Roblox (RBLX) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

AI and technology strategy

• AI is viewed as a major accelerant, not a threat, driving aggressive investment and innovation.

• Specialized gaming AI tools are being developed and integrated, enabling rapid, code-free game creation.

• Internal and third-party AI tools are interoperable, allowing developers flexibility in content creation.

• Demonstrations show AI agents can create high-fidelity, prompt-based games in 24 hours, signaling future acceleration.

• AI is central to the product roadmap, expected to unlock significant growth and platform value.

User growth, engagement, and content

• User base grew 70% and bookings 55% from end-2024 to end-2025, with strong international expansion.

• Engagement is diversified: two-thirds of time spent is outside the top 10 experiences, reducing hit-dependence.

• Search, discovery, and monetization improvements, including regional pricing, drove content diversification and payer growth.

• Safety initiatives like facial age estimation are now required for communication, enhancing both safety and user experience.

• Genre expansion and content tailored for older users are key to audience growth, especially in underpenetrated age groups.

Financial outlook and monetization

• 2026 bookings guidance of 22%-26% growth is based on user retention, content pipeline, safety rollouts, and product roadmap.

• Direct payments and gift cards are increasing, lowering COGS and providing operating leverage for margin expansion or creator payouts.

• Margin expansion is balanced with increasing developer economics, sequencing leverage capture before reinvestment.

• Advertising is a long-term opportunity, with Rewarded Video and Sponsored Tiles showing strong early growth.

• International markets like Japan, India, and Indonesia show rapid user and payer growth but remain low-penetration, offering large upside.