NexTech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (CSE:NTAR) (FRA:N29) reported first-quarter 2021 revenue that climbed 200% year over year to a record C$7.7 million.
NexTech also announced that its next-generation digital experience platform Nextech AR LiveX is now live, which is expected to save the company $6 million each year.
“Our 1Q 2021 record results are a testament to the success of our diversified business model and our unique value proposition; offering Augmented Reality (AR) technology in everything that we do. Our business is growing rapidly through AR innovation and our DXP platform LiveX,” NexTech AR Solutions CEO Evan Gappelberg said in a statement.
READ: NexTech AR Solutions seeing rapid growth as augmented reality goes mainstream
“LiveX is built for scale for enterprise clients targeting key verticals like education, entertainment, events, retail, medical and marketplaces. We see this as the digital experience platform of the future, today,” Gappelberg added.
As well, the company said its total bookings for the three months ending March 31 soared more than 4,700% to $2.2 million.
NexTech AR describes LiveX as a highly scalable all-in-one streaming platform for creators, corporate events, livestreaming, music, and non-fungible tokens (NFT), which is AR enhanced and advertising enabled.
It added that the platform is also being intergraded with Shopify to allow for seamless ecommerce and merchandise sales.
NexTech AR outlined demonstrated advantages to the LiveX Platform, which include:
- Events are designed 10X faster allowing for cost savings and scale
- Multiple monetization options: ads, ticketing, merch sales, event sales and NFT auctions
- Better user functionality and design resulting in an improved attendee experience
- Reduction in the cost-to-serve per event, yielding a greater gross profit margin with the additional benefit of recurring revenues from monthly and annual subscriptions
NexTech is creating a buzz in the AR space with its proprietary e-commerce platform, ARitize.
ARitize is the first cross-platform, browser-based and web-enabled augmented reality e-commerce option. A monthly SaaS (Software as a Service) subscription platform, ARitize enables retailers to transform two-dimensional images into true 3D AR experiences.
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