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Vivint Smart Home riding a surging wave of tech savvy homeowners

Vivint Smart Home riding a surging wave of tech savvy homeowners

According to Interpret data, Vivint Smart Home customers are far more interested in owning new technologies, and that’s been good news for the company.

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Vivint Smart Home was one of many big winners in the home security space during 2020, and the company’s success has carried over into Q1 of 2021. Vivint reported a 20% increase in subscribers, bringing the home security provider to 1.7 million total, and a commensurate 14% increase in revenues.

A key metric boosting the company’s top line is a reduction in customer attrition. In fact, Vivint’s attrition rate in Q1 was the lowest it’s been in over nine quarters. Additionally, the company enjoyed a massive drop in the cost to acquire new customers, which fell from $960 to just $66 per new subscriber over the last year. Following the positive financial report, Vivint’s stock (VVNT) price jumped nearly 31% in one week.

“With most people having spent the past year at home, and many planning to continue working from home, it appears that getting households in better shape – including making sure they are more secure and more automated – has become a priority for homeowners in the US,” said Stuart Sikes, Senior Vice President, Interpret. “We fully expect 2021 to be another great year for the smart home industry.”

According to Interpret’s Smart Home Matrix™, Vivint’s buyers are far more likely to indicate interest in “being the first with new technology” than buyers of ADT or Comcast’s Xfinity Home. 88% of Vivint owners are self-identified early adopters of new tech, compared to 50% of ADT Interactive owners and 37% of Xfinity Home owners. Vivint, in both product design and name, continues to align well with a tech savvy homeowner. By comparison, ADT feels more “disjointed” to some homeowners, according to CNET.

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