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1Q2024CoStarMTTRQuestion of the DayVersus

Question of the Day: Your thoughts about Matterport being acquired?19746

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WGAN Question of the Day (All)


Question of the Day: Your thoughts about Matterport being acquired?

Hi All,

The WGAN Forum Question of the Day for Monday, 22 April 2024:

Matterport, the Global Leader in 3D Digital Twins, to be Acquired by CoStar

Dan
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MeshImages private msg quote post Address this user
Quite a shock!

We will see how this story will develop. I guess that Costar will be narrowing the development pipeline to real estate analytics. Not sure about all the SDK developments and the platform itself.

Would you buy a Costar camera?
Post 2 IP   flag post
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@MeshImages

It doesn't surprise me that Matterport was acquired (because the market cap barely exceeded the amount of cash on Matterport's balance sheet.

That said, I had expected Hexagon to acquire Matterport (as I wrote on 21 February 20222:

Will Matterport be Acquired by Hexagon?

Dan
Post 3 IP   flag post
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rhelling private msg quote post Address this user
Uneasy.

Hoping that the AEC industry isn’t forgotten…
Post 4 IP   flag post
MeshImages private msg quote post Address this user
1st shock is gone!

Actually it is good news, I think!

Everybody knew, that Matterport will be acquired some day. Today is the day and now we know, what we are dealing with.

CoStar is a very interesting company with business activities and subsidies in the Matterport core markets.

CoStar - About us - Brands
Post 5 IP   flag post
Morristown, New Jersey
foxwrth13 private msg quote post Address this user
I think the MSPs who handle commercial spaces might not be so happy about this.
Post 6 IP   flag post
selder76 private msg quote post Address this user
Maybe this will lead to MSPs actually being utilized? We signed up nearly a decade ago and have received ZERO official leads from the program. It's been a joke. Hopefully this injects some life into the company and gets everything rolling properly.
Post 7 IP   flag post
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Quote:
Originally Posted by foxwrth13
I think the MSPs who handle commercial spaces might not be so happy about this.


Perhaps CoStar has commercial real estate expansion plans? Seems like everything CoStar does can be replicated in commercial real estate?

Quote:
Originally Posted by @selder76
Maybe this will lead to MSPs actually being utilized? We signed up nearly a decade ago and have received ZERO official leads from the program. It's been a joke. Hopefully this injects some life into the company and gets everything rolling properly.


A few years ago, Matterport quietly exited the MSP program in favor of Matterport Capture Services On Demand. Additionally, Matterport acquired VHT Studios. I could imagine all leads going through these two initiatives.

Also worth noting:

"CoStar Group intends to support and invest in research and development opportunities to further develop Matterport’s spatial technology, including the application of AI and machine learning to extract information from the 3D spatial data library as well as using generative artificial intelligence to imagine and reimagine physical spaces,” said Andy Florance, Founder and CEO of CoStar Group in Matterport media release today (22 April 2024).

Dan
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My concern is the markets outside of residential real restate. CoStar better keep it the same and open up more creative uses with Matterport.

We all have to wait and see.
Post 9 IP   flag post
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Quote:
Originally Posted by DZeigler
My concern is the markets outside of residential real restate. CoStar better keep it the same and open up more creative uses with Matterport.

We all have to wait and see.


Yes. Matterport has marketed to many verticals outside of the sphere of CoStar.

Also ...

About ...

Quote:
Originally Posted by foxwrth13
I think the MSPs who handle commercial spaces might not be so happy about this.


"[CoStar company] LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors," says the Matterport media release today (22 April 2024).

Dan
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selder76 private msg quote post Address this user
I can't imagine CoStar is investing without the intention of expanding upon Matterport's IP. Everyone likes money . Assuming we're already along for the ride as registered Matterport customers so I'm excited for the change. What if, GASP, they actually have live tech support?!?!?
Post 11 IP   flag post
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Quote:
Originally Posted by DZeigler
My concern is the markets outside of residential real restate. CoStar better keep it the same and open up more creative uses with Matterport.

We all have to wait and see.


"[CoStar company] Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids." says the Matterport media release.

That said, there are other initiatives promoted by Matterport that are not part of CoStar's core offerings.

Dan
Post 12 IP   flag post
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From this WGAN Forum discussion:

Quote:
Originally Posted by @SecMapTec
With this acquisition, anyone else wonder how it will affect innovation in using the matterport product? Anyone see the product becoming more of a channel feature rather than creative platform?


Quote:
Originally Posted by @ron0987
@SecMapTec I always worry when there is a major change, in this case I would like to see an upper management shake up, but for once I would love new management to survey user, even break it down to long term users, short term new and user that left and why.

Dan you follow this a lot more what is your take?
Post 13 IP   flag post
Morristown, New Jersey
foxwrth13 private msg quote post Address this user
I worry they will put together their own people for commercial and squeeze the independent guys out
Post 14 IP   flag post
daslack private msg quote post Address this user
I am not sure what to make of this takeover of Matterport. Hopefully it will be a positive for the MSP, but time will tell. My greatest fear is that I have $10,000 worth of worthless Matterport camera equipment in my basement!

Matterport to me is a company that has/had great potential but never seemed to manage it correctly or do right by its customers.

I am glad, however, for the opportunity to unload my Matterport stock position this morning. It had been a non-performer until today. The silver lining.
Post 15 IP   flag post
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Quote:
Originally Posted by @SecMapTec
@ron0987 Yeah, I’ve spent 6+ years working with a manufacturer/service provider that changed hands a few times, eventually landing in the pocket of private equity, which drove the company’s underlying mission toward ebitda boosters, and a lot of talent wound up leaving the ground.

