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Virgin Galactic sells 100 flight tickets at US$450,000 each

Virgin Galactic sells 100 flight tickets at US$450,000 each Virgin Galactic sells 100 flight tickets at US$450,000 each

According to the firm, there are currently 700 people waiting to fly.

Virgin Galactic, a space tourism business, claims that after reopening ticket sales in August, 100 passengers purchased more expensive tickets to fly on the company's suborbital spaceplane. That implies the business has roughly 700 ticket holders for short space tourism flights, which is about 300 less than the 1,000 seats Virgin Galactic intends to sell before its ships begin commercial flights. The revelation was revealed during the company's third-quarter results report, which was released on Monday.


Customers Interest Towards Space Tourism 

Customers have shown considerable interest in Virgin Galactic's suborbital vehicles, according to business management, although they may have to wait a long time to fly. After reopening ticket sales in August, the corporation sold around 100 tickets for $450,000 apiece, according to its fiscal third-quarter financial results issued Nov. 8. Customers who have booked suborbital flights now number around 700. The new customers each paid a deposit of $150,000, with $25,000 of that being non-refundable.

The new clients came from a group that had already signed up to be first in line when ticket sales began, paying a $1,000 deposit to do so, according to Virgin Galactic CEO Michael Colglazier during an earnings call. More than 60,000 people contacted the business to express interest in purchasing tickets after the company's July trip to space with company owner Richard Branson on board. He explained that the initial sales were just a test of the procedure that the company will employ for future ticket sales, which included "fairly lengthy" one-on-one calls with potential consumers. The percentage of sales calls that result in confirmed space travel reservations, according to the company insights.


The CEO’s Intake on Customer’s Interest

When Virgin Galactic begins commercial service, the company hopes to have 1,000 customers. "We are quite hopeful and optimistic" about achieving that objective, the CEO added, with the initial round of sales efforts winding up by the end of the year and the wider audience of people who indicated interest after July's mission reaching out in the first quarter of 2022. Customers will, however, have to wait a while before traveling. Virgin Galactic reported on 14th October 2021 that the VSS Unity “SpaceShipTwo” vehicle and “VMS Eve”, the “WhiteKnightTwo” plane that carries SpaceShipTwo, had begun an extended maintenance period.

Richard Branson, the creator of Virgin Galactic, recently flew aboard VSS Unity, flying overhead at Spaceport America in New Mexico, to showcase the company's space tourism experience. In the company's financial report, Virgin Galactic CEO Michael Colglazier stated that they are approaching their fleet improvement period with a clear path for strengthening the longevity, dependability, and predictability of their spacecraft in readiness for commercial operation next year. “The demand for space flight is huge,” Colglazier remarked, “and we've been selling tickets ahead of schedule” he further added. This indicates the huge demand for our goods and the value of the one-of-a-kind experience we provide, he further added.


The Reopening Of Tickets By Virgin Galactic

Virgin Galactic resumed ticket sales barely a month after its founder, Richard Branson safely flew to the verge of space and back in July onboard the company's flagship space plane (VSS Unity). Branson flew to a height of more than 53 miles with two test pilots and three other passengers from Spaceport America in New Mexico before returning. The mission was a key moment, having been pushed through nine days before rival Blue Origin's creator, Jeff Bezos, went to the frontier of space and back. And it appeared to be a huge success at the time.

However, a September article in the New Yorker reported that when Branson's flight came back to earth, it had departed from its approved flight path. The FAA temporarily stopped Virgin Galactic while it investigated the incident, however, the problem was eventually fixed and the firm was authorized to operate again in mid-September.


Some Insights About Virgin Galactic 

Virgin Galactic recorded a 53 million dollars loss in free cash flow for the quarter, with 2.5 million dollars spent on sponsorship revenue, tied to the July trip and government payload services deals. Hence, to upgrade work on VMS Eve and VMS Unity, along with Delta Class and new mothership work, the business expects a deficit cash flow of $80 - 95 million in the 4rth quarter.








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Last modified on Sunday, 21 November 2021 18:29

I'm Muqadas, I am an M.Phi graduated doing majors in Marketing. I have gained a lot of experience in the past  years in various projects and have excelled in writing.

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