Sandbox VR, a major player in the location-based virtual reality landscape, has made a significant announcement: they’ve smashed through the $200 million mark in lifetime revenue. This milestone comes as the company accelerates its global expansion, with 29 new venues on the docket for this year alone.
Established in 2016, Sandbox VR carved out a niche in the out-of-home VR attraction scene. Despite the daunting challenges posed by the COVID-19 pandemic, which saw many businesses shut their doors, Sandbox VR managed to bounce back. After filing for Chapter 11 bankruptcy in late 2020 due to pandemic-related closures and layoffs, they have since rebounded in remarkable fashion.
In 2024, Sandbox VR reported an impressive $75 million in sales, driven by over 1.4 million players visiting its expanding array of sites worldwide. A sizable chunk of this revenue can be attributed to their proprietary flagship attractions. Notably, the recently launched Squid Game VR experience has been a runaway success, generating $30 million since its 2023 debut. The appeal of their immersive VR adventures, which accommodate up to six participants at $50-$60 per person, keeps customers coming back.
Buoyed by these achievements, the company is on track to boost its presence by 50% with 29 new locations this year. Philadelphia, Pennsylvania, will host the 60th site, opening this month. The franchise has ambitious plans for 2025, targeting a raft of countries including the USA, several European nations, and others in the Middle East, Asia, Africa, and the Americas.
Since early 2024, Sandbox VR has signed 83 new franchise agreements, setting in motion nearly 150 units currently being developed with 34 operators. This marks a stunning sixfold surge in deal signings from the previous year.
“This $200 million milestone is a testament to our dedication to crafting immersive, social VR experiences that unite people,” enthused Steve Zhao, CEO and founder of Sandbox VR. “Our global expansion through the franchise model is meeting unprecedented interest from both operators and consumers eager for our distinctive offerings.”
On average, Sandbox VR has seen 117,000 players per month in 2024, and they anticipate this figure to rise to 150,000 by next year, as new locations become operational across the globe.
