Rock block is a portable wireless vinyl record player. And now Rockblock is estimated to have a $5 million net worth in 2023. It appeared in the Shark Tank Season 9 episode 13. So, the founder Logan Riley entered the show hoping for $300 000 for 15% of company shares.
However, Robert Herjavec bought the whole company for $500,000 with a $5 perpetuity royalty. Following that it was one of the most successful companies still standing in the market.
But how does Rokblok reach a net worth of around $5 million this year? Let’s find out more.
- 1. Rokblok Net Worth UPDATE 2023
- 2. How is Rokblok doing now? [Latest update]
- 3. What is Rokblok?
- 4. Who is the owner of RokBlok?
- 5. What happened at the Shark Tank?
- 6. Rokblok Shark Tank update- What happened to the Rokblok after the Shark Tank
- 7. Rokblok review
- 8. Who are the competitors of the Company?
- 9. FAQ
Rokblok Net Worth UPDATE 2023
According to our research online, Rokblok will be valued at around $5 million in 2023. Also, the company successfully sold around 100-200 units per day after the Show aired. This made around $959,000 in revenue instantly.
However, the company was worth around $350,000 at the time appearing in Shark Tank. According to our research online, it reached millions of values with high-profit margins.
How is Rokblok doing now? [Latest update]
Rokblok is still in business in 2023. The product is still sold on Amazon and its official site. However, the product is out of stock but the company is still accepting orders. there are many customers still waiting for the product. Also, the company started to collaborate with musicians in the industry.
However, the product received bad reviews as few other similar products in the market later. Also, Logan’s Twitter account isn’t consistent as usual. However, he introduced a new product called snapbacks in 2022.
In August 2022, Riley launched a new Kickstarter campaign for SnapBacks, a line of ultra-slim, interchangeable iPhone cases. However, as of September 2022, the campaign had only raised $4000 towards a goal of $15,000. So, the Kickstarter company canceled the project at the end of 2022.
Rokblok is one of the companies that received different offers on the Shark. Also, now the company is one of the most successful companies in the field. Following this, it secured around $ 5 million at the beginning of this year. Also, Robock is successful in business in 2023.
What is Rokblok?
RockBlock is the world’s smallest portable wireless record player for vinyl. It’s pretty lightweight and designed to rotate over the disk. Also looks like a honeycomb. Because of the wireless connection, it can connect to any Bluetooth speaker and headphones easily.
It’s designed by the Pink Donut company. They developed it using yet to patented Bluetooth Delivery System technology.
Not only that the charge can hold up for a few hours. One only cost around $99 and is very cheap compared to the original player. Because of the amazing technology behind this product, everyone is curious about the founder.
Who is the owner of RokBlok?
Logan Riley is the founder of the Rokblok. He worked as a creative lead for Apple company for over 9 years. He is an audio engineer and an entrepreneur. So he founded Pink Donut the mother company of Rokblok in 2015.
So RokBlok is the second product by Pink Donut company. After accepting the deal from Robert Herjavec he received the opportunity to create with the company further. He self-thought creating the product from YouTube to develop the prototype. But he managed to create Rokblok with only a $2000 personal investment.
In 2016, Logan launched a Kickstarter campaign to raise additional funding for his project, ultimately surpassing his goal and raising over $350,000.
What happened at the Shark Tank?
Rokblok appeared on the Shark Tank hoping for $300 000 for 15% of equity. All the Sharks were impressed with the product after the demonstration. “Rather than the record spinning what if I made a unit that spins around the record,” Logan Riley said to the Sharks.
However, Barbara Corcoran decided to drop the deal first. She thought it was too early to invest. Mark Cuban followed her. “Everyone’s your baby until the next kid is born”, Mark Cuban said. But Kevin O’Leary gave an offer of $300 000 for 50% of the company.
Following this Lori share, she is on the fence about the idea. However, Robert Herjavec offers a different deal. It’s to sell the company to him. Not only that he offers a $5 per unit perpetuity royalty. Also, it came with a two-year employment contract with a six-figure salary. So, Logan accepts the deal without hesitation.
Rokblok Shark Tank update- What happened to the Rokblok after the Shark Tank
Rokblok managed to sell from 1-2 units to a few hundred units after the Shark Tanks’ appearance. According to our research online they hire more employees for high demand. The deal successfully went through but Robert later pulled out of the deal.
“We are looking to help continue finding new ways to showcase both Rokblok and the resurgence of vinyl in popular culture,”
Logan said to the business 2 community. However, the product is out of stock and the company is working on restocking the product. The company was profitable from per-unit sales and revenue over the years.
Following this, the company reached around $5 million at the beginning of 2023.
Rock block is more affordable than the high-cost traditional vinyl player which cost around $500. Because of this many customers appreciate the portability and the cost-effectiveness. Also many praised the unique design because it needed little effort to set up.
However, the convenience of the wireless Bluetooth connection attracted the most. Also, many are satisfied with the sound quality. But Rokblok also received some negative feedback like other similar products. Overall, Rokblok received positive customer satisfaction reviews.
Who are the competitors of the Company?
Logan Riley is the inventor of the RokBlok.
It works as a needle riding on the vinyl recorder.
No, it’s not. According to Kickstarter, it’s designed to prevent damage.
One unit is selling for $99 on their official site.
Rokblok sold around 100-200 units per day soon after appearing on Shark Tank.
Robert Herjavec bought a 100% stake in RokBlok for $500,000.
Yes, RokBlok is still operating and accepting orders, however, the product is currently out of stock. Customers can get $10 off their orders and two “limited-edition bonus gifts” for their patience. You can find more information on the RokBlok website.