Roblox Targets 3D Ad Launch To Beat The Slowdown

Online gaming firm Roblox Corp RBLX looks to launch 3D advertising on its platform next year to diversify its revenue stream beyond in-game purchases, Reuters reports citing Roblox's annual developers' conference.
Roblox will test ads with developers and a handful of advertisers by the end of this year.
The 3D advertising, better known as "immersive ads," experience will only reach audiences aged 13 and above.
A slowdown in the economy has impacted the advertising industry bigwigs like Snap Inc SNAP and Facebook owner Meta Platforms Inc META.
Roblox also felt the pinch as the reopening of schools after the lockdown, and the surging inflation crimped user spending.
Roblox has been doubling down on the "metaverse," a virtual space enabling hanging out and chatting, shopping, and attending concerts.
On the other hand, its Chines peer Sea Limited's SE Garena gaming unit looks to lay off hundreds of staff in Shanghai.
Garena also canceled multiple new games.
However, Sony Group Corp SONY remains aggressive on gaming prospects despite weaker quarterly results. However, Facebook braced to close down its Facebook Gaming app as it failed to gain traction.
Price Action: RBLX shares closed higher by 8.74% at $45.52 on Friday.