Following the market nosedive in March at the hands of the COVID-19 panic, technologies companies have led the market recovery, including the Nasdaq Composite repeatedly setting new record highs. It doesn’t take a seasoned market analyst to understand that tech stocks are outperforming because the contactless society being implemented to control germs is dependent upon tech. Nor does it take a market boffin to recognize that this is a trend that is going to continue, likely for a long time.
In that light, companies like Zoom Video Communications (NASDAQ: ZM), Slack Technologies (NASDAQ: WORK) and Teladoc Health (NYSE: TDOC) have experienced years’ worth of growth in a matter of months as consumers and businesses swarmed to their products.
Companies catering to home maintenance and services, like Angie’s List (NASDAQ: ANGI), have performed well since March too, which caught the attention of The Silicon Review in this month naming peer-to-peer marketplace app HeyBryan Media (CSE: HEY)(OTC: HEYBF) as one of its “30 Fastest Growing Tech Companies of 2020.”
Incidentally, it’s an anomaly and speaks to the HeyBryan technology that a company trading at 5 cents per share with a market capitalization of $4.4 million makes that sort of a list.
HeyBryan is a comprehensive app that provides users a database of fully vetted and verified maintenance experts to complete a bevy of tasks, such as furniture assembly, painting, electrical, installing smart home devices, yard maintenance, etc. An in-app payment system removes the need for any cash changing hands, a safety feature and growing trend in the coronavirus environment.
“The COVID-19 pandemic has cancelled countless vacations, as well as shifted how we live our day-to-day lives,” said HeyBryan CEO Lance Montgomery in a phone conversation with Baystreet.ca. “People had money saved for those trips and now many have chosen to invest that money in their largest asset, their home. We’ve been able to capture their time to connect them with professionals to get projects completed.”
The Vancouver-based company doesn’t only cater to homeowners; it is a service for businesses as well. In May, HeyBryan added plexiglass installation services to its offerings in order for businesses to remain in compliance with government guidelines related to arresting the spread of COVID-19.
Similar to the U.S., Canada looked to mediate a financial crisis resulting from the pandemic by providing stimulus money to citizens and businesses. The U.S. gave single people making under $100,000 annually a one-time payment of $1,200 and families up to $2,400 per married couple and $500 per dependent child. Canada was even more generous, allowing people 15 years of age and older to apply for up to $2,000 in direct monthly payments for four months.
Presumably that money is also cycling back into economies through home projects and repairs.
The Famous Namesake Takes America By Storm
HeyBryan gets its name from Bryan Baeumler, a Canadian home maintenance expert and star of multiple hit television shows, including the wildly popular, award winning HGTV Canada show “Island of Bryan,” where Baeumler and his wife, Sarah, renovate an abandoned beachfront resort, the Caerula Mar Club, in the Bahamas.
When launched in the spring of 2019, the show immediately smashed HGTV Canada viewing records. Last month, HGTV U.S. repackaged the show, branding it “Renovation Island” for the American audience. The new show has found immediate success, attracting more than 3.2 million total viewers for its premier on June 12 while performing well across multiple demographics.
Data shows that promotion of the program on HGTV’s social media platforms (Facebook, Twitter and Instagram) generated over 440,000 views.
Much like its namesake, HeyBryan could one day find itself in the U.S. markets. Montgomery said that the initial focus remains on the Canadian markets, while the U.S. is part of the long-term strategy.
“Home maintenance is a global issue, which affords us a fortunate position for growth in any market,” he said during the call. “As noted by The Silicon Review, we’re generating momentum right now by capturing share in the highly fragmented Canadian markets even during one of the most challenging times our economy has ever experienced,” he said, adding, “We will remain very calculated in execution, but certainly have intentions to participate in the large U.S. markets when the time is right.”
Statista reported that the U.S. home improvement market generated sale in excess of $407 billion in 2019.
Corona-Boost
It seems counterintuitive to see companies getting a boon in their business during a global pandemic like COVID-19. But, that’s the way things go. This social distancing policy has had profound effects on our world already, where people of all ages have been forced to become comfortable with digital communications and processes, albeit healthcare or scheduling and paying contractors.
For HeyBryan, that’s playing right into their business model. Surely, it doesn’t hurt to have an internationally recognized TV star at the head of the brand and as a major shareholder either.
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