Matterport Surpasses One Million Subscribers, Extending Its Industry Leadership in Digital Twin Technology with Compelling SaaS Growth

With 75x subscriber growth in just 5 years, the milestone reflects the company’s 3D capture ubiquity and SaaS-driven digital twin platform strategy

SUNNYVALE, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), a pioneering leader in the digital twin and 3D capture space, proudly announces a monumental achievement in its company history, reaching one million subscribers to its digital twin cloud platform. This significant milestone underscores Matterport's unwavering commitment to innovation and its strategic Capture Ubiquity initiative, which has propelled the company into a new era of growth and success.

In 2019, Matterport embarked on a bold journey to democratize 3D capture technology for everyone. By introducing affordable subscription tiers, supporting low-cost capture devices and smartphones, and launching the advanced Pro3 camera, Matterport has made 3D capture accessible to a broad audience. This approach has not only disrupted the industry but has also resulted in an impressive 75x subscriber growth in just five years, growing from 13,000 subscribers in late 2018 to over one million today.

A Testament to Matterport’s SaaS Strategy

This achievement is a testament to Matterport's market leadership in the 3D capture and digital twin industry. By significantly expanding its user base, Matterport has accelerated its subscription revenue growth and set the stage to achieve cash flow break-even from operations this year, enhancing the company's financial resilience and growth potential. The company’s SaaS-first approach has driven subscription revenue to 60% of total revenue, from less than 50% from just one year ago.

The increase in subscribers correlates with heightened user engagement and adoption rates, further driving the company's revenue through subscription renewals, upsells, and the introduction of new services, such as Matterport’s Property Intelligence, that are tailored to the needs of a growing and diverse customer base.

Fostering Innovation and Community Engagement

Matterport's success is deeply rooted in its commitment to innovation and community engagement. The Capture Ubiquity strategy not only expanded the technology's accessibility but also fostered a thriving community of users who are integral to the ecosystem's growth. This user-centric approach has led to increased engagement, with users frequently utilizing the platform for various applications, from Property Marketing to Facilities Management, Design and Construction and beyond, further solidifying Matterport's position as a critical tool for numerous uses and industries.