Nextech AR's Arway Signs Deal For Kid Cudi Backed XR Music App, "Encore"
Martech Outlook | Tuesday, October 25, 2022
TORONTO, O.N, Canada – Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), Metaverse Company and leading provider of augmented reality (“AR”) experience technologies, wayfinding technologies and 3D model services is pleased to announce that ARway’s Spatial Computing technology is now being used as part of the XR engine powering the music app: Encore. This application of the ARway platform opens up a substantial new market; providing AR spatial activations for the music industry. While the Company is focusing its spatial computing platform revenue generation towards AR wayfinding it is finding applications of its breakthrough technology in additional markets that are opening up entirely new revenue opportunities.
Jonathan Gray, CEO of Encore states, “ARway has provided Encore with the cutting-edge technology to keep us at the forefront of the emerging music technology space, and has been vital in accelerating our time to market.”
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Using ARway’s software development kit (SDK) within the Encore app, artists can create immersive concert experiences for fans. Encore employs ARway’s technology, giving artists the ability to build custom augmented reality sets and environments to perform in, building custom 3D worlds using objects, photos and videos. ARway’s technology is being used to map and localize these custom AR environments into the physical world around the clients; tying the AR objects to real world locations, and seamlessly blending the virtual world with the real world.
With Encore, imagine an artist performing from their living room, wanting to build a custom AR set. Using ARway’s SDK, artists can design and create a custom AR world, save it and reload it in that space quickly and easily. ARway provides Encore with the ability to keep, save and reload custom environments in the same place and synchronize it across multiple devices.
Watch a video of ARway’s SDK in action HERE
With the rise of Web 3.0 and the Metaverse, AR technology is getting used in a variety of different sectors and industries, including the music industry as demonstrated through the ARway’s use case with Encore. AR provides numerous advantages to businesses that other software cannot offer, including product views, enhanced content, immersive experiences, increased audience engagement, and more. The augmented reality software market size is projected to reach USD 137.14 Billion by 2028, growing at a CAGR of 57.21% from 2021 to 2028, according to Verified Market Research
Nextech AR’s CEO Evan Gappelberg commented, “With ARway, not only do we have a substantial market with indoor AR wayfinding, but there are many other markets that we monetize such as the music industry. Encore is a perfect example of ARway’s adaptability into different industries and types of activations. He continued, “With Encore, we have opened up a completely new market for ARway in the music and entertainment industry, driving new revenue potential for the platform. As we move forward with Web 3.0 and the real-world Metaverse, our spatial computing technology will only get more robust and continue to push into new industries and new markets, driving towards even more revenue potential.”
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