Sandbox VR, a major player in location-based virtual reality experiences, recently celebrated a remarkable milestone, having achieved over $200 million in lifetime revenue. This accomplishment comes as they plan an ambitious expansion, with 29 additional locations set to launch this year.
Established in 2016, Sandbox VR managed to weather the storm of the COVID-19 pandemic—a survival few in the out-of-home VR industry can boast. Emerging from Chapter 11 bankruptcy in late 2020, the company had faced significant challenges, including substantial staff reductions and prolonged closures. However, they’ve since bounced back.
As of now, Sandbox VR has generated $200 million in revenue, with an impressive $75 million racked up in 2024 alone. This growth has been fueled by over 1.4 million players enjoying their immersive experiences worldwide. A key factor in their financial success is their proprietary content offerings, such as the popular Squid Game VR attraction. Introduced in 2023, this experience alone has brought in $30 million, significantly boosting the company’s earnings. Their engaging, multiplayer VR experiences typically cost $50 to $60 per person, accommodating up to six players at once.
This financial upswing has spurred Sandbox VR to expand its footprint by 50%, bringing new experiences to fans. They are opening their 60th venue this month in Philadelphia, Pennsylvania, marking a significant step in their growth journey.
Looking ahead, Sandbox VR has ambitious plans for 2025, targeting numerous key markets across the USA, Europe, the Middle East, Canada, Asia, and other regions including South America and Africa. Their plans include expanding into countries like Saudi Arabia, South Korea, and Mexico, to name a few.
In 2024 alone, Sandbox VR’s franchise model has led to the sale of 83 new units, taking the total franchise units in development to nearly 150, operated by 34 partners. This represents a significant sixfold rise in deal signings compared to the previous year.
Steve Zhao, the CEO and founder of Sandbox VR, remarked on this achievement, stating, “Reaching $200 million in lifetime sales is a testament to our commitment to providing immersive VR experiences that unite people. Our global expansion via franchises reflects the strong demand from operators and customers who value what we offer.”
Looking at their player base, an average of 117,000 visitors experienced Sandbox VR each month in 2024. With the planned opening of new venues globally, the company anticipates increasing this average to 150,000 by 2025.
