- SPYR’s Applied MagiX seeks to leverage the large and loyal Apple following to establish its brand in the Apple Ecosystem
- The global smart home market is set to grow at a 15.75% CAGR over the next 5 years, rising to a value of $187 billion per annum by 2025
- SPYR Inc purchased subsidiary, Applied MagiX, to gain access to the smart home market as well as the Apple HomeKit product ecosystem
- As of 2021, Applied MagiX had launched 5 Apple-compatible products with plans to launch a proprietary line of products in the coming future
The Apple ecosystem is second-to-none. Apple has built a fiercely loyal consumer base through its products and services – ranging from Apple computers, peripherals, and iPhones, to services including, Apple News, Apple Fitness+, Apple Arcade and Apple Music. As an indicator of Apple’s significant and long-standing following, the company recently revealed that its App Store had connected with over 600 million people per week across 175 countries, enabling the App Store to generate over $260 billion in cumulative sales since its launch in 2008. Meanwhile, the 2021 holiday season saw App Store customers spend more than ever before between Christmas Eve and New Year’s Eve, driving double-digit growth relative to 2020 (https://ibn.fm/NAYiS).
SPYR (OTCQB: SPYR), dba SPYR Technologies, is a technology company which, through its wholly owned subsidiary Applied MagiX Inc., develops and sells Apple(R)-ecosystem-compatible products, seeking to capitalize on the Apple consumer base through product offerings including devices and accessories specifically built on Apple’s HomeKit framework(R). Applied MagiX is a registered Apple developer and reseller.
The global smart home market has made its mark as one of the fastest growth segments within the consumer market today, with the sector expected to generate revenue upwards of $104 billion in 2021. That figure is set to grow further still, rising to an annual total of $187 billion by 2025, with a 15.75 percent CAGR over the five-year interim (https://ibn.fm/rFHBu). In late 2020 and after witnessing the stunning growth within the sector, Denver-based SPYR Inc. opted to acquire Californian IoT company, Applied MagiX, with the acquisition propelling SPYR into the multi-billion-dollar smart home industry, and perhaps more critically, giving them entry into the Apple HomeKit smart home market (https://ibn.fm/HBGfJ).
Having already begun generating sales and revenue through its partnerships with online retail giants Amazon, Walmart and eBay, SPYR’s Applied MagiX revealed plans to release a proprietary range of products designed to complement and work in conjunction with the Apple HomeKit system. Meanwhile and in the interim, the company has centred its offering around a range of white-labelled Apple HomeKit, Apple CarPlay, and Apple Watch products and accessories drawn from several trusted technology partners, thereby enabling Applied Magix to both generate revenues immediately, whilst simultaneously building an active customer base to introduce their own-branded product range to upon the latter’s release.
SPYR and Applied MagiX launched their initial product range in April 2021, with a focus on five key consumer products – the MagixDrive Wireless CarPlay adapter; the HomeKit Secure Video Camera with iCloud Storage; the Multipurpose Sensor with Alarm; the Environment and Motion Sensor; and the Window and Door Contact Sensor. Apple has increasingly sought to combine its product offering as part of their holistic offering which includes iCloud+, thus introducing its home services and hardware to its millions of customers around the globe.
With Apple set to become a dominant player within the global smart home sector, SPYR Inc and Applied MagiX look well placed to capitalize on the sector’s spectacular growth rate going forward.
For more information, visit the company’s website at www.Spyr.com.
NOTE TO INVESTORS: The latest news and updates relating to SPYR are available in the company’s newsroom at https://ibn.fm/SPYR
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