Nextech AR Solutions Corp has announced the launch of a new major upgrade to its Map D platform to incorporate attendee ticket sales and registration options.
The company said it is also testing a new breakthrough in scaling the creation of spatial maps for events, and especially, augmented reality (AR) wayfinding by using Map D technology for its ARitize Maps product.
“Map D has been able to sell millions of dollars in exhibitor booth space and register attendees for thousands of events for many years,” said Jeremy Minnick, lead developer for Map D, in a statement.
“This major platform upgrade for the first time allows us to provide a complete event management solution, including tools that event managers can use to capture every opportunity for revenue and truly manage all aspects of an event within a single platform,” he added.
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The new upgrade to the event platform creates a hybrid blend of virtual event space and international marketplace, with up to 5,000 virtual vendor profiles serving more than 30,000 members, Nextech said.
Additionally, with the ability to add ticketing revenue, the company expects that this marketplace and future ones created by Nextech will become very profitable. It noted projections from ReportLinker that showed the online event ticketing market is expected to reach US$94.92 billion by 2027 from US$28.49 billion in 2021.
“Map D has seen great returns from existing clients in the association space, but also strong growth from new clients and industries with the resurgence of in-person events post-COVID,” said Nextech CEO Evan Gappelberg, “The addition of attendee ticket sales to the Map D platform is not only a great development for our clients but will also translate to shareholder value as transaction fees present a new and virtually unlimited source of revenue that Map D has never experienced before.”
The most recent example of Map D’s technology is the groundbreaking 365 Marketplace with Restaurants Canada, unveiled at the RC Show 2022, Canada’s leading foodservice and hospitality event, which took place May 9-11, 2022, Nextech said.
Map D’s ability to provide accurate trade show floor maps to ARitize Maps has shown positive results, Gappelberg noted. “This is potentially very valuable as it will allow us to produce spatial maps at scale, which I haven’t seen anywhere else,” he added.
Meanwhile, Lane Gibbs, Map D director of sales and operations, said the ticket sales option is a game-changer for the company as it serves as a single solution for exhibitor, sponsor, and attendee sales, which should “open the door for us to serve even more industries”.
Contact the author at jon.hopkins@proactiveinvestors.com