Roku is rocketing higher on its 2nd day of trading (ROKU)

A man walks past Roku's Nasdaq sign

Roku's stock is surging in its second day of trading, trading up 24.17% at $29.18 a share.

Friday's advance comes on the heels of a 66.14% gain on Thursday, the day of the stock's initial public offering.

Roku is now 108% above its IPO price of $14.

Shares are rocketing higher in the midst of an increasingly competitive streaming video landscape. Many content makers are pulling their content back into siloed streaming services. Disney is the largest recent example of the trend, and the company made waves when it announced it would be pulling its movie and TV content from Netflix in favor of a proprietary streaming service.

Roku's value proposition lies in the middle of these services. It acts as a middleman, allowing its users to access their variety of streaming services in one unified interface. It's competing against hardware like Amazon's FireTV and Apple's TV streaming box.

The company also makes software for streaming video, which it licenses to TV makers to act as the panel's operating system. With its software, Roku is trying to get into the more lucrative advertising business.

The company's IPO seems unaffected by investors' concerns over Roku's share structure, which allows the company's executives to retain control of 98% of the company, even after the public offering of shares.