Date Online: 2021-09-27
Urbanimmersive rolled out a new all-in-one photography service in 3 major cities of the Province of Quebec making 3D tours, floor plans and single property websites part of all basic real estate photo-shoot sessions when agents subscribed to the monthly services.
SAINT-HUBERT, Quebec, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) has begun during this Summer a rollout of all-in-one 3D visual content monthly subscription services in the Province of Quebec (Canada) throughout its newly acquired photography provider businesses.
The monthly subscriptions provide real estate agents the right to get a 3D tour, 2D and 3D floor plans and single property websites at no additional cost when ordering high quality still pictures making it the most competitive visual content package on the market. The subscriptions also include a limited version of Urbanimmersive's flagship patents pending product UiMeet3D, a 3D avatar video-conferencing and lead generation solution.
The monthly subscription packages are based on agent's active listings (homes for sale) on which agents have the options to add different UiMeet3D extended services thus providing Urbanimmersive with incremental recurring revenues. Those new revenue streams will be included in financial reports going forward enabling investors keeping track of progress.
Since the beginning of the rollout, the number of agents subscribing to the all-in-one 3D monthly services is steadily growing amongst existing customers. The monthly subscription has also shown to attract and retain new agents. Based on this initial success, the Company expects to increase related marketing to further accelerate the monthly subscription adoption rate.
In that regard, the Company is pleased to share internal market share data analysis providing insights with regards to the impact of this new all-in-one visual content monthly subscriptions rollout in the Province of Quebec (population of 8.5 million residents) for properties for sale by real estate agents.
For June 2021, in the Province of Quebec, Urbanimmersive 3D tour market share was only 4%. After 3 months of rollout of the new all-in-one 3D visual content service, Urbanimmersive 3D tour market share has skyrocketed reaching 42%. For the Montreal city only, Urbanimmersive 3D tour market share has reached 48%, significantly surpassing Matterport, the leading brand in 3D tours.
The table below breakdown the market shares per brand:
|Urbanimmersive (TSX-V: UI)||48%||42%|
|Matterport (Nasdaq: MTTR)||28%||32%|
Those market share data analysis results demonstrate the Company's capacity of converting acquired list of photography clients on its new 3D offering as well as increasing the number of UI's 3D tours delivered. Additionally, data shows that properties for sales offering a 3D tour (all brands included) still represent a fraction of all listings. In the Province of Quebec, 3D tours adoption rate is 7% while the adoption rate is 15% for the city of Montreal leaving significant room for growth for Urbanimmersive. The Company's management also believes that the more 3D tours are delivered, the more incremental will be the usage of its patent pending UiMeet3D solution.
« These results further confirm the success of our new accelerated growth plan announced earlier this year which consists of acquiring real estate photography businesses with the goal of controlling every aspect of their 3D product offering. Not only this strategy provides us profitable growth but also confirms we can gain market share against any competitive products in our local markets where we acquire photography businesses », stated Ghislain Lemire, president and CEO of Urbanimmersive.
Urbanimmersive also announced that it will stop supporting its free-to-use Photography Business Solutions and Marketplace developed in 2013. Those two products will be sunsetted in 2022. All clients using those solutions have been redirected to our Tourbuzz alternative features or solutions. The Company explains this decision by the desire to only focusing resources and marketing on its new all-in-one monthly visual content subscriptions and its core technologies. As a result, the Gross Merchant Volume (‘GMV’) published on the Company’s website will be removed as the data presented was mainly generated from the photography Business Solution billing activities.
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The Company all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images. The Company operating segments include software (SaaS), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation.
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.
For more information, please contact:
President & CEO
514-394-7820 X 202
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224