Administrative expenses and sales and marketing should grow more slowly than revenue. However, that would free up only a few percentage points to offset significant losses or slightly increase developer revenue share. R&D should also provide some scale-related margin improvement, but a fast-growing company shouldn't achieve profitability through R&D operating leverage. The company's two largest costs, about 61% of revenue, are largely fixed. Infrastructure, which largely scales with usage and will become more expensive as the platform expands its concurrent capacity and expands into VR. And Roblox doesn't control store expenses; that's entirely determined by the platform.
The premise of the Metaverse assumes that the "next" platform moves away from hardware-based operating systems and hardware-centric experiences to persistent, ubiquitous virtual simulations. We are already seeing panama mobile database this today. The world's most popular games, such as Fortnite, Roblox, and Minecraft, are designed to run on all devices, and no one game requires or succeeds because of specific hardware (nor is it optimized for any specific device).
If the value of the Metaverse will be driven primarily through virtual worlds and virtual creations, rather than better phones, then we expect the biggest profits to go to developers of virtual platforms and developers on them. However, you can’t enter the Metaverse except through hardware, and every hardware player is vying to become (or at least a) payment gateway for the Metaverse. This is why Facebook, which lacks a major operating system, invested so heavily in Oculus. And why Snap is developing its own AR hardware while defending Apple’s 30% share.