Indoor Skydive announces standalone virtual reality venue; shares up 500pc

Indoor Skydive (ASX:IDZ) shares went ballistic this morning after announcing it was opening its first standalone virtual reality themed venue.

The company runs the iFly indoor skydiving facilities at Penrith and the Gold Coast as well as a VR venue brand Freak Entertainment.

Freak Entertainment is a separate entertainment brand with a focus on virtual reality.

It currently exists under the umbrella of iFly’s venues but this morning the company announced Freak’s first standalone venue.

The venue opens next month at Sydney’s Westfield Bondi Junction – on Level 6 near Event Cinemas. It will cover 211 square metres and include VR game facilities including escape rooms and racing simulators.

Additionally, the company announced an agreement with Scentre Group (ASX:SCG), the current owner of Westfield centres in Australia, for a 14-month pilot program intended to cumulate with further retail sites for Freak Entertainment to be established next year.

CEO Wayne Jones said moving into a Westfield centre was a significant step for his company.

Scentre Group was similarly excited to be welcoming a virtual reality tenant.

“Our customer focused strategy means we are always seeking to partner with innovative retailers to offer new and engaging experiences in our centres,” said Scentre’s Lyn Hutcheson. “This is a great example of this in action.”

Virtual reality an emerging ASX sector

Indoor Skydive is one of two ASX virtual reality stocks.

The other is Vection (ASX:VR1) which since March has focused on commercialising Mindesk – a 3D design platform helping engineers design projects using VR.

Vection has become a 10-bagger in six months and Indoor Skydive similarly has become a multi-bagger thanks to VR in less than a day.

Indoor Skydive shares have fluctuated below 1 cent for much of 2020. But this morning they surged as high as 3.6 cents – 500 per cent up from yesterday.