Location-based VR destination Sandbox VR announced it has surpassed $200 million in lifetime revenue as it continues its rapid global expansion, with 29 new locations planned for this year.
Founded in 2016, Sandbox VR is one of the few out-of-home VR attractions to survive the COVID-19 pandemic, having reemerged from Chapter 11 bankruptcy in late 2020 after being forced to lay off a majority of staff and effectively close doors for much of that year.
Now, Sandbox VR says it’s reached the $200 million revenue milestone, bringing in $75 million in sales in 2024 alone from over 1.4 million players across its growing slate of global locations.
A good slice of overall revenue is thanks to the company’s in-house-developed marquee content, such as its recent Squid Game VR attraction, which has generated $30 million in revenue since launch in 2023, contributing significantly to recent growth. Its fully-immersive multiplayer VR experiences typically cost between $50-$60 per-person, hosting up to six players at a time.
This recent success has prompted the company to open 29 new locations this year, representing around a 50% increase in total footprint, with its 60th location opening this month in Philadelphia, Pennsylvania.
According to the franchise’s prospectus, target markets in 2025 include the USA, multiple European countries, UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, Egypt, Canada, Malaysia, India, The Philippines, Australia, Indonesia, Thailand, Vietnam, South Africa, South Korea, Mexico, Chile, and Turkey.
Since the beginning of 2024, Sandbox VR has sold 83 franchise units, bringing a total of nearly 150 total units in development with 34 operators today. The company says this represents a sixfold increase in deal signings over the past 12 months.
“Reaching $200 million in lifetime sales represents a significant achievement for Sandbox VR and validates our mission to deliver immersive, social VR experiences that bring people together,” said Steve Zhao, CEO and founder of Sandbox VR. “As we continue to expand globally through our franchise model, we’re seeing unprecedented demand from both operators and consumers who recognize the unique value of our offering.”
Notably, the company says an average of 117,000 total players visited Sandbox VR each month in 2024, with the company projecting that average to increase to 150,000 in 2025 as it rolls out new global locations.