This was a $100mil rev company, not huge or small, but the gradual shift in the managements style became significantly less about the original product and more about turning quick features for profit, while innovative development stumbled. Hoping this isn’t the case here, as Matterport is proprietary, it still has a platform that businesses can generate new uses from. CoStar is largely real estate oriented, so I’m really hoping they don’t strictly further focus on turning the tool into yet another primarily real estate sales complement.
Post 16 IP   flag post
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Hopefully this will mean that all those commercial agents posting 1 or 2 photos to show a listing on loopnet will realize that there are other options out there to market their listings and actually start incorporating matterport, floorplans, photos, etc.
Post 17 IP   flag post
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Quote:
Originally Posted by @ScanYourSpace
Hopefully this will mean that all those commercial agents posting 1 or 2 photos to show a listing on loopnet will realize that there are other options out there to market their listings and actually start incorporating matterport, floorplans, photos, etc.


Yes. I could imagine that CoreLogic will amp-up the interest in Matterport.

Dan
Post 18 IP   flag post
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Quote:
Originally Posted by DZeigler
My concern is the markets outside of residential real restate. CoStar better keep it the same and open up more creative uses with Matterport.

We all have to wait and see.


Note which verticals are discussed in Matterport CEO and Chairman RJ Pittman's blog post today (22 April 2024):

"We believe that by integrating the Matterport platform with CoStar Group’s properties, the future will become even brighter for our Digital Twin technology in Residential Real Estate, Commercial Real Estate, and Travel & Hospitality, bringing significantly more scale and reach to our customers. Another important aspect of this combination will be our ability to increase our investment in innovation and deliver new solutions and greater value for all of our customers."

No mention of:

AEC
Insurance Claims Documentation
Design and Construction
Facilities Management


That said, these could be subsets of:

Residential Real Estate
Commercial Real Estate
Travel & Hospitality

Dan
Post 19 IP   flag post
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Hi All,

List of CoStart Group Companies (for Context of Acquiring Matterport)

Dan
Post 20 IP   flag post
selder76 private msg quote post Address this user
The creation of more awareness of the tour can only help MSPs, regardless of what we are shooting. Squeezing us all out would take a MASSIVE sales force and they aren't going to invest that kind of money in equipment and training when they already have a group of trained professionals. My hope is that they elevate the MSP program and do right by existing customers FINALLY.
Post 21 IP   flag post
MeshImages private msg quote post Address this user



Sometimes it's good to gain more insight when you turn the chessboard and put yourself in your opponent's shoes.

What would you do if you were the CEO of Costar group?

Not easy to answer.

But one thing is clear to me. As a global data company I would never put my focus on competition with the people who feed my platform. Instead I would probably try to make these camera owners and SDK partners perform as successful as possible to attract more interest into my platform. And I will use this momentum (the acquisition of Matterport) to enhance my existing set of successful products with the cool new features that Matterport brings into the game.
Post 22 IP   flag post
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As we are about 98.7% commercial it’s breath holding time
Post 23 IP   flag post
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Video: Matterport ACQUIRED by CoStar Group! | Video courtesy of @Hopscotch YouTube Channel | 22 April 2024
Post 24 IP   flag post
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I think that only helps resonate my thoughts that Matterport is well clear of the competition in the market and if Matterport continue to push other verticals other than Real Estate it will be a success.

I also have a feeling Matterport Partners will play a big part in the near future to help fuel this growth into other markets and elevate the brand!
Post 25 IP   flag post
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Video: MAJOR News To Affect RE Services, in a GOOD way | Video courtesy of Nathan Cool Photo YouTube Channel | 25 April 2024
Post 26 IP   flag post
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ScanYourSpace private msg quote post Address this user
let me summarize Nathan's video.

Matterport is going down. don't use matterport. Independent photographers will take over. buy my books to learn how to take photos.

... the residential real estate photography market was down about 35% last year from the year prior. the commercial real estate photography market was up.

there are many more use cases for Matterport tours aside from residential sales/marketing.

Of the videos I've seen from Nathan he clearly loves doing 360 panos manually and using cloud pano however those aren't 3d virtual tours, they are 360 tours. zillow offers 360 tours. iguide offers 360 tours. matterport offers 3d virtual tours. who else is offering 3d?

just my 2 cents.
Post 27 IP   flag post
Morristown, New Jersey
foxwrth13 private msg quote post Address this user
@ScanYourSpace

I agree. I actually commented the following on his video

Obviously not a Matterport fan, What you really don't touch upon is that Matterport is used for so many industries other than real estate. Also, with the uncertain future of buyer and seller agency relationships up in the air due to the court cases, Costar might be looking down the road. This industry is just getting started.

It's clear the Matterport haters are coming out in full force on this one. I've seen worse posts
Post 28 IP   flag post
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ScanYourSpace private msg quote post Address this user
...just to add.. Matterport is a data company, they aren't a camera company, they aren't a product company. they have products (Cameras) that they offer but at their core they are data. It makes sense for costar to buy them. Zillow or Realtor should have made an offer, imagine if Zillow bought matterport!
Post 29 IP   flag post
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Video: What CoStar's Acquisition of Matterport Means for Real Estate Photographers | #mttr #csgp | Video courtesy of WGAN-TV YouTube Channel | 23 April 2024

WGAN Forum Podcast | Episode #286


Hi All,

My thoughts ...

What CoStar's Acquisition of Matterport Means for Real Estate Photographers

Best

Dan
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102029 36 30
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