Get Back Your Old Sound Albums With RokBlok.
Do you want to get back your old sound albums? RokBlok is an example of amazing technology that returns your old records in case you have kept them safely. RokBlok has made this thing a reality. Riley is behind the foundation of this concept. He invested his money in developing the product.
Logan Riley is also the inventor of the Pink Donut. He introduced RokBlok in June 2015.
Shark Tank is a popular reality show that concentrates on specifying and funding the best business in America. The RokBlock business was a not-to-miss option as it incorporates music with a spin on vinyl records.
RokBlok is a portable, wireless record player that was represented on Shark Tank season 9 in 2017. The RokBlok owner, Logan Riley, represented the unique product to the sharks intending to get an investment. RokBlok is a compact and easiest way to play vinyl records without a conventional turntable setup.
You may use RokBlok by placing it on top of a vinyl record. When the device moves along the grooves, it instantly reads and plays the audio with the help of its built-in speaker.
Moreover, it has Bluetooth capabilities that enable the users to connect it to external speakers for better sound quality. You may recharge the device. After getting it fully charged it will run for 4 hours easily.
At the time of the RokBlok Shark Tank pitch, Logan Riley appealed to the sharks for an investment of $300,000 in return for a 15% equity in his business. He was able to impress the sharks with his innovation and design of the product. But a few sharks were worried about its potential market size and the audio output quality.
When the company was featured on Shark Tank, the valuation of RokBlok was $2 million. As of 2023, RokBlok’s net worth is $5 million.
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RokBlok is supposed to be the smallest, most compact, cordless record player in the world. A 42-block bamboo package is placed on top of an album. The Rokblok moves and plays vinyl records when you pull the lever.
A RokBlok record player also allows you to stream music wirelessly from a Bluetooth-enabled speaker or headphones. Logan Riley, the founder of RokBlok came up on Shark Tank in December 2017 to represent his company. Riley appealed to the sharks for an investment of $300,000 in return for a 15% stake in RokBlok.
Unexpectedly, there was a surprise. Robert Herjavec proposed to invest $500,000 in return for 100% ownership of the company with a six-figure salary for two years and a $5 royalty on every sale. Riley accepted the offer.
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Logan Riley is the founder of RokBlok. He had spent nine years as a Creative Lead at Apple in San Francisco. He made up his mind to invest the money he had saved into his unique concept.
He learned by himself from YouTube videos. Then he allied for the patent set to launch a prototype. Riley introduced a unique way of playing vintage vinyl records through his music player, the BlOK, which contains a pair of speakers, and even Bluetooth.
A lot of people wanted to restore their vinyl collection by using a portable device that took up less space, boosted sounds, and was reasonable. That is why portable music players became a hot commodity. In this way, RokBlok was invented. It is the outcome of this magical process.
RokBlok was the second product at Rogan Riley’s startup. Though Riley failed in his previous efforts, RokBlok was an instant hit.
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Logan Riley came up on Shark Tank intending to get an investment of $300,000 in return for a 15% equity stake in RokBlok. He started his pitch by asking whether the sharks remember vinyl records after pulling out the contents from the sleeves.
He said that the analogue disc is very elegant and reminded the sharks that the records have existed for more than 20 years. He said that there was no downside: it only needed a turntable and a good pair of speakers.
He pulled out a small gizmo from his jacket and presented that as the RokBlok explaining that he had found a way to make it all portable. He then explained how to use the first wireless record player in the world.
To use it you need to activate it and place it on top of a prepared record. He said that as soon as you raise the lever, it starts playing instantly.
While the Rokblok circled the record, it started to play immediately just like magic. The sharks could not look away from the product in front of them. Logan showed them how to stop it by placing the palm on the RokBlok. Logan explained that you may easily connect the device to any Bluetooth speaker or headphones as some listeners like louder music.
His instance referred to plugging the widget into a table-mounted speaker, and music filled the room. The sharks were spellbound again. The inventor stressed its portability and told them that it would run a few hours on a single charge as it was small in size.
Ultimately, Mark asked Logan whether it could be used on any surface and Logan replied yes, but he suggested laying something beneath it like a non-skid mat.
While he delivered each of the sharks a sample, Lori inquired whether it was able to play any vinyl. The founder replied that it was able to play everything excluding 78s.
The sharks then started to examine the product in their hands. Kevin quickly asked about the RokBlok innards asking whether it contained a phono cartridge or not. After that, he asked through Bluetooth about the sound quality when told that it was good.
Logan replied that the audio compression of Bluetooth will create poor audio quality. Nevertheless, he claimed that the difference is nominal. Mark concluded by inquiring why anyone would travel with their records.
Logan replied that the RomBlok might be a reliable option for those who do not have adequate space to keep a Turner. He used the instance of his little flat with little space for a decent setup.
Logan told Mark that the market was broadening when Mark implied it was contracting. The RokBlok was designed as an audiophile tool and an accessible portal for gathering records, according to Logan.
Logan ensured Ribet’s statement that the product was designed for people who were unable to buy a record player. Nevertheless, Mark was not convinced by the concept.
A pair of RokBlok is available at $99. Barbara asked about their pricing. Logan explained the numbers. He said that the production cost was $23.
