Sandbox VR, a prominent name in the realm of location-based virtual reality entertainment, has recently hit a major milestone, surpassing $200 million in lifetime revenue. The company is making impressive strides in its global expansion plans with the ambitious goal of opening 29 new venues this year.
Established in 2016, Sandbox VR faced significant challenges during the COVID-19 pandemic, having to navigate through Chapter 11 bankruptcy in 2020. Despite these tough times, the company has bounced back remarkably, rebuilding after extensive layoffs and closures in that period.
Fast forward to 2024, and Sandbox VR is thriving, drawing in a whopping $75 million in sales just this year alone. With over 1.4 million players enjoying its offerings globally, the numbers speak to a vibrant resurgence. A big chunk of this success can be attributed to standout creations like the Squid Game VR attraction, which alone has raked in $30 million since its 2023 debut. Players are eager to pay between $50 and $60 for the fully immersive multiplayer VR experiences, which can accommodate up to six people, underscoring the attraction’s appeal.
Riding high on this wave of success, Sandbox VR is on track to launch 29 new locations, broadening its presence by about 50%. Among these, the latest venue will open in Philadelphia, Pennsylvania this month, marking their 60th location.
Looking ahead to 2025, Sandbox VR has bold plans for a wider footprint. Countries on their radar include the United States, several across Europe, and places like the UAE, Saudi Arabia, and South Korea, to name a few. Networks are also intended for expansions into Canada, India, and many more regions around the globe.
Since the dawn of 2024, Sandbox VR has sold 83 franchise units, swelling their pipeline with nearly 150 units in various stages of development, overseen by 34 operators. This signifies a sixfold surge in franchise signings over the past year, highlighting an encouraging trend.
Steve Zhao, the CEO and founder of Sandbox VR, shared his thoughts on this achievement: “Surpassing $200 million in lifetime sales is a monumental milestone for us, underscoring our mission to craft immersive, social VR experiences that unite people. Our global franchise expansion is being warmly embraced by both operators and consumers, who see the tremendous value in what we offer.”
Interestingly, Sandbox VR drew an average of 117,000 players each month throughout 2024. The company anticipates this number will rise to 150,000 on average by 2025 as more locations spring to life around the world. With sights set high, Sandbox VR is clearly poised for sustained growth and worldwide reach.
