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Sandbox VR said on April 15, 2025, that lifetime sales had exceeded $200 million. The company also reported $75 million in 2024 sales, more than 1.4 million players that year and a large franchise-led expansion plan. The often-repeated “150 more locations” wording needs care: the official release headline said 127 locations were in development, while its body referred to nearly 150 total units in development. Those are planned units, not 150 completed venues.
Sandbox VR’s announcement demonstrates demand and franchise momentum, but it does not establish profitability, franchisee returns or that every planned location will open.
What Sandbox VR actually announced
| Measure | Company-reported figure |
|---|---|
| Announcement date | April 15, 2025 |
| Lifetime sales | More than $200 million |
| 2024 sales | $75 million |
| 2024 players | More than 1.4 million |
| March 2025 players | More than 150,000 |
| Development pipeline | 127 locations in the headline; nearly 150 total units in the release body |
| Franchise units sold since early 2024 | 83 |
| Operators | 34 |
| Expected 2025 openings | 29 new locations |
The release also described approximately 117,000 average monthly players during 2024 and projected approximately 150,000 monthly players for 2025. Those projections are not confirmed 2026 results.
Why the numbers say 127 and nearly 150
The discrepancy is in Sandbox VR’s own wording. The Business Wire headline specifies 127 locations in development; the release body says 83 franchise units sold since the beginning of 2024 brought the total to nearly 150 units in development. VentureBeat similarly used “150 more locations” while describing stores in development.
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Different counting conventions, timing or the distinction between signed franchise units and broader development units may explain the gap. The defensible description is therefore “127 locations in the headline and nearly 150 units in the body,” not 150 additional operating stores.
“In development” is not the same as open
A pipeline can contain projects at very different stages:
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- Signed franchise unit
- Site identified
- Lease executed
- Construction underway
- Operational opening
- Sustained trading performance
The announcement supports the existence of a sizable pipeline, but does not disclose how many units were financed, leased, under construction or open. Its expectation of 29 openings during 2025 was a forward-looking company statement, not proof that all 29 opened. Sandbox VR’s current directory lists operating and “Coming Soon” locations, but it is not a historical audit of the 2025 pipeline: official location directory.
What “$200 million in sales” does—and does not—tell you
Sandbox VR called the milestone “lifetime sales.” That term should not automatically be treated as audited revenue, profit, cash collected or valuation. The available release does not break out the mix between corporate and franchised venues, tickets, memberships, food and beverage or merchandise. Founder Steve Zhao has also described the milestone as lifetime tickets sold in a LinkedIn post, but the accounting definition is not fully specified: Zhao’s post.
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The $75 million 2024 figure shows substantial reported sales activity, and the player counts indicate usage. They do not, by themselves, reveal store-level margins, rent burden, labor costs, equipment replacement, royalties or free cash flow.
Why franchising is the expansion engine
Sandbox VR combines corporate venues with franchise-operated locations. Zhao told VentureBeat that the company moved from signing roughly one operator per quarter to about seven per quarter beginning in the third quarter of 2024. He said a first location generally takes about nine months after contract signing, with later openings potentially faster: VentureBeat’s interview.
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The benefit to Sandbox VR
- Franchisees provide much of the site capital and local operating resources.
- The company can expand geographically without funding every build-out itself.
- More venues create a larger royalty base and distribution network for new content.
The trade-off
- Sandbox VR receives a smaller share of each venue’s economics than it would from wholly owned stores.
- Customer service, staffing, maintenance and local marketing are less directly controlled.
- Weak sites or inconsistent execution can create a large pipeline without equivalent profits.
Why customers pay for out-of-home VR
Sandbox VR is designed as a social attraction rather than a solo headset product. Groups of up to six people roam a tracked play area while full-body motion capture and haptics connect physical movement to the virtual world. The company says guests receive mixed-reality videos of their session at no additional charge: official location description and customer FAQ.
Its content strategy includes internally developed experiences and licensed properties such as Squid Game Virtuals. VentureBeat identified Deadwood Valley as a major hit, while the booking directory currently lists experiences including Deadwood Phobia, Age of Dinosaurs, Squid Game and Stranger Things, subject to location availability: booking directory.
What consumers should check before booking
- The FAQ lists $39 per person Monday–Thursday and $49 Friday–Sunday in the United States, plus tax; peak-period pricing can change.
- Membership signals include $64.99 monthly with a three-month commitment, $54.99 monthly with a six-month commitment and a $150 summer pass, plus tax.
- Membership play is tied to the home location, generally on weekdays, with up to two sessions daily subject to availability. Weekends, holidays and blackout dates are excluded.
- Cancellations at least 72 hours before a booking can receive a refund or voucher; shorter-notice cancellations may involve fees or a voucher. The FAQ says tardiness beyond five minutes can result in cancellation and a fee.
- Groups larger than six require private-event coordination.
What prospective franchisees need to verify
The public franchise page cites at least $1 million in liquid assets and $2 million net worth. It describes an approximately 4,000–5,500-square-foot four-holodeck store and an ideal clear ceiling height of 11 feet or more, with lower configurations potentially possible: Sandbox VR franchise information.
Those figures are qualification and site signals, not a return forecast. Before committing capital, an operator should obtain the Franchise Disclosure Document and examine:
- Total build-out, equipment and pre-opening costs
- Initial and ongoing franchise fees, royalties and marketing contributions
- Rent, labor, insurance, maintenance and hardware-replacement assumptions
- Throughput per holodeck, seasonality and local competition
- Corporate-event and repeat-visit revenue
- Store openings, closures and financial-performance disclosures
Bottom line for investors and operators
Sandbox VR’s April 2025 milestone is a credible company-reported sales and demand signal: more than $200 million in lifetime sales, $75 million in 2024 sales and a rapidly growing franchise pipeline. It is not evidence of profitability or proof that 127—or nearly 150—planned units became operating stores. The business is testing whether social, full-body VR can scale as location-based entertainment; the answer depends on repeat demand, content cadence, site economics and franchise execution, not the headline count alone.
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