What Happened To RokBlok After Shark Tank?

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After RokBlok hit Shark Tank in 2019, the product took off. Unfortunately, the same day on ABC was when it sold out of inventory and started getting returned by retailers

Since then, the company has pivoted to create an improved version of its standing speaker. 

One that is more durable offers better sound and adds more features than just being able to stand on its own. This post will show you what happened since RokBlok debuted on Shark Tank and their plans.

What does RokBlok mean?

Cordless record player RokBlok is the tiniest, most compact device ever created. On top of an album is a 42-block bamboo bundle weighing about 3.2 ounces. 

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When you press the lever, the RokBlok rotates and plays vinyl records. In addition, it is possible to use a Bluetooth-enabled speaker or headphones to play music from the system wirelessly.

A pitch from Logan Riley, the founder of RokBlok, aired on Shark Tank in December 2017. (RokBlok by Pink Donut). For $300,000, the Tank offered Riley 15% of the company's stock.

There was a shocker right out of nowhere. 

With a $5 royalty on every sale and a six-figure salary for the next two years, Robert Herjavec offered Riley $500,000 in exchange for 100% ownership of the company. Riley also accepted the offer!

Who is the founder of RokBlok?

An Apple Creative Lead in San Francisco for nine years, Logan Riley has now decided to put the money he saved into his unique idea. Following YouTube videos on how to apply for the patent and build a prototype, an entrepreneur went to work. 

Riley's music player, the BLOK, contains speakers and a new way to listen to old vinyl records (even Bluetooth).

Several people were looking to resurrect their vinyl collection with the help of a portable device that was both compact and powerful, all while being reasonably priced. Portable music players have become a sought-after item as a result. 

And as a result of this enchantment, RokBlok emerged. RokBlok was Logan Riley's second product at Pink Donut, his start-up. Again, to create new concepts through a company. Despite prior failures, Riley's RokBlok was an instant success.

What happened to RokBlok after Shark Tank?

Robert Herjavec, one of the Sharks, was so enamored with the concept that he invested $500,000 to purchase the entire shares of RokBlok

What Happened To RokBlok After Shark Tank

Two-year deals with a six-figure income and a five-dollar royalty on each unit sold for Riley were signed. Next, I don't know what happened. Accepting the opportunity was a no-brainer for Riley.

Business of RokBlok before Shark Tank

RokBlok was created in June 2015 by Logan Riley as he was frustrated by the lack of freedom and independence he had in his current position. Because he was worn out and depleted, he decided to form his own company and use his own money. 

In the end, it turned out to be a little wireless speaker that could play vinyl LPs. Because of its compact size and ease of portability, this device may be helpful to a wide range of people.

After deciding on his goal, he spent 2,000 dollars on supplies and began working on the initial design. The contraption he had developed could spin and sing beautifully after many hours of work.

Riley initially tried to raise money through a Kickstarter effort without funds. Riley is well-versed in the ins and outs of Kickstarter. Since its inception in 2016, it has been a considerable sensation in the industry.

RokBlok during Shark Tank pitch

Logan Riley, the founder of the Pink Donut firm, traveled down the show's aisles to introduce himself to the sharks. 

He walked around with a vinyl record in his hands. A 15% ownership in the company would be exchanged for a $300,000 investment that he would use to fund his company's operations. 

Riley asks the sharks a question on vinyl records to begin the presentation. He reminded the sharks of the importance of the vinyl record as he started his lecture.

However, as Riley pointed out, there are drawbacks to using an older, more traditional product. For example, neither Bluetooth speakers nor a portable version is included.

RokBlok lets music lovers swiftly attach a speaker or headphones. He demonstrated the device's usefulness by connecting it to another room and playing music. Everyone was surprised.

Its creator emphasizes portability with its slight weight and long battery life. Mark asked if the thing could be raised to the surface. 

He agreed. For stability, he advises a non-slip mat. Barbara asks about RokBlok prices. Logan Riley said the goods cost $99.99. He says the goods cost $23 more.

After more questioning from Robert, the company has raised $350,000 from Kickstarter and another $60,000 from outside investors. The process of creating new products is also ongoing.

He showed more about himself when he ventured out on his own. 

He constructed his hardware device after learning engineering skills on YouTube. Everyone was astounded and taken aback by the accomplishment shortly after that.

On the show, one of the sharks, Lori, inquired about the company's patent status. The owner cited a patent utility for wireless audio transmission.

RokBlok Shark Tank

After the show aired, the number of individuals visiting the website and placing orders increased dramatically. It has also emerged that they have begun working with artists and other groups on various creative endeavors.

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RokBlok, on the other hand, was able to raise $50,000 in just 47 days after it was founded in 2016. Despite this, 5 percent of the products were defective at this point

Following the introduction of Shark Tank in 2018, the show's profits considerably surged.

In addition, there has been a significant increase in product sales, going from a few to roughly 200 things daily. Since then, they've hired more workers to meet the expectations of these customers.

In addition, Robert has a group of backers as a group of investors.

Robert Herjavec has financed all of the company's investments to date, making him the company's sole owner. In addition, RokBlok is backed by a $200 million net worth of experienced entrepreneurs.

