Robert Herjavec purchased the portable Vinyl Record Player, RokBlok for $500,000. RokBlok will be worth more than $5 million in 2023. Learn about RokBlok’s growth, Logan Riley, and Shark Tank.
The Shark Tank has a lot of successful and unique products. But we seldom see new inventions with the potential to be marketable. RokBlok is one such invention.
RokBlok has created a brand new way to enjoy vintage music. Your old vinyl records and the vintage music you love will soon be given a second life.
RokBlok was a popular product both before and after Shark Tank. You may wonder how RokBlok will be doing in 2023.
This article will look closely at RokBlok, the invention, and its business before 2023. We will also calculate RokBlok’s net worth in 2023 at the end of this article.
RokBlok
RokBlok, the world’s smallest portal record player, has sparked a trend. Record collectors can now have something more advanced that is portable and Bluetooth-capable.
RokBlok has many unique features to give your old record player a whole new lease of life. You can, for example, place RokBlok over any favorite record, lift the lever, and the music will begin. You can stop music by placing your hand on the lever. As the lever descends, it stops the music.
RokBlock features
- Portable (4×2 inchs)
- Simple to Use
- Plays 45 RPM and 33.5 RPM records
- Built-in Analog Speaker
- Rechargeable battery
- Wireless (supports Bluetooth).
- Logan Riley, the founder of
Logan Riley is the brain behind RokBlok. He’s a self-taught sound and electrical engineer. Riley worked at Apple for five years in their education technologies division.
He was an audio engineering student from age nineteen. This is quite impressive, considering that he learned everything on YouTube.
RokBlok’s Shark Tank appearance explained with numbers
Logan Riley, after successfully developing and selling his product in 2017, pitched RokBlok to Shark Tank.
Logan Riley is not like those dull marketers who don’t understand what they are talking about. He started to talk about RokBlok, and as he talked more, he became more passionate about vinyl records and vintage technology.
RokBlok and the Sharks’ Reaction
Logan’s pitch to the sharks was a unique way of bringing the nostalgic feeling of vinyl back. RokBlok breathed new life into old records and attracted sharks like Mark Cuban, and Mr. Fantastic became instant fans.
Logan then demonstrated RokBlok, and they became even more amazed. Robert said, “That’s so cool!” The sharks smiled as he continued to explain the features of the product, such as its smaller size, ease of use, and wireless capabilities.
The sales figures, manufacturing costs, and retail prices turned off most sharks. RokBlok was sold at $99 and the cost to make a single unit is only $23. The sharks, despite the low cost, were unable to justify $99, except Robert Herjavec.
RokBlok sold more than $350,000 worth of products in 2017. Thanks to Kickstarter, he began to market the product and get it out into the world. By 2017, he sold more than $60,000 of RokBlok.
Kevin showed some interest but we know how greedy Kevin can be when it comes time to invest his money.
Kevin’s Offer: $300,000 in exchange for 50% RokBlok Rejected
Logan didn’t give up on his product after being criticized by Mark Kevin Lori and Barbara. This is exactly what Robert wanted.
Robert Herjavec purchased 100% of RokBlok
I love it. It’s beautiful…I think the slow burn will be the best. Robert said, “I don’t believe it will be a product that sells in millions immediately. But I do think I’ll see sales for many years.”
He added, “Here is my offer. It’s different. SELL IT TO ME!”
Robert’s Offer of $50000 for 100% RokBlok plus two years of employment at a six-figure salary and $5 Royalty per unit to Logan Riley
RokBlok net worth – from Shark Tank to 2023
RokBlok struggled before Shark Tank. The founder sold more than $400,000 worth of RokBlok, but no units had been shipped. He had little feedback. Robert Herjavec, however, saw the potential and purchased 100% of RokBlok. This proved beneficial for RokBlok over the long term.
RokBlok’s value was $500,000 at the time the Shark Tank presentation took place in 2017. However, since then, the company has seen a significant increase in revenue. RokBlok now does quite well compared to six years ago.
RokBlok after Shark Tank
The vinyl record player business is seeing a lot of traffic to its site after Shark Tank and Robert’s deals. RokBlok.co, according to Ahrefs’ traffic analysis reports, registers more than 70,000 unique and organic visitors per month.
Robert had it right. Although RokBlok did not sell millions of dollars in products immediately, Robert said that the product would be popular for many years to come. The traffic data shows that this was correct.
RokBlok’s net worth in 2023
Based on the previous value of RokBlok and the past sales figures, it is estimated that RokBloks will have a net worth well above $5 million by 2023.
Robert, who still owns his company, has now made more than 1000% of the investment he originally invested.
What did Robert Riley and Logan Riley make from RokBlok?
Robert Herjavec, who bought RokBlok at 100% and now the company’s worth is estimated to be $5 million, made 10x his investment and kept his entire equity.
Logan Riley has earned two six-figure salaries over the past two years. However, it is not known if he still works at RokBlok. The royalty is still there, but the net worth of $5 million means that Riley has earned over $250,000 just from his royalty.
Final Words
RokBlok, a portable player of records has been a big success. Logan Riley, the founder of RokBlok was criticized harshly by investors in Shark Tank. Robert Herjavec was one of the investors who believed in this company and purchased it for $5000.
The RokBlok is now worth over $5 million. It’s popular because of its modern take on an older way to listen to music. It’s a good example of what can be achieved with dedication and hard work.
