What happened to your Old Sound albums? Finally, we have fantastic technology to return your old records if you have kept them safely… Looking forward to it! Fortunately, products like RokBlok are making it a reality.
While at Learn Up, Riley invented the concept, investing his money in developing the product. Logan Riley, the founder of Pink Donut, invented RokBlok in June 2015.
Shark Tank is a reality show that focuses on identifying and investing in the top businesses in America. The RokBlok business was a ‘Not to Miss’ opportunity, as it combines music with a spin on vinyl records.
RokBlok is a portable, wireless record player featured on Shark Tank in 2017 during Season 9. The inventor, Logan Riley, pitched the unique product to the Sharks to secure an investment. RokBlok is a compact and convenient way to play vinyl records without a traditional turntable setup.
RokBlok works by placing it on top of a vinyl record, and as the device moves along the grooves, it reads and plays the audio through its built-in speaker. It also has Bluetooth capabilities, allowing users to connect it to external speakers for better sound quality. The device is rechargeable, with a battery life of around 4 hours per charge.
During his Shark Tank pitch, Logan Riley asked for a $300,000 investment in exchange for a 15% equity stake in his company. The Sharks were impressed by the innovation and design of the product, but some had concerns about its potential market size and the audio output quality.
What is RokBlok?
RokBlok is the world’s smallest, most compact, cordless record player. A 42-block bamboo package (3.2 oz) sits atop an album. The RokBlok spins and plays vinyl records when you pull the lever.
A Bluetooth-enabled speaker or headphones can also stream music wirelessly from the system. Logan Riley of RokBlok appeared on Shark Tank in December 2017 to pitch his firm (RokBlok by Pink Donut). Riley approached Shark Tank, asking for $300,000 in exchange for a 15% stake in RokBlok.
Suddenly, there was a surprise. Robert Herjavec offered Riley $500,000 in exchange for 100% company ownership, a six-figure salary for two years, and a $5 royalty on every sale. The offer was taken up by Riley as well!
|Product||Wireless Record Player|
|Investment Asking For||$300,000 for 15% equity in RokBlok|
|Final Deal||$500,000 for 100% equity in RokBlok|
|Episode||Season 9 Episode 13|
|Business Status||In Business|
Who is the Founder of RokBlok?
Logan Riley, who spent nine years as a Creative Lead at Apple in San Francisco, decided to invest the money he had saved into his innovative idea.
After being self-taught by YouTube videos, an entrepreneur who applied for the patent set out to develop a prototype.
Riley created a unique way of playing vintage vinyl records via his music player, the BLOK, which includes a pair of speakers (even Bluetooth).
Many wished to revive their vinyl collection using a portable device that took up less space, amplified sounds, and was affordable. As a result, portable music players became a hot commodity. Thus, RokBlok, the result of this magical process, was created.
Logan Riley’s second product at his startup, Pink Donut, was RokBlok. A firm that develops ideas. Riley’s RokBlok was an instant hit despite his previous failures.
How was the Shark Tank Pitch of RokBlok?
Logan Riley appeared on Shark Tank requesting an investment of $300,000 in exchange for a 15% stake in RokBlok.
He begins his pitch by asking whether the sharks recall vinyl records after removing the contents from the sleeves.
Within the next few minutes, he talks about how elegant an analog disc is, reminding them that records have existed for more than 120 years.
As incredible as the experience is, he says there is one downside: it requires a turntable and a good pair of speakers.
He pulls out a small gizmo from his jacket and presents it as the RokBlok, demonstrating that he has found a way to make it all portable. He then demonstrates how to use the world’s first wireless record player.
His first step is to activate it and place it over a prepared record. He says that once you raise the lever, it begins playing immediately.
When the RokBlok circles the record, it begins playing instantly, as if by magic. The sharks cannot look away from the merchandise in front of them.
Logan shows how to stop it by placing your palm on the RokBlock. Logan explains that the device can be connected to any Bluetooth speaker or headphones, as some listeners prefer louder music.
His example involves plugging the widget into a table-mounted speaker, and music fills the room. Once again, sharks are surprised.
The creator emphasizes its portability and tells them that it will last several hours on a single charge due to its small size.
Finally, Mark asks Logan if it can be used on any surface, and Logan says yes-though he does recommend laying something beneath it, like a non-skid mat.
When he delivers each of them a sample, Lori asks whether it can play any vinyl, to which he replies that it can play everything except 78s.
