Tamil Nadu is launching immersive virtual tours of iconic destinations to promote its rich culture and attract tourists globally. These innovative tours will blend technology with tradition, offering economic, social, and cultural benefits for the state.
The global virtual tour market is experiencing rapid growth, driven by advancements in VR and AR technologies. This surge is expected to reach $17.88 billion by 2035, fueled by the increasing affordability and accessibility of VR headsets. Virtual tours offer immersive and engaging experiences, transforming various industries like travel, real estate, education, and entertainment.
Matterport, a leading digital twin platform, has been acquired by Costar, one of its customers, in a deal valued at approximately $1.6 billion. The cash-and-stock transaction, which represents a significant premium over Matterport’s pre-announcement share price, marks a promising development for the company after a period of investor skepticism. Costar, a real estate heavyweight with a market cap of $34.84 billion, sees Matterport’s technology as a valuable addition to its offerings, particularly in the virtual tour segment. Matterport’s services have gained traction in the real estate industry, offering digital replicas of physical spaces. The company’s leadership has evolved over the years, with RJ Pittman taking the helm as CEO in 2018. Despite facing competition from the likes of Cupix and Zillow 3D Home, Matterport’s diversification into smartphone-based tours and the integration of AI through its Cortex solution have set it apart.
CoStar Group, an online real estate marketplace provider, has entered into an agreement to acquire Matterport, a virtual tour software firm, for $1.6 billion. Under the terms of the deal, CoStar will pay $5.50 per Matterport share, with stockholders receiving $2.75 in cash and $2.75 in CoStar Group shares for each share they hold.
