Augmented and virtual reality company Vection Technologies (ASX: VR1) has successfully launched their VR Events software module with the securing of NSA Group as their first partner client who will use the tech to broadcast live events via VR.
FrameS Events is an extension of Vection’s current FrameS VR platform and enables partner clients to transmit live VR content in broadcast quality through the popular Oculus Go VR headset.
“The launch of “FrameS Events” represents a further acceleration of development activities towards the marketing, sales and entertainment vertical of our 360° product development strategy,” said Vection Managing Director, Gianmarco Biagi.
“We are pleased that a recognised agency such as NSA Group has chosen our platform to deploy VR broadcasting solutions to their global clients.”
As a full-service agency, NSA Group specialises in events and marketing operations which include ticketing, facility seating virtualisation, and design. The Group is also closely aligned with Italian construction company Bear Stadiums and ISG Media for soccer content in Italy.
Through the FrameS Events module, Vection aims to offer partner clients with a platform to broadcast trade shows, conferences, festivals, concerts and sporting events to spectators globally. As the initial partner client, NSA will purchase one initial license for $60,000 with annual subscriptions to the module being $6,500 thereafter.
“Following the new needs for digitalization and process optimization, we planned to invent a new approach to the content of events. Their spectacularization is the key to the development of alternative assets with respect to the formats of the events in attendance,” said NSA Group General Manager, Marzia Luraschi.
Previously listed on the ASX under the name ServTech Global (ASX: SVT), the company underwent a corporate rebrand in 2020 with the new name Vection Technologies (ASX: VR1) to better reflect their AR and VR platforms.
For the financial year to date ending 31 March 2020, Vection has reported $2.2m in cash receipts for a net operating loss of $906k but has been actively securing new partner clients through this time with a financial model aimed at securing recurring revenues.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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