NEW YORK, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Snap (NYSE: SNAP) NexTech AR Solutions (OTC: NEXCF) (CSE: NTAR) The Walt Disney Company (NYSE: DIS), and Spotify (NYSE: SPOT).
The entertainment industry is undergoing a sea change, as new technologies upend traditional revenue and distribution models. While streaming gets even bigger, new Augmented Reality and hologram formats are emerging as “the next big thing”. Wall Street Reporter highlights the latest comments from industry thought leaders:
Snap Inc. (NYSE: SNAP) CEO Evan Spiegel: “Overlaying New Experiences on World Through Augmented Reality”
“...We are working hard to overlay new computing experiences on the world through augmented reality. And the Snap Partner Summit showcased some of our latest AR products, including Local Lenses that allow people to share augmented reality experiences together overlaid on their neighborhood cityscape, and SnapML, which empowers members of our community to bring their machine learning models directly into Lenses on Snapchat. This enabled Gucci to leverage Wannaby’s foot-tracking technology to help people try on their latest sneakers in Snapchat, and even buy them directly within the Lens. These sorts of augmented reality experiences are especially powerful in the post-COVID retail environment, where brands are investing more in virtual try-on….”
“Our community grew by 17% year-over-year, with 238 million people using Snapchat every day on average in the quarter. This continues our recent momentum in daily active user growth, with the last three quarters seeing our highest year-over-year growth rates since 2017....Adoption of our AR platform is also accelerating, with the number of people playing with Lenses every day growing by 37% year-over-year….While these uncertain times have impacted many businesses in different ways, one consistent theme across all brands has been the focus on reaching customers in thoughtful and genuine ways. Brands have collaborated on many of the new products we are building, including by investing heavily in our new AR capabilities to engage an audience that is not able to visit their stores or see their products in person...”
NexTech AR (OTC: NEXCF), a featured presenter at Wall Street Reporter's "Next Super Stock" livestream investor conference series, recently shared with investors how Augmented Reality, and it’s virtual events business are driving explosive revenue growth. On October 9, NEXCF reported preliminary Q3 results, with a record 331% increase over Q3 2019, and Record Q3 2020 Total Bookings of C$6.7 million.
NEXCF’s Augmented Reality is now turbocharging virtual events worldwide, ranging from TEDx, and a newly announced virtual concert featuring rapper Offset, of hit group ‘Migos‘. The Offset concert will offer an AR- powered VIP experience, which places Offset right inside fans living room, allowing for fan’s to take selfies and make TikTok videos with the artist from their smartphone. The technology is powered by NEXCF’s newly acquired AiRShow app.
NEXCF CEO Evan Gappleberg started “With Apple’s AR glasses launching soon, we believe that our AiRShow app will be a great addition for the glasses. With Apple’s AR glasses creating a window into another world we see these types of human holographic performances becoming the new normal in that world and we want our AiRShow app to be a part of that future. With this activation, we are positioning NexTech to be the leader in next generation entertainment.”
NEXCF’s business is now “Firing on All Cylinders” with the company just announcing a record 331% increase over Q3 2019, and Record Q3 2020 Total Bookings of C$6.7 million. NexTech CEO Evan Gappleberg: “These extraordinarily positive results are being driven by an acceleration in demand across all of our products including: Video conferencing, eCommerce and Augmented Reality. We are now landing bigger deals with global brands that are choosing our InfernoAR video conferencing and AR solutions because we have the only video conferencing platform which offers AR solutions. We are “firing on all cylinders”, and sales velocity is continuing to accelerate as we begin our Q4”.
In a recent presentation at Wall Street Reporter's "Next Super Stock" livestream investor conference, CEO Evan Gappelberg and President Paul Duffy, shared with investors how NexTech, video conference and AR solutions are displacing the $150 billion tradeshow and meeting market. Up for grabs is the digital transformation of the global trade show market. According to Grandview Research the global virtual events market in 2020 is $90 billion and expected to reach more than $400 billion by 2027, growing at a 23% CAGR. With NexTech’s InfernoAR platform having augmented reality, AI, end-to-end encryption and built in language translation for 64 languages, NexTech is well positioned to rapidly take market share as the growth, and digital transformation accelerates globally.
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The Walt Disney Company (NYSE: DIS) CEO, Bob Chapek: “Direct To Consumer Is The Future”
“...We've been very focused on advancing and growing our direct-to-consumer business, which we see as our top priority and key to the future of our company. Last November, we successfully launched Disney+ domestically and we've since rolled it out in a number of major international markets, including Western Europe, India and Japan...We have surpassed 60.5 million paid subscribers globally, far exceeding our initial projections for the service. As our global sub numbers continue to grow, we've also exceeded our internal subscriber projections in every major market we've launched thus far. The tremendous success of Disney+ in less than a year clearly establishes us as a major force in the global direct-to-consumer space…
“..When you look across our full portfolio of direct-to-consumer businesses, at Disney+, Hulu and ESPN+, our combined global reach now exceeds an astounding 100 million paid subscriptions. This is a significant milestone and a reaffirmation of our strategy for growth..The incredible success we've achieved to date has made us even more confident about the future of our direct-to-consumer business and our ability to be more aggressive in our approach. Going forward, this confidence, coupled with the trends we're seeing in the multi-channel universe, will lead us to pursue even more innovative and bold initiatives as we continue to grow the business.”
“...We've already demonstrated an aggressive approach to our content creation pipeline accelerating the Disney+ debuts of Frozen 2, Pixar's Onward and Star Wars: The Rise of Skywalker, fast-tracking the debut of Broadway's Hamilton to Disney+, which has been a huge success. By combining the best elements of live theater, film and streaming, we have given millions of viewers a whole new way to experience this iconic cultural phenomenon.”
Spotify (NYSE: SPOT) CEO Daniel Ek: “The Beginning of Our Flywheel”
“...On the music fronts, we entered a new multi-year global license agreement with Universal Music Group that reflects our shared commitments in growing the industry and supporting artists at all stages of their careers….Universal Music Group will leverage Spotify’s marketplace tools for both frontline and catalogue artists to connect them with fans, grow their audiences and better monetize their fan base. And we’ll also work together to develop new products and tools that drive discovery and engagement at a scale that has never before existed….Spotify has now surpassed 60 million tracks globally, giving artists even more opportunities to connect with their biggest fans...”
“...We launched in Russia and 12 other European countries. And our first week in Russia was huge, even bigger than our first week in India...we have the opportunity to reach 250 million more listeners in these markets over the long-term. We are now operating in nearly every country across Europe, but there is still a lot of pent-up demand for Spotify in markets around the world, which is why we have plans for further expansion globally...What these two recent examples underscore is that staying focused on long-term growth, whilst managing for speed of iteration near-term is what will drive future growth.”
“What we are seeing here is the beginning of our ‘flywheel’...Spotify is now going after all of audio and that’s obviously a significantly larger market than just the music industry and then on itself. And so, what we are seeing is that, by every piece of contents that we are adding on the service that we are successfully serving to our consumer, we are creating more engagement. That engagement in turn leads to obviously lower churn, but more importantly, now that we have almost 300 million monthly active users on the platform. These users are also when they find great shows sharing that on social media and other forms to other consumers, as well driving this virtual cycle where more and more people are learning about what’s going on, on Spotify and more and more creators want to be on Spotify creating this virtuous flywheel.”
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