RokBlok Shark Tank Net Worth
What is RokBlok’s Net Worth in 2023?
As of 2023, RokBlok is estimated to be worth $5 million, with lifetime sales worth $5 million and annual sales above $959,000. The product is currently out of stock but is still accepting orders on its website or Amazon.
RokBlok is a portable wireless vinyl record player that was founded by Logan Riley in San Francisco, California. It has a retail price of $99 and a high-profit margin, making it an attractive alternative to traditional vinyl players which cost around $500.
RokBlok appeared on Shark Tank in December 2017 and sought investment of $300,000 for 15% equity. Robert Herjavec eventually bought the company for $500,000 with a $5 perpetuity royalty. After the show aired, RokBlok saw a jump in sales and made more than $959,000 in total revenue.
What is RokBlok and Who invented is RokBlok?
RokBlok is a wireless, portable record player that sits on top of a record to play music. It includes Bluetooth connectivity and a built-in speaker.
Logan Riley, a 29-year-old entrepreneur from Las Vegas who previously worked as a Creative Lead at Apple, invented the device. He founded his own company, Pink Donut, to develop RokBlok.
In December 2017, Riley pitched RokBlok on Shark Tank, asking for $300,000 in exchange for a 20% stake in the company. Ultimately, he sold 100% of the company to an investor for a six-figure salary and a two-year contract to continue developing the product. Additionally, he earns $5 for each unit sold.
After the episode aired, demand for the device skyrocketed from a few orders per day to hundreds. The manufacturing cost of the product is $23, but it sells for $99.
RokBlok is popular due to its small, portable size, measuring only 4 x 2 inches, which makes it easy to use anywhere with a flat surface. It has a simple “Place & Play” mechanism that allows users to place it on a record and raise the control lever to start playing.
It is compatible with 45 RPM and 33 13 RPM records, including singles. The device is wireless, with Bluetooth connectivity up to 30 feet to connect to speakers or headphones. It also includes a built-in analog speaker for high-quality sound and a rechargeable battery that can last up to 4 hours on a single charge.
RokBlok Shark Tank Summary:
|RokBlok Net Worth in 2023||$5 million|
|Lifetime sales worth||$5 million|
|Annual sales||Above $959,000|
|Shark Tank Investment||$500,000 for 100% ownership and $5 royalty in perpetuity|
|Product||Wireless, portable vinyl record player|
|Compatible records||45 RPM and 33 13 RPM|
|Connectivity||Bluetooth up to 30 feet|
|Battery life||Up to 4 hours|
|Shark Tank Appearance||Season 9, December 2017|
|Shark Tank Investor||Robert Herjavec|
|Product Line||Includes Bluetooth-enabled speakers, record players, and a selection of vinyl records|
|Availability||Out of stock, but still accepting orders on website and Amazon|
|Challenges||Faced production and shipment delays due to COVID-19 pandemic|
|Discount||$10 off the initial $99 device pricing|
Logan Riley Pitched RokBlok to Shark Tanks
Logan Riley, the CEO, and founder of RokBlok pitched his product on Shark Tank by starting with a question to the Sharks about recalling vinyl records after removing the sleeve. He then demonstrated RokBlok, the world’s first wireless record player, which caught the interest of investor Robert Herjavec.
Robert offered Logan $500,000 in exchange for 100% ownership of the company, a six-figure salary for two years, and a $5 royalty on each sale.
RokBlok is designed to be an affordable and portable speaker that is also made of wood and can serve as a stand for your phone or tablet. It is Bluetooth-enabled, making it a convenient option for music lovers or outdoor enthusiasts who want to bring their sound system with them.
After appearing on Shark Tank, RokBlok experienced a significant increase in sales, leading to the expansion of its product line to include a variety of Bluetooth-enabled speakers, record players, and a selection of vinyl records. The company continues to grow, expanding its product line and adding new countries to its shipping options.
RokBlok devices can be purchased on Amazon.com and other online retailers across the country and have been sold by Shark Tank cast members as well.
However, the company has faced challenges due to the COVID-19 pandemic, resulting in delays in production and shipments. Despite this, the company is continuing to do well and is exploring new opportunities with musicians and the music industry.
The device has been in high demand and is currently out of stock, but the company is offering a $10 discount off the initial $99 device pricing.
Rokblok Shark Tank Updates
RokBlok is a portable record player that rides on a flat vinyl record and plays music like a real record player. It has a rechargeable battery and Bluetooth connectivity for wireless streaming to speakers or headphones.
Logan Riley, the founder of Pink Donut, invented RokBlok in June 2015 and pitched it on Shark Tank in December 2017.
Riley sought an investment of $300,000 in exchange for a 15% stake in RokBlok. Robert Herjavec, one of the Sharks, loved the product and made an unconventional offer of $500,000 for the entire company and a $5 royalty in perpetuity. Riley accepted the offer, resulting in a complete buyout.
Since appearing on Shark Tank, RokBlok has gained widespread recognition and expanded its customer base. The company has generated millions of dollars in annual revenue since the show. RokBlok continues to accept orders, but the product is currently out of stock.
