This could work if you base the format on something other than theaters: make it an experience similar to a karaoke room, escape room, or even Top Golf.

You'd have a private or semi-private space to share with a group of friends, get food and beverage service, and view/participate in the VR experience simultaneously as a group.

The price point would be higher than a typical movie, but would support the greater hardware, facility, and service costs.