SAINT-HUBERT, Quebec, Sept. 27, 2021 (GLOBE NEWSWIRE) – Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) began this summer a deployment all-in-one 3D visual content monthly subscription services in the province of Quebec (Canada) across its newly acquired photography provider business.
Monthly subscriptions give realtors the right to get a 3D tour, 2D and 3D floor plans, and websites for a single property at no additional cost when ordering high-quality stills, making it makes the most competitive visual content package on the market. Subscriptions also include a limited version of Urbanimmersive’s patent-pending flagship product UiMeet3D, a 3D avatar video conferencing and lead generation solution.
Monthly subscription packages are based on active agent listings (houses for sale) on which agents have the option to add different UiMeet3D extended services, thus providing Urbanimmersive with additional recurring income. These new sources of income will be included in financial reports in the future, allowing investors to monitor progress.
Since the start of the roll-out, the number of agents subscribing to all-in-one 3D monthly services has grown steadily among existing customers. The monthly subscription has also proven to attract and retain new agents. Based on this initial success, the Company plans to increase associated marketing to further accelerate the rate of adoption of monthly subscriptions.
In this regard, the Company is pleased to share an analysis of internal market share data providing information on the impact of this new deployment of monthly all-in-one visual content subscriptions in the province of Quebec (population of 8.5 million inhabitants) for properties for sale by real estate agents.
For June 2021, in the province of Quebec, the market share of Urbanimmersive 3D circuits was only 4%. After 3 months of deploying the new all-in-one 3D visual content service, the market share of Urbanimmersive 3D tours has skyrocketed to 42%. For the city of Montreal alone, the market share of Urbanimmersive 3D circuits reached 48%, largely surpassing Matterport, the leading brand in 3D circuits.
The table below details the market shares by brand:
|Urbanimmersif (TSX-V: UI)||48%||42%|
|Matterport (Nasdaq: MTTR)||28%||32%|
These market share data analysis results demonstrate the company’s ability to convert the acquired list of client photographers to its new 3D offering as well as increase the number of delivered 3D UI visits. Additionally, data shows that properties for sale offering a 3D view (all brands combined) still represent a fraction of all listings. In the province of Quebec, the adoption rate of 3D visits is 7% while the adoption rate is 15% for the city of Montreal, leaving a significant room for growth for Urbanimmersive. Company management also believes that the greater the number of 3D tours offered, the more incremental the use of its patent-pending UiMeet3D solution will be.
“These results further confirm the success of our new accelerated growth plan announced earlier this year to acquire real estate photography companies with the goal of controlling all aspects of their 3D product offering. Not only does this strategy provide us with profitable growth but also confirms that we can gain market share against all competing products in our local markets where we are acquiring photography businesses, ”said Ghislain Lemire, President and CEO. direction of Urbanimmersive.
Urbanimmersive also announced that it will stop supporting its free enterprise and marketplace photography solutions developed in 2013. These two products will be phased out in 2022. All customers using these solutions have been redirected to our features or alternative solutions Whirlpool. The Company explains this decision by wanting to focus its resources and marketing solely on its new monthly all-in-one visual content subscriptions and core technologies. As a result, the gross merchantable volume (“GMV”) posted on the Company’s website will be suppressed, as the data presented was primarily generated from the billing activities of the Photography Business Solution.
The TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Urbanimmersive develops and markets real estate photography technologies and services focused on redefining industry visual content standards. The company’s all-in-one platform enables high-volume photography businesses to increase operational productivity by delivering feature-rich 3D tours and floor plans, cutting-edge real estate websites and imagery indexed by high-resolution AI. The Company’s operating segments include software (SaaS), 360 camera hardware and, in a growing number of North American cities, technology-driven real estate photography services business units leading the transformation of standards. industry when it comes to photo shoots.
Caution regarding forward-looking statements
Certain statements contained in this press release, other than statements of historical fact, are forward-looking information that involve various risks and uncertainties. Such statements relating, among other things, to the prospects for improving the Company’s operating results, are necessarily subject to risks and uncertainties, some of which are material by their scope and nature. These uncertainties may cause actual results to differ from the information contained in this document. There can be no assurance that such statements will prove to be correct. Actual results and future events could differ materially from those anticipated in these statements. These statements and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates on which they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change.
For more information please contact:
President and CEO
514-394-7820 ext 202
Simon Bédard, CA, CPA, CFA, MBA
514 394-7820 ext. 224