Rec Room is a popular online video game, virtual reality system developed by Rec Room Inc. It can be played on Xbox, PlayStation ⅘, Microsoft Windows, iOS, and many other devices. Recently, Rec Room unveils a fundraising round organized by investors Index Ventures and Sequoia Capital. The total fund raised was $100 Million at an overall valuation of $1.25 Billion.
This free-to-play platform initially started in PC VR. Compared to any other social VR app, Rec Room has seen a massive increase in potential users’ numbers. In 2021 (current year), given the pandemic, there was a huge rise in investment for user-generated content apps & social gaming platforms. Roblox went public at a massive valuation, and Rec Room also pledges to pay more than one million dollars to its creators in 2021.
Rec Room CEO Nick Fajt even told VentureBeat that they had experienced massive growth over the last 12 years. He also stated that Rec Room becomes one of the largest businesses fusing social and games. Also, they think that this can be the most impactful thing that can create a big difference in the culture. They believe that it can be one of the most influential yet biggest games, and everyone should invest in it for the future.
How to Get Started with a Rec Room?
When you start with Rec Room’s Virtual journey, you spawn in a Dom Room. Here you can customize your avatar using a big mirror, which allows you to look at yourself. To customize your avatar, you need to point at your wardrobe and choose a category. Moreover, you can also choose your outfit from a default clothing selection and get items by buying clothing with tokens or completing Quests. You can also find some fun yet random objects in the Dom Room, like a whiteboard to draw on or a confetti gun.
The Rec Center is the major lobby to meet people and access RRO games. In order to join the party, you need to fist-bump the player. You can also socialize with other players, shake hands and add them to your friend list. Besides this, there are other factors in the game like leveling up, icon chairs, watch menu, and more that are quite interesting.
Room Inc. has grabbed the attention of 15 million forever users. More than 2 million people have, in fact, created content for this platform. The company’s CEO also said that around 566% of revenue growth was fueled by the pandemic in 2020. And they have around four years to achieve 100% growth or double the growth. Most of the users are teens, and the app’s customization makes it ideal for functions rather than just gaming.
According to Fajt, Rec Room can be a user-generated content platform, game, and social app. It is capitalizing on the dissatisfaction of users with traditional social media.
This Seattle-based company got lifetime financing to $149 million in December 2020 when it secured $20 million Series C.
Plus, the membership subscription of the app includes spendable tokens and discount supply on certain in-game items. However, in a few months, the company has also enabled Plus members to create rooms and objects. Also, premium tokens can be exchanged into real cash.
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