Although COVID-19 led to shutdown of their leisure venues, ISA Group (ASX: IDZ) has capitalised on new interest in home entertainment options where their home delivered virtual reality (VR) games were so popular that they will extend the business beyond the pandemic.
Whilst their VR business Freak Entertainment was forced to shut its Penrith, NSW venue, ISA introduced FREAK in A Box which enabled customers to order VR equipment and games to be delivered to their home. The service has proven so popular that ISA will expand the service beyond New South Wales, to also offer it in Queensland where the company is expanding to with the launch of a new entertainment venue expected to open in August.
“With the re-opening of FREAK Entertainment, we now have all operations open again in time for the school holidays in NSW and QLD” said ISA Group CEO, Wayne Jones.
“We expect operating restrictions to continue for the foreseeable future and remain cautious and diligent in complying with emerging government and regulatory guidelines.”
The business opportunity for FREAK in a Box is complementary to ISA’s iFly entertainment business which offers simulated sky diving experiences that can be used for training, simulation and entertainment.
Their new FREAK Gold Coast facility will be located within ISA’s iFly Gold Coast building in the heart of Surfers Paradise where customers will be able to play ISA’s flagship Arizona Sunshine and Ghost Patrol games using VR headsets in an Arena setting.
Gamers looking to hire VR equipment and games for home entertainment will need to splash out $480 for a minimum five day hire period but this is significantly cheaper than the $3000+ it would cost to purchase the equipment.
Over the past 12 months, ISA Group has been undergoing a business transformation which led to the sale of their Perth assets and will be shifting towards a franchise model to grow the business.