What Is RokBlok's profit model?

One of Pink Donut's products is a record player called RokBlok that uses Bluetooth Delivery System technology. Within 47 days of its introduction in 2016, the RokBlok team had exceeded its $50,000 objective. 

A glitch with the production process led to 5% of the batch being defective at first. Following the 2018 premiere of Shark Tank, the company saw a massive uptick in sales. 

From three to four units per day, orders have risen to 100 to 200 units per day. A larger workforce was brought in to manage the increase in business. The product has a $23 production cost and a $99 retail price.

Compared to the Original Vinyl players, which go for roughly $500, this product has a significant profit margin. For the year 2020, the value of RokBlok jumped from $350,000 to $5 million.

Who are RokBlok's investors?

RokBlok's investor is Robert Herjavec. Founder and CEO Robert Herjavec has created The Herjavec Group Investments to help businesses with a total wealth of over $200 million.

Canada's energy, financial services, and corporate software sectors were the focus of these investments. As well, the sale of "BRAK Systems" security software for $100 million was a significant achievement for the company.

How profitable Is RokBlok?

RokBlok's profits are derived from both revenue and sales of individual units. RokBlok's current valuation of $5 million and sales of $959,000 tell loudly about the company's tale. 

As a result of the tremendous demand, RokBlok is temporarily unavailable (Out of Stock). A $10 reduction per device on the initial $99 price is being offered despite this, and some are ready to wait.

At this point, the company is doing very well and is exploring new potential with musicians and the music industry.

Is RokBlok still in business?

Right now, business is booming for the company. The company also works with artists and others in the media and entertainment business to find new and creative approaches.

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Earnings and product market share make the RokBlok company profitable. Currently, the company is valued at $5 million. 

The volume of sales last year was close to $1 million. The company's items are temporarily unavailable due to the high level of demand (Out of Stock). Despite this, customers are becoming more and more interested in the product. 

They're also willing to wait till the next shipment arrives. The company offers a $10 discount on every product ordered as an additional perk.

Because the production cost of each unit is only 23 dollars, the company generated a fantastic marginal 3x profit. 

However, it is available for $99.00, making it an excellent value. As a result, the company's value has skyrocketed in the last few years. In 2016, it was valued at just $350,000. It will rise to $5 million by 2020.

Conclusion

You must have heard of Shark Tank and its success stories. Every week, they get excited to see the new products coming in the air and get to know which one is going to take place against five bidders. 

The episode of RokBlok came out like a surprise, but it had been there for months on Amazon and Kickstarter before it came on the show. 

During this time, the product was tested by several people and was loved immensely by all. Therefore, when it hit Shark Tank for the first time on January 11, 2019, everyone thought that this product would go through no matter what.

An MDF (Honeycomb) record holder, this one weighs under 3.2oz and has 42 blocks. RokBlok lets you listen to various recordings at once; you can select the ones you want to play.

With this, Bluetooth speakers and headphones can be placed up to 30 feet away. 

Analog speakers can benefit from built-in amplifiers. Up to 4 hours of continuous use is possible on a single charge with your favorite tune-up. Three rubber wheels are attached to a needle with a diamond-edged point to play the music.

Frequently asked questions about RokBlok.

I'm sure you have a few questions regarding it as well. Therefore, I spent some time answering common queries about the product. Any questions or comments can be left in the comments box provided below.

What is the authentic sound of RokBlok?

In the "How Does it Work" video, you can see (and hear) an un-edited demo of RokBlok. Using the built-in speaker and Bluetooth will give you an idea of the difference in sound.

What exactly is RokBlok made from?

The exterior of the RokBlok case is crafted from MDF and Bamboo.

Will RokBlok ruin your records in any way?

Scratched records are a turn-off for everyone, even us. To keep your records safe, RokBlok has been designed.

Instead of the needle, we use scratch-proof rubber wheels to distribute the player's 3.2 oz weight evenly. Your record's grooves will be spared any damage from this procedure. 

Even if RokBlok is used appropriately, for example, running it on an uneven or not level surface, scratches can still occur. To avoid this, utilize your RokBlok by the instructions.

What about a high-end turntable will RokBlok replace?

I don't think so. RokBlok sounds fantastic. When utilizing RokBlok, it's ideal for connecting over Bluetooth to get the finest sound quality. Unfortunately, it is unlikely that most users will detect a difference in quality.

A high-end turntable with a solid preamp and direct line connection will, however, provide higher sound quality in terms of fidelity, as any audiophile will tell you. So if you're looking for an easy-to-use record player, RokBlok is the best choice.

Regarding unusual, high-end audio equipment, Grammovox's "Floating Record" stands out. It's truly mind-blowing.

What is causing such a delay in delivery?

One of the most common complaints about Kickstarter is that things are rarely delivered.

While their manufacturer has developed and delivered many successful Kickstarter projects, they want to ensure this is their first hardware project and that they do everything correctly.

Their goal is to perfect their production model, strengthen their assembly process, and ensure that the RokBlok you receive will meet your expectations and arrive on time.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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