Exellent analysis, Pickorth! Especially so, given I was a heavy Nearmap user in a water authority, in which case I must add that Nearmap were early mover advantage with historical catelogue of photography and their offering being increasingly embedded in business processes, very difficult for AMX to dislodge. The operational margins Nearmap were making were huge, so I sold NEA and moved into AMX, hoping they'll chip away at Nearmap's dominance on price/quality. Fundamentally, this aerial photography stuff is so valuable, it's actually bad for our society if you have a dominant player gouging the market and rent seeking, thus AMX is crucial to reduce accessibilty price. I enquired to Nearmap on their pricing for a small consultant like me and I was blown away by the unaffordability. AMX much cheaper.
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