How ‘FOMO’ inspired this millennial founder to build a $71 million-dollar virtual reality game
At that time, other immersive VR gaming attractions — such as The Void and MindTrek VR — were beginning to emerge in major cities. But Zhao dreamed of creating an experience that put greater emphasis on in-headset interactions between players.
“There were a lot of VR experiences like what you experience at home. Then there were full immersive ones. We didn’t do any of that. We felt the game experience was not about the environment, but your friend,” said Zhao.
So, with their team of six having successfully built a pop-up venue and amassed a small cult following for its games in Hong Kong, they decided in 2018 to take their business stateside — to the mecca of VR, Silicon Valley.
“That was the second paradox: People were curious about us being from Hong Kong, so they were interested in investing,” said Zhao.
With it, the company has expanded to new markets including Vancouver, Canada; Jakarta, Indonesia; Macau, greater China; and Singapore.
Zhao said those venues enjoy around 90% occupancy during peak hours, which are on weekends and in the evenings from 6 p.m.
Sandbox VR now plans to open new locations in a range of U.S. cities, including Austin, Chicago and New York, as part of the company’s plans to target leading global markets.
“It’s a fundamentally human experience, so the scope is global. But we’re aiming for countries with high GDP (gross domestic product) initially,” said Zhao, pinpointing other parts of the U.S., the U.K., Japan and China. A 30-minute session in the U.S. currently costs $48.
It’s part of Zhao’s grand ambition to create a “new movie industry” of VR content. For that, the entrepreneur will be looking to raise more funds next year.
See the full story here: https://www.cnbc.com/2019/07/26/how-sandbox-vr-became-a-virtual-reality-gaming-sensation.html