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Sandbox VR has recently celebrated surpassing $200 million in lifetime revenue, a significant milestone as it pursues a swift global expansion with plans to establish 29 additional locations this year.
Since its inception in 2016, Sandbox VR has stood out as one of the few location-based VR entertainment centers to successfully navigate the challenges posed by the COVID-19 pandemic. In late 2020, the company emerged from Chapter 11 bankruptcy, recovering from a period where it had to lay off most of its staff and shutter its venues.
In 2024, the company has already seen impressive growth, boasting $75 million in sales thanks to a whopping 1.4 million players flocking to its global outlets. A substantial portion of its revenue derives from its proprietary marquee experiences like the wildly popular Squid Game VR attraction, which alone has pulled in $30 million since its debut in 2023. Their engaging multiplayer VR offerings, which allow groups of up to six people to play together, typically invite guests at a cost of $50 to $60 each.
Riding the wave of this success, Sandbox VR is gearing up to launch 29 new sites within the year, effectively boosting its global presence by about 50%. Its 60th location is set to open this month in Philadelphia, Pennsylvania.
Looking forward, the company has outlined target regions in its 2025 prospectus, aiming to extend its franchise footprint into the USA, several European nations, the Middle East, Canada, parts of Asia like India and Indonesia, and countries across Africa and Latin America.
Starting January 2024, Sandbox VR sold 83 franchise units, a move that swells its active development tally to nearly 150 units managed by 34 operators. This figure underscores a massive growth in newly inked deals over the past 12 months.
Steve Zhao, CEO and founder of Sandbox VR, expressed his excitement, stating, “Hitting the $200 million mark in lifetime sales is a remarkable achievement for us and truly validates our aim of delivering engaging, social VR experiences that knit communities together.” He added, “As we deepen our global reach through our franchising model, we’re witnessing an extraordinary surge in interest from operators and consumers alike who are drawn to what makes our offering so distinct.”
In 2024, Sandbox VR welcomed an average of 117,000 players monthly. Looking ahead, the company expects this figure to climb to an average of 150,000 monthly visitors by 2025, driven by its expanding global footprint.
