Sandbox VR, a leader in location-based virtual reality destinations, recently celebrated a major achievement by surpassing $200 million in lifetime revenue. This achievement comes as the company plans an ambitious global expansion, with 29 new locations set to open before the end of this year.
Since its founding in 2016, Sandbox VR has navigated significant challenges, not least surviving the COVID-19 pandemic. The company filed for Chapter 11 bankruptcy in late 2020 after the pandemic forced widespread closures and layoffs. However, they have bounced back robustly, regaining their footing in the market.
This year alone, Sandbox VR has recorded $75 million in sales from over 1.4 million players worldwide, adding to their impressive revenue milestone. A substantial part of their success relies on their in-house developed VR attractions. One standout is their immersive Squid Game VR experience, which has alone brought in $30 million since launching in 2023. These immersive, multiplayer adventures cost between $50 and $60 per person and accommodate groups of up to six.
The company’s recent success has fueled its decision to expand significantly, with plans to open 29 new locations, marking a 50% increase in their overall presence. This month, they celebrated the opening of their 60th location in Philadelphia, Pennsylvania.
Looking to the future, Sandbox VR has its sights set on aggressive international expansion by 2025. Target markets include the USA, various European countries, the Middle East, Canada, Asia, and more. This strategy aligns perfectly with the booming demand for VR experiences.
From the start of 2024, Sandbox VR has successfully sold 83 franchise units, resulting in nearly 150 units under development with 34 operators. This marks a sixfold increase in franchise signings over the past year alone.
Steve Zhao, the CEO and founder of Sandbox VR, expressed his excitement, saying, “Hitting $200 million in lifetime sales is a momentous milestone for us and a testament to our commitment to delivering socially engaging and immersive VR experiences. Our global expansion through franchises is meeting unprecedented demand from operators and customers who value what we bring to the table.”
In 2024, an average of 117,000 people visited Sandbox VR monthly, and the company anticipates this figure to rise to 150,000 next year with the launch of their new locations worldwide.
