Warner Music Group has invested in kids gaming platform Roblox ahead of the company's going public via a direct listing. Lil Nas X’s four November concerts on Roblox pulled in 30m views.

Warner has joined a $520m Series H investment round in Roblox Corp. at a purchase price of $45 per share. Roblox has a $29.5b valuation following the investment round led by Altimeter Capital and Dragoneer Investment Group.

WMG owns less than 1% of the company, whose cornerstone is a gaming community used largely by tweens. More than 7m creators build immersive digital experiences that, on average, 31m people engage with daily.

The Wall Street Journal reported that after Roblox delayed its IPO in December, the company decided to go public the way Sportify did, via a direct listing.