Urbanimmersive rolls out all-in-one real-estate photography service
Quebec-based Urbanimmersive Inc. has rolled out an all-in-one 3D visual content monthly subscription service 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 agents’ active listings on which agents have the option 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 to keep 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 was also shown to attract and retain new agents.
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 a three-month rollout of the new all-in-one 3D visual content service, the company said Urbanimmersive 3D tour market share has risen to 42%. For the Montreal city only, Urbanimmersive 3D tour market share has reached 48%, significantly surpassing Matterport, the leading brand in 3D tours, the company said
The table below breakdown the market shares per brand:
| Montreal City |
Province of Quebec |
|
| Urbanimmersive (TSX-V: UI) | 48% | 42% |
| Matterport (Nasdaq: MTTR) | 28% | 32% |
| iGuide | 12% | 7% |
| HausValet | 10% | 14% |
| Others | 2% | 5% |
Those market share data analysis results demonstrate the Company’s capacity of converting an 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, the 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.