The sharks then proceed to examine the product in their hands. Kevin quickly inquires about the RokBlok innards, asking whether or not it contains a phono cartridge. Next, he inquires via Bluetooth about the sound quality when told it is good.
Logan responds that Bluetooth’s audio compression will result in poor audio quality. However, he claims that the difference is negligible. Mark concludes by asking why anyone would travel with their records.
Logan responds that the RokBlok may be a viable option for those who do not have space to house a turntable. He uses the example of his little flat, with little room for a decent setup.
Logan tells Mark the market is expanding when Mark implies it is contracting. The RokBlok is designed as an audiophile tool and an accessible portal for collecting records, says RokBlok.
Logan confirms Robert’s statement that the product is intended for people who cannot afford a record player. However, the mark remains unconvinced by the concept.
RokBlok is priced at $99 per pair. Barbara inquires about their pricing. Logan elaborates on the numbers, stating that the creation cost $23.
Robert further pressed him, revealing he had raised $350,000 through Kickstarter and an additional $60,000 off-the-books. “Manufacturing is in progress right now,” he replied when asked if he had delivered any products.
Kevin appears concerned that they have yet to receive feedback on the project.
Logan still expresses confidence in the product, owing to his status as an audiophile. Mark then asks about his finances, to which he replies that he has invested $2,000 of his own money in the initiative, surprising the sharks.
Logan elaborates on using the Kickstarter funds, explaining that he used $350,000 to manufacture the product. He also adds that he spent two months sleeping in front of the manufacturer’s headquarters in China while developing.
Lori asks how he came up with the idea. He said he became inspired after finding his apartment too small to accommodate a decent turntable setup.
He wanted to share his vinyl discs with his friends and built a portable record player. He finally developed a system that could sit above the record.
Logan reveals more about himself by telling them that the Rokblok is, in fact, his first hardware project after self-teaching himself engineering on YouTube.
The sharks are immediately impressed. Lori asks if he owns a patent for the project. He claims to own a patent covering wireless audio transmission. He admits to running an audio studio at nineteen when asked for more information about his background.
Barbara backs out of the deal, stating it is “far too early.” Almost immediately afterward, Mark remarks on Rokblok’s limited market. Logan then turns his attention to the rest of the panel, thanking them for their time, as the shark also withdraws.
Kevin realizes the product has inherent dangers and offers him $300,000 for 50%. Logan thanks for the offer but wants to hear what the other sharks think about the arrangement first.
He is surprised when Lori tells him that despite the specialized market, she is undecided.
However, Robert quickly expresses interest seconds later, as if on cue. Next, he makes him a different offer of $500,000 for 100% of Rokblok, a two-year job contract, and a royalty of $5 per unit.
As Mark begins to speak, Logan surprises everyone by accepting Robert’s offer. After concluding the transaction, the two come together for a brief embrace before he exits the tank.
Logan Riley left the Shark Tank stage with a complete buyout deal from Robert Herjavec of $500,000 for a 100% stake in RokBlok.
Final Deal: Robert Herjavec bought a 100% stake in RokBlok for $500,000.
RokBlok Shark Tank Recap
The Shark Tank pitch of RokBlok took place during Season 9 in 2017. Inventor Logan Riley presented his innovative product—a portable, wireless record player—to the Sharks, hoping to secure an investment for his company.
Logan began his pitch by demonstrating how RokBlok works. He placed the compact device on top of a vinyl record and showed the Sharks how it moved along the grooves, reading and playing the audio through its built-in speaker.
He also highlighted the Bluetooth capabilities of RokBlok, which allowed it to connect to external speakers for better sound quality.
Logan asked for a $300,000 investment in exchange for a 15% equity stake in his company. The Sharks were intrigued by the innovation and design of RokBlok but expressed concerns about the potential market size and the audio quality.
They also discussed potential issues with wear and tear on vinyl records caused by the device and possible competition from traditional turntables and other audio devices.
Despite the concerns raised, Robert Herjavec saw potential in RokBlok and offered to invest $500,000 for a 100% stake in the company, which Logan accepted.
Following the Shark Tank appearance, RokBlok enjoyed a boost in exposure and sales. The company has continued to develop and refine its product, addressing some of the concerns raised by the Sharks, and has released an updated version—RokBlok V1.5—that features a redesigned stylus, a refined speaker system, and improved Bluetooth functionality.
