s FY 2020 revenue jumped by a whopping 82 per cent to US$ 924 million, boosted by the pandemic as people stayed at their homes much more. Roblox recently went public and listed on the NYSE on 10 March and has a market cap of US$ 46.62 billion.
The company plans to create its own version of a metaverse. It launched a new podcast called Roblox Tech Talks on Monday, and its first episode was called Step into the Metaverse. The discussion was between the company’s CEO Dave Baszucki, and CTO Dan Sturman.
The podcast aims to discuss the tech related progress and breakthroughs by the gaming company in developing the metaverse.
Roblox’s shares ended at USD 76.19, down by 1.85 per cent on 27 July on the NYSE.
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