You want to see something crazy? Check out the graphic below (courtesy of the Visual Capitalist). Zoom, the increasingly popular video conferencing company, is now worth more than the world’s largest seven airlines, combined!
Many people had never even heard of Zoom until a few months ago. Now my kids and I are using the technology on a daily basis. My kids have weekly Zoom meetings with their teachers and classmates to go over school lesson plans, and Financial Synergies has adopted it as our preferred virtual meeting application for team and client meetings. Hardly a day goes by without me using Zoom at least once.
Many people have transitioned to working and socializing from home. If these trends become the new normal, certain technology companies will be in for a big time payoff.
Zoom’s market capitalization has skyrocketed to $48.8 billion, despite posting revenues of only $623 million over the past year. Meanwhile, airline stocks have cratered amid the global COVID-19 pandemic.
When regular air travel will return remains a major question mark. Hopefully sooner rather than later.
But it’s clear that Zoom, and similar video conferencing technologies, have taken on a much more important role in our daily lives. And that trend may be permanent.