October 2, 2020 – NexTech AR Solutions, a provider of augmented reality (AR) solutions for e-commerce, learning applications, video conferencing and virtual events, has this week announced that it has acquired the AiR Show app, along with AI code and a team of four AR developers from TRICK 3D.
The AiR Show application turns musical artists into holograms that fans can interact with in their living rooms. Through the app, users can buy tickets to watch performances from real people in their own homes and choose whether to watch featured events, or use a VIP code to access exclusive content to see musical artists appear in augmented reality.
The company stated that it plans to use the app for the music industry and also for it’s virtual events platform InfernoAR, as well as for its AR e-commerce business. This is the company’s seventh acquisition and third AR application, which further ties together its AR offerings and moves the company closer to its goal of creating a “complete AR ecosystem”.
Evan Gappelberg, CEO of NexTech, commented: “This acquisition adds even more AR revenue and earnings potential to our fast growing AR business and brings a tremendous amount of experienced talent to our team”. He continued, “With live music concerts shut down for the foreseeable future I see this app as a way for Nextech to help artists fill the revenue void they are currently experiencing. We already have recognizable musicians and music business partners that are eager to join the application.”
According to Gappelberg, new ticketing capabilities should be available for in-app purchases allowing for revenue generation in the next few weeks. He also noted that the company is seeing a growing demand for human holograms beyond their use in live music.
He added: “This app will help us to gain market share and meet this demand. I believe that human holograms can quickly be a multi-million dollar business for us”.
NexTech continues to look for strategic acquisitions and the company’s CEO noted that it will keep hiring more talent to keep up with the increased demand of its product offerings. The acquisition was structured as an asset purchase agreement with a USD $300,000 price tag, 50% being in cash and 50% in restricted stock of Nextech or 37,500 common shares.
The AiR Show app experience is available to download on the Apple App Store and Google Play Store now. For more information on NexTech’s augmented reality offerings, please visit the company’s website.
Image credit: NexTech AR Solutions
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.