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Sandbox VR recently celebrated a major milestone as it surpassed $200 million in lifetime revenue. This accomplishment comes as the virtual reality pioneer pushes forward with its ambitious plan to expand globally, announcing 29 new locations set to open this year alone.
Since its inception in 2016, Sandbox VR has been a standout in the out-of-home VR entertainment space. Despite the hurdles presented by the COVID-19 pandemic, which led to a temporary closure and layoffs, the company has rebounded impressively since emerging from Chapter 11 bankruptcy in late 2020.
This year has been particularly fruitful, with Sandbox VR raking in $75 million in sales. That’s thanks in no small part to over 1.4 million players visiting its various global locations. A big draw has been the company’s proprietary virtual reality experiences, like the widely popular Squid Game VR attraction, which has pulled in $30 million since its release in 2023. Offering fully immersive gameplay for up to six people, these experiences typically cost between $50 and $60 per person.
Buoyed by this success, Sandbox VR is planning a significant expansion, with approximately a 50% increase in their number of sites. Their 60th venue just opened in Philadelphia, Pennsylvania. Looking ahead to 2025, the company is targeting several major markets, including the USA, a variety of European nations, and several countries in the Middle East and Asia.
Since the start of 2024, Sandbox VR has sold an impressive 83 franchise units, leading to nearly 150 units currently in development with 34 operators onboard. This marks a substantial sixfold increase in deals signed over the previous year.
Reflecting on the achievement, Steve Zhao, CEO and founder of Sandbox VR, emphasized its significance: “Surpassing $200 million in sales affirms our commitment to providing immersive, social VR experiences that unite people. The growing interest from operators and consumers alike underscores the distinctive value of our offerings as we expand globally with our franchise model.”
On average, Sandbox VR entertained 117,000 players each month in 2024. The company is projecting this figure to rise to 150,000 in 2025, fueled by the anticipated launch of new locations around the world.