Robert then asked him whether he had delivered any products to date. Logan said that he had managed to raise $350,000 through Kickstarter and an extra $60,000 off-the-books.
Kevin was worried that they had yet to obtain feedback on the project. Logan still expressed faith in the product and claimed it as an audiophile. Mark then asked about his finances. Logan replied that he had invested $2000 of his money in the venture. The sharks are surprised after hearing this.
Logan explained that he had used $350,000 for manufacturing the product. He also added that he spent two months sleeping in front of the headquarters of the manufacturer in China at the time of developing the product.
Lori inquired how he came up with the idea. He replied that he was inspired when he found his apartment was too small to keep a good turntable setup. He wished to share his vinyl discs with his friends and built a portable record player. He ultimately introduced a system that was able to sit above the record.
Logan also shared with the sharks how he pursued self-teaching on YouTube. The sharks were greatly impressed. Lori asked whether he had a patent for the project. Logan said that he had a patent concerning wireless audio transmission. He admitted that he ran an audio studio at nineteen. When he was told to say more about his background.
Barbara left the deal saying it was far too early. Soon after this, Mark remarked about the limited market of RokBlok. Logan then turned his attention to the other sharks and thanked them for their time as the other stars also backed out of the deal.
Kevin understood that the product had ingrained dangers and was ready to provide him with $300,000 in exchange for a 50% stake in his business. Logan thanked him but he wanted to hear what the other sharks felt about the arrangement.
He was amazed when Lori told him that though the market was specialized she was undecided. Nevertheless, Rubert quickly expressed his interest after a few seconds just like a signal. After that, he gave him a different proposal of $500,000 for 200% RokBlok along with a two-year job contract and a royalty of $5 per unit.
When Mark started to speak, Logan shocked everyone by accepting Robert’s proposal.
Logan Riley left the Shark Tank stage with a complete buyout deal from Robert Herjavec of $500,000 for a 100% stake in RokBlok.
When Logan represented Rokblok on Shark Tank, Robert Herjavec fell in love with the product and was ready to invest $500,000 for a 100% share of RokBlok. That means he wanted to buy the entire company.
Riley got a contract for two years along with a six-figure salary and a five-dollar royalty on each unit sold. Riley was so happy that he accepted the offer instantly. Ultimately Pink Donut was introduced to entrepreneurialism.
How is RokBlok doing?
You need to look at the financial statements of the parent company of RokBlok if you want to know the revenue model of Pink Donut.
- Number of Employees: 51-100
- Valuation of RokBlok: $5 Million
- Revenue of RokBlok: $959,000
Pink Donut is a firm that has introduced RokBlok speakers by using its yet-to-be-patented Bluetooth Delivery System technology. The RokBlok team surpassed its $50,000 goal within 47 days of its launch in 2016.
Initially, there was a manufacturing problem at 5% of the batch that was defective. Though the firm made a shaky start, that was not able to impede the company from retaining its footing. The company offered the consumers a replacement on the next batch, and the production problems were settled instantly.
Shark Tank improved RokBlock sales incredibly as soon as the RokBock Shark Tank episode was aired in 2018. Since then, orders have grown from three to four daily units from 100 to 200. The company appointed more workers to manage the business growth.
The manufacturing cost of RokBlok was $23 and the retail price of the product was $99. The product has a high-profit margin and is an outstanding alternative to the Original Vinyl players, the cost of which was about $500. In 2020, the valuation of RokBlok increased from $350,000 to $5 million.
RokBlok has successfully become a brand now. The Shark Tank episode came up as a blessing to the company. The company is still growing as of now. We hope that it will grow more in future.
Who are the investors of RokBlok?
Robert Herjavec is an investor in RokBlok. The Herjavec Group Investments specifies, trains, and supports entrepreneurs with a collective net worth of around $200 million.
These investments were made in peer-selected startups in Canada’s energy, economic services, and enterprise software sectors.
A major milestone for the company was the sale of “BRAK Systems” security software for $100 million.
Is RokBlok profitable?
RokBlok’s business is indeed profitable because of its income and unit sales. RokBlok has lifetime sales worth $5 million and annual sales above $959,000.
RokBlok has been in high demand and is out of stock at this time. Despite this, excitement prevails, people are ready to wait, and the company provides a $10 discount off the initial $99 price for each device.
Now, the company is serving well, working together with musicians and the music industry to scour other unusual options.
Is RokBlok still in business?
Yes, RokBlok is still in Business. After coming up on Shark Tank in 2017, RokBlok experienced high exposure and sales. It is common for businesses that can secure deals on the show.
The product acquired attention for its unusual design and creative approach to playing vinyl records, reverberating with vinyl lovers and people who are looking for a portable, convenient solution.
Since the show, RokBlok has kept going to expand and enhance the product. The company has launched a newer version, RokBlok V1.5, which addresses some of the problems raised by the Sharks, such as sound quality and overall performance.
The revised model features a redesigned stylus, a refined speaker system, and improved Bluetooth functionality.
RokBlok has retained an online presence through its website and social media channels, where it actively engages with consumers and shares updates on its products.
The device is available for purchase on the RokBlok website and through various retailers along with Amazon.
RokBlok has undergone development and continued expansion since its Shark Tank appearance. By refining its product and addressing the problems raised during the show, the company has founded itself as a unique player in the vinyl record market.