Where are those Old Sound records that you had? If you have still tucked them in a safe place then we have a fabulous invention that brings your old records to Life…Interested! It’s now a reality with products like RokBlok just doing that.
This idea came about when Riley was working at Learn Up and invested his own money into this innovative product. The RokBlok product was devised by Logan Riley the founder of Pink Donut company in June 2015.
While Shark Tank is a reality show with the aim to hunt down to invest in the best businesses America has to offer. Particularly this business of RokBlok was a ‘Not to Miss’ opportunity, which brings the spin on the vinyl record with music.
Rokblok at a glance:
| Idea | World’s smallest wireless record player. |
| Founders | Logan Riley. |
| Asked For | $300,000 for 15% at $ 2 million valuation |
| Accepted Deal | $500,000 for 100% |
| Sharks | Robert Herjavec |
| Business status | In Business |
| Episode No. | Season 4, Episode 1 |
| Website | RokBlok |
| Buy on Amazon | Buy Now! |
Index:
RokBlok Founder Story:
Logan Riley, with his Creative Lead position at Apple for 9 years in San Francisco, wanted to develop his own novel idea, which he started with his own money $2,000. This entrepreneur, an audio engineer who self-taught himself electrical engineering from YouTube videos set out to create 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).
A portable device with less space, amplifying sound, and of a reasonable price turned out to be a favorite commodity for many who were waiting to rejuvenate their music from old vinyl records. This created the magic …called RokBlok.
RokBlok was the second product venture Logan Riley created at his start-up called Pink Donut.. an idea company. Despite Riley’s failures in earlier stints, RokBlok was an instant hit.
Did Rokblok get a deal on Shark Tank?
The inventor behind RokBlok, Logan Riley, pitched his business (RokBlok by Pink Donut) on Shark Tank in December 2017. Riley sought an investment of $300,000 against 15% equity.
RokBlok Net Worth:
The heart of any business is usually the financials so let’s dig deeper into the revenue model of Pink Donut – the parent company of RokBlok as per the financials.
- The no. of employees- 51 to 100
- Revenue – $959,000
- Valuation – 5 Million.
Pink Donut is a company that developed the RokBlok record player product based on its to be patented technology of Bluetooth Delivery System. RokBlok surpassed its $50,000 goal within its launch of 47 days in 2016.
There was an initial glitch with around 5% of the batch items were defective due to an internal manufacturing problem. The firm did not give up and rebounded from its slow start. It went on to offer consumers a replacement on the next batch and their production issues were promptly resolved.
After the Shark Tank episode in 2018, there was a significant increase in their orders. To be specific, orders had gone up from three to four units a day to 100 to 200 units a day. To maintain this surge in business, additional staff were augmented to keep up the pace.
The manufacturing cost is $23 and the product is priced at $99. This product offers good margins and is a great alternative compared to the Original Vinyl players which are in the tune of $500 in the market. Valuation of company Year over Year has grown from $350,000 to now currently at 5 million in 2020.
What Happened to Rokblok After Shark Tank?
Surprise… Surprise…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. Offered Riley 2 years of contract with a handsome Six-figure salary and $5 royalty per unit sold. What happened next …Riley was thrilled to accept the offer. Finally, the Pink Donut company crossed paths with entrepreneurship.
Since its appearance on the show, the company has released a new version of the RokBlok called the RokBlok Pro, which features enhanced audio quality and longer battery life. In addition, RokBlok has launched a new product called the RokBlok Turntable, which is a stationary record player that uses the same innovative technology as the portable version.
RokBlok has also continued to partner with musicians and record labels to offer unique and exclusive vinyl releases that are only available through their platform. The company has collaborated with artists such as Jack White, the Flaming Lips, and John Mayer to offer limited-edition vinyl releases.
Overall, RokBlok’s appearance on Shark Tank has helped the company gain widespread recognition and expand its customer base. With its continued innovation and collaborations with notable musicians, RokBlok is poised for continued success in the vinyl market.
Investors in RokBlok:
- The investor’s name is Robert Herjavec.
- This investor The Herjavec Group Investments desires to find, train, and fund entrepreneurs with a net worth of approx. 200 Million
- Their follow-on investments in peer-selected companies in the energy, financial services, and large Internet Security Software solutions in Canada.
- One of the Key milestones was “BRAK Systems” Security Software which was sold for $100 Million.
RokBlok Alternatives:
| Analysis | RokBlok | Sound Wagon | Vertical | Fuse Vert |
| Founded | Pink Donut | Tamco | Easygoproducts | |
| Type | Horizontal | Horizontal | Vertical | Vertical |
| Flexibility | Bluetooth Delivery System(Patented) | None | None | Bluetooth and FM |
| Price | $89 ($10 Post Discount) | $210 | $129 | $179.99 |
| Speakers | Any Bluetooth Speaker – Up to 30 feet away | Speakers | Stereo Speakers | Bluetooth Speaker |
Interesting Aspects of RokBlok:
RokBlok is the world’s smallest, portable, wireless record player. Some interesting features :
- Pretty lightweight (3.2 oz), 4×2 block made of MDF (Honeycomb design) that lays on top of a vinyl record.
- A range of records can be played on RokBlok, user can select the options.
- Completely Wireless to any Bluetooth Speakers or Headphones up to 30 feet away.
- Inbuilt Analog speakers with Amplifiers.
- Play out your favorite tune-up to 4 hours on a single charge.
- The three rubber wheels allow it to balance on the record and place the needle with a diamond edge on the record and play music.
Is RokBlok profitable?
The company is profitable both from units sold and revenue perspectives. With a revenue of $959,000 at a current net worth of 5 Million in 2020, the story speaks for itself. RokBlok has been rocking in its demand and currently appears to be sold out (Out of Stock).
But the excitement exists and customers are ready to wait and the company is offering a $10 discount from its original price of $99 for each unit. As of today, this company is doing great business and working with musicians and the music industry to look at further innovative options in the market. With RokBlok …Get Ready to rock …
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FAQs:
What is RokBlok?
A portable device with less space, amplifying sound, and a reasonable price turned out to be a favorite commodity for many who were waiting to rejuvenate their music from old vinyl records. This created the magic …called RokBlok.
Who founded RokBlok?
Logan Riley, with his Creative Lead position at Apple for 9 years in San Francisco, wanted to develop his own novel idea, which he started with his own money $2,000. This entrepreneur, an audio engineer who self-taught himself electrical engineering from YouTube videos set out to create RokBlok.