RokBlok has established itself as a unique player in the vinyl record market and continues to be available for purchase through its website and various retailers.
What Happened to RokBlok After Shark Tank?
One of the Sharks, Robert Herjavec, fell in love with the product and invested $500,000 for 100% of RokBlok’s equity, resulting in a complete buyout.
Riley was given a two-year contract with a six-figure salary and a five-dollar royalty on each unit sold. What happened next? Riley was thrilled to accept the offer and accepted instantly.
Finally, Pink Donut was introduced to entrepreneurialism.
How Does RokBlok Make Money?
To better understand Pink Donut’s revenue model – RokBlok’s parent company – let’s look at the company’s financial statements.
- Number of Employees: 51-100
- Valuation of RokBlok: $5 Million
- Revenue of RokBlok: $959,000
Pink Donut is a company that has developed RokBlok record players using its yet-to-be-patented Bluetooth Delivery System technology. The RokBlok team exceeded its $50,000 goal within 47 days of its launch in 2016.
A manufacturing issue caused 5% of the batch to be defective for an initial time.
A shaky start did not deter the firm from regaining its footing. Consumers were offered a replacement on the next batch, and the production issues were resolved immediately.
Shark Tank enhanced its sales significantly after the show aired in 2018. Since then, orders have increased from three to four daily units from 100 to 200. The company hired more workers to handle the spike in business.
RokBlok manufacturing costs $23, and its retail price is $99. The product has a high-profit margin and is an excellent alternative to the Original Vinyl players, which cost around $500.
RokBlok value increased from $350,000 to $5 million in 2020, a year-over-year increase.
Who are the Investors of RokBlok?
Robert Herjavec is an investor in RokBlok. The Herjavec Group Investments identifies, trains, and supports entrepreneurs with a combined net worth of approximately $200 million.
These investments were made in peer-selected startups in Canada’s energy, financial 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 profitable because of its revenue 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 the moment. Despite this, excitement persists, people are willing to wait, and the company offers a $10 discount off the initial $99 price per device.
Currently, the company is performing well, collaborating with musicians and the music industry to explore other unique opportunities.
Using RokBlok…Prepare to rock…
What are the Alternatives to RokBlok
Here is the list of RokBlok Alternatives if you want to get one for yourself:
|Analysis||RokBlok||Vertical||Sound Wagon||Fuse Vert|
|Founding Company||Pink Donut||Easygoproducts||Tamco|
|Speakers||Any Bluetooth Speaker – Up to 30 feet away||Stereo Speakers||Speakers||Bluetooth Speaker|
|Flexibility||Bluetooth Delivery System(Patented)||None||None||Bluetooth and FM|
|Price||$89 ($10 Post Discount)||$129||$210||$179.99|
Key Takeaways from RokBlok
The RokBlok record player is the world’s smallest portable wireless device. Some interesting features of RokBlok :
- This is a relatively lightweight (3.2 oz), 42-block MDF (Honeycomb pattern) record holder.
- With RokBlok, you can play numerous recordings and choose what you want to hear.
- Bluetooth speakers and headphones up to 30 feet away are wireless with this.
- Built-in amplifiers for analog speakers.
- You can use your favorite tune-up for up to 4 hours on a single charge.
- A diamond-edged needle is set with three rubber wheels on the record, while the music is played with the help of the needle.
Is RokBlok Still In Business?
Yes, RokBlok is still in Business. After appearing on Shark Tank in 2017, RokBlok experienced increased exposure and sales, as is common for businesses that secure deals on the show.
The product gained attention for its unique design and innovative approach to playing vinyl records, resonating with vinyl enthusiasts and people looking for a portable, convenient solution.
Since the show, RokBlok has continued to develop and improve the product. The company has released a newer version, RokBlok V1.5, which addresses some of the concerns raised by the Sharks, such as sound quality and overall performance.
The updated model features a redesigned stylus, a refined speaker system, and improved Bluetooth functionality.
RokBlok has maintained an online presence through its website and social media channels, where it actively engages with customers and shares updates on its products.
The device is available for purchase on the RokBlok website and through various retailers, including Amazon.
RokBlok has experienced growth and continued development since its Shark Tank appearance. By refining its product and addressing the concerns raised during the show, the company has established itself as a unique player in the vinyl record market.
What Is the Net Worth of RokBlok?
The valuation of RokBlok was $2 million when it appeared on Shark Tank. The net worth of RokBlok is $5 million as of 2023.