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Sandbox VR has achieved a significant financial milestone, surpassing $200 million in lifetime revenue. With plans for 29 new locations this year, the company is pushing the boundaries of global expansion.
Since its inception in 2016, Sandbox VR has shown resilience, bouncing back from the COVID-19 pandemic and emerging from Chapter 11 bankruptcy in late 2020. Despite facing major setbacks that included substantial layoffs and closures, the company has made an impressive comeback.
By 2024, Sandbox VR recorded sales of $75 million, fueled by the engagement of over 1.4 million players worldwide. A significant chunk of their earnings can be attributed to their captivating in-house experiences, such as the popular Squid Game VR attraction. Launched in 2023, this attraction alone has generated $30 million, highlighting its strong appeal. Ticket prices for their fully immersive, multiplayer VR games typically range from $50 to $60 per person, accommodating groups of up to six.
This surge in revenue has spurred Sandbox VR to expand its reach significantly. This year, they plan to increase their locations by about 50%, opening their 60th spot in Philadelphia, Pennsylvania.
Looking ahead to 2025, Sandbox VR has ambitious plans to introduce its unique VR experiences to a wide array of international markets. The company’s franchise prospectus lists potential new locations in countries like the USA, various European nations, several Middle Eastern countries, Canada, parts of Asia including India and the Philippines, Australia, Mexico, and more.
In 2024, Sandbox VR successfully sold 83 franchise units, with a total of about 150 units currently under development, managed by 34 operators. This marks a dramatic sixfold increase in deals compared to the previous year.
Steve Zhao, the CEO and founder of Sandbox VR, shared his thoughts on reaching the $200 million mark: “This milestone is a testament to our dedication to creating immersive and social VR experiences that unite people. Our global expansion through a franchising model is experiencing remarkable demand from both forward-thinking operators and eager consumers.”
To keep up with increasing demand, Sandbox VR hosted an average of 117,000 monthly visitors in 2024. They anticipate this number will rise to 150,000 in 2025 as they continue to open more locations around the world.
