Is TomTom Still In Business in 2024?

Is TomTom Still In Business

Wondering if TomTom is still around? Currently, there’s no clear evidence of TomTom going out of business. The company, known for its navigation and mapping products, has been a critical player in the industry. While facing smartphone application challenges, TomTom continues offering GPS devices and services. So, stay tuned to know whether TomTom is still in business. 

Is TomTom Still In Business? So the answer is Yes! TomTom is still in business. It is helping people find their way with navigation technology.

It is clear now that TomTom is still open for business. They provide services to people, and you can let them know if you have any issues. TomTom mainly focuses on two types of customers: businesses and big companies. They give them maps and tools to help with directions. 

TomTom makes things for drivers, like apps for directions, devices for personal and work use, and tools that go in the car. They also have things like maps, satellite pictures, and services that tell you about real-time traffic. Both regular people and businesses use TomTom’s products. You can look at their website if you want to see all the stuff they have.

What Type Of Company Is TomTom?

TomTom is a company from the Netherlands that started in 1991 and makes cool gadgets to help you find your way. They began by creating software for handheld devices. Later, it focused on helping regular people with route planning on their phones.

Until 1996, TomTom made software for businesses, like helping read meters and barcodes with handheld devices. These devices were like the Palm Pilot, Compaq iPaq, and Psion Series 5. Then, they started making software for regular people with PDAs (personal digital assistants). They created early mapping software called EnRoute, Citymaps, and Routeplanner.

By 2001, they made the first car satellite navigation software called TomTom Navigator. This shifted the company’s focus to helping people find their way in cars using GPS. In 2004, they released the TomTom Go, the first all-in-one personal navigation device, which became popular.

They sold about 250,000 TomTom Go devices in 2004, making up most of their revenue. As of 2016, they sold almost 80 million navigation devices worldwide.

Over the years, they added new features. In 2005, you could download new voices for your device. They even made a particular navigation device for motorcycles in 2006 called the Rider.

In 2008, they introduced cool features like IQ Routes. This guessed how long a trip would take based on actual speeds, and “Advanced Lane Guidance” showed the right lane.

2013, they entered the sports watch market with the TomTom Runner and Multi-Sport GPS watches. They added a heart rate monitor in 2014. Then, they launched an action camera called the Bandit in 2015.

In 2016, they released a sports watch called the TomTom Spark, which had GPS, a heart rate monitor, and could play music. But later, in 2017, they said they were stopping their sports division and wouldn’t make sports watches.

In 2018, TomTom started giving data to Apple for their map app.

What Is The History Of TomTom?

The company was initially called Palmtop Software and worked on software for devices like Psion, Palm, and Windows CE. In 1999, the husband of one of the founders, Harold Goddijn, joined the company. In 2001, they changed the company’s name to TomTom.

In 2005, TomTom became a big deal by listing on the stock exchange in Amsterdam. They later bought a company called Datafactory AG and another called Applied Generics. In 2008, they spent a lot of money, €2.9 billion, to buy a digital map maker called Tele Atlas.

TomTom made a famous ad in 2010, saying, “You are not stuck in traffic. You are traffic.” This became a meme on the internet.

In 2012, Apple chose TomTom to provide maps for their iPhone app. TomTom also worked with car companies like Volkswagen, Daimler, and Toyota. They even helped Uber drivers find their way in 300 cities worldwide.

2018 TomTom was criticized for not updating maps for some of their devices. In 2020, they made a deal with a Chinese company, Huawei, to use TomTom’s maps in a service called Petal Maps for Huawei’s smartphones.

How Is TomTom Doing Financially?

TomTom’s maps and computers help Alteryx with their new online number-crunching tool. This tool lets people see and understand info using maps.

TomTom also added a safety feature to their car tech stuff. This makes driving safer by showing speed limits in real time. They also shared technical details about their maps through a project called Overture Maps Foundation.

In terms of money, TomTom did well in the second part of 2023. They made €157 million, which is more than before. The amount about maps made €128 million, and car stuff made €90 million. They also got some extra money, about €3 million. Overall, they have €316 million in the bank.

The boss said they’re doing better than they thought. They expect to make between €570 million and €600 million by the end of the year. The map part should be between €480 million and €505 million. They also think they’ll get about 5% more money than before.

Is TomTom Profitable?

TomTom, a company that helps with maps and navigation, made $0.62 billion in the last twelve months (TTM). In 2022 they earned $0.56 billion, a bit less than the $0.59 billion they made in 2021. The revenue is the total money a company gets from selling things or providing services. Unlike earnings, no expenses are taken away from this number.

Let’s look back at TomTom’s revenue from 2020 to 2023:

  • In 2023 (TTM), they made $0.62 billion, showing an increase of 10.62%.
  • In 2