Magic Memories, a global leader in experience capture for the attractions industry, has secured NZD $25.5 million (USD $17m) of funding to help with COVID-19 recovery.
Magic Memories is pleased to announce that it has secured NZD $25.5 million of funding, enabling it to accelerate its technology innovations and help attractions bounce back from the impact of the global pandemic.
Like many others, the company’s revenue fell as attractions were forced to close their doors to stop the spread of the virus. However, Magic Memories was able to quickly reduce outgoings while keeping core talent and IP. This meant that the company was able to continue working on product development throughout the crisis, putting it in a good position to be able to assist attractions partners in their recovery.
New funding
This new funding, from Magic Memories’ shareholders, has allowed the company to speed up product innovation, so that its partners can benefit from a memory-making model with high-quality, engaging image-capture experiences and digital products. This will help attractions to recover from the closure period, as well as contributing to future growth.
In addition to this, the funding also means that the company is able to honour its existing financial agreements to all of its 160+ partners around the world.
Magic Memories’ mobile-first omnichannel systems are now operating at the 75 attractions around the world that are welcoming visitors once more. At these venues, the company’s attraction partners now have more revenue channels than ever before.
Using this new mobile platform and e-commerce system, operators are able to sell capture experiences that are included in ticket sales, as well as providing upsell opportunities both online and offline. As a result, the system can drive 50% more revenue per customer, compared to revenue figures before the pandemic.
Supporting recovery
“The COVID-19 pandemic has had a devastating impact on many industries, and the tourism and experience industry has been among the hardest hit. While many closures remain in place and uncertainty lies around reopening dates, we’re fully committed to supporting our attraction partners through the pandemic and playing a key role in helping the industry thrive once again,” says Magic Memories’ CEO, Chris Warhurst.
“The funding and support we have received from shareholders underline their confidence in our business and strategy to further invest in our products and technology. We are poised to emerge from COVID-19 with the world’s most engaging media capture experiences and product outputs for guests that increases our partners’ revenue streams and enhances their guest and brand experience.”
Earlier this year, Magic Memories announced a new partnership with Beyond the Lens! Family Fun, in order to create the ultimate selfie experience.