What is Is RokBlok?
RokBlok is a small device that has been in the market for the last four years to create an innovative, sleek, and fun music player.
It is a portable record player which you can attach to your belt loop or backpack. It’s been described as an “intimate speaker” because of the way it creates music from vinyl albums.
RokBlok is a portable record player, which is powered by a rechargeable battery. Using the RokBlok, you can attach it to your belt loop or backpack and listen to your favorite songs with friends and family over Bluetooth.
RokBloks are Bluetooth-enabled speakers with two large wheels on each side. The speaker connects wirelessly to any phone, tablet, or computer and can be connected to up to three devices at once.
This allows users to play their favorite songs from all of their devices through one speaker!
Robert Herjavec, one of the Sharks, was so taken with the product that he contributed $500,000 for 100 percent of RokBlok’s ownership, effectively completing the buyout.
What’s Inside the RokBlok?
RokBlok comes with a little remote that can control the volume and switch songs. It has a built-in rechargeable battery, supports Bluetooth connectivity, and uses a 3.5mm auxiliary cable to connect with other devices.
- Built-in Bluetooth Connectivity
- Rechargeable Lithium Battery
- Powerful Built-in 2″ Speaker
- Built-in Pre-Amp
- Bamboo & MDF Construction
- Plays 33 ⅓ and 45 RPM Records
- Vinyl-Safe Rubber Wheels
- Diamond-Tipped Cartridge
Is RokBlok profitable?
Rokblok has been profitable from the moment it hit the market.
RokBloks are sold at $99 per unit, and they are also available in bundles that contain vinyl records to play on your bloks.
RokBlok is currently running a series of promotional sales on their website, where you can buy three RokBloks for $200!
Furthermore, the company is currently offering $10 off the original price of $99 for each RokBlok, which might explain why they are currently sold out.
What is Rokblok worth in 2021 /2022?
RokBlok estimated valuation is $5,000,000 USD in 2020 and $5,300,000 USD in 2021
How Does RokBlok Work?
The RokBlok record player is the smallest, most compact, and cordless record player in the world.
RokBlok is the world’s smallest wireless record player that plays records by lightly riding on top of them.
Atop an album is a 4X2-block bamboo packaging (3.2 ounces). When you pull the lever on the RokBlok, it spins and plays vinyl records.
What was the deal?
Riley was offered $500,000 by Herjavec in exchange for 100% ownership of the company, a six-figure salary for two years, and a $5 royalty on every sale.
What Happened to RokBlok After Shark Tank?
Since the Shark Tank appearance, orders for RokBlok (portable record player) orders jumped from a few to a couple hundred per day.
Orders for RokBlok (portable record player) continue to rise, but now around $50-$100 per unit sold.
How do you revive a vintage vinyl collection?
Many people wished to revive their vinyl collection using a portable device that took up less space, amplified sounds and was affordably priced.
Thus, RokBlok, the result of this magical process, was created.
What is the best way to use RokBlok?
RokBlok is a gadget that spins around on top of a vinyl record while the music is playing.
It’s a small block that rides along your records, serving as both a needle and speaker to play back audio.
The first thing he does is turn it on and lay it over a recorded track.
The RokBlok is advertised as the world’s tiniest wireless record player, and it’s all about enjoying vinyl records without the bother. It’s approximately the size of a stick of butter.
What are the chances of extensions?
Even though we’ve been tirelessly working on the idea generation, design, and prototype for RokBlok, there is always a chance of extensions in manufacturing and shipping dates.
What’s the best deal on RokBlok Record Player?
You can get the full-featured RokBlok Record Player at 20% off of the retail price ($99)!
What are the problems with RokBlok?
Following a storm of negative reviews and headlines, RokBlok has managed to finish the year well while recovering the trust of consumers and retailers.
Following the shipment of the malfunctioning product in early January, technology critics and customers panned the RokBlok for its poor sound quality, lack of creativity, and impractical design, prompting a barrage of negative reviews and headlines.
What was the cause of RokBlok’s first defect?
The cause of the defect was later found to be due to a factory rush on holiday orders and a defect in the injection mold. Unfortunately, it happened right as the product launched.
What are the drawbacks of RokBlok?
One of the biggest downsides of vinyl is the inconvenience of using it on the go.
What was the idea for the prototype?
Riley came up with a fantastic design to play old vinyl records with a “Blok” which is a small portable music player with a pair of speakers (Even Bluetooth).
If you have still tucked old sound records in a safe place then we have a fabulous invention that brings your old records to life.
What happened to RokBlok?
Robert Herjavec, one of the Sharks, loved the product and made an investment of $500,000 in exchange for 100% of the equity in RokBlok resulting in a complete buyout.
What was the offer?
Offered Riley 2 years of contract with a handsome six-figure salary and $5 royalty per unit sold.
What was Riley’s salary?
Riley was given a two-year contract with a six-figure salary and a five-dollar royalty on each unit sold.
Who is the investor?
The investor’s name is Robert Herjavec.
How much does the product cost?
The manufacturing cost is $23 and the product is priced at $99.