Sandbox VR, a name synonymous with location-based virtual reality entertainment, has achieved a remarkable feat by surpassing $200 million in revenue since its inception. This comes as the company gears up to further extend its global reach, aiming to open 29 additional locations by the year’s end.
Emerging from 2016, Sandbox VR managed to withstand the harsh impacts of the COVID-19 pandemic. The company found itself navigating through Chapter 11 bankruptcy by late 2020, necessitating significant layoffs and temporary closures. However, like a phoenix, it rose again, stronger and more determined.
2024 has been a fruitful year, with Sandbox VR raking in an impressive $75 million from over 1.4 million thrill-seekers exploring its immersive worlds spread across various locations. A substantial portion of this revenue boost is attributed to innovative in-house attractions like the popular Squid Game VR experience, which alone has brought in $30 million since its launch in 2023. Typically, a fully immersive session for up to six friends costs between $50 and $60 per person, making it an attractive outing for groups seeking shared adventures.
The latest revenue landmarks and soaring demand have injected fresh momentum into Sandbox VR’s expansion plans, with new outlets sprouting up rapidly. This expansion will see the company grow by about 50%, celebrating the opening of its 60th venue in Philadelphia, Pennsylvania, this month.
Looking ahead to 2025, Sandbox VR has earmarked several ambitious markets for future expansion. Potential new territories include the USA, diverse regions across Europe, the Middle East, parts of Asia like Malaysia and India, as well as locations in Australia, South Africa, and Latin America.
In a testament to its growing popularity, Sandbox VR has sold 83 franchise units since the start of 2024, aligning with nearly 150 in active development by 34 operators. The surge reflects a sixfold increase in agreement signings over the previous year.
Steve Zhao, the insightful CEO and founder of Sandbox VR, expressed his pride in reaching the $200 million revenue mark. "This milestone affirms our commitment to crafting unmatched social VR experiences that bring people together," he says enthusiastically. "The overwhelming response from operators and consumers validates the distinctive value we offer as we continue to expand globally."
On average, Sandbox VR witnessed 117,000 players enjoying its VR realms monthly throughout 2024. The company anticipates this number to climb to 150,000 monthly patrons in 2025, coinciding with the opening of new locations around the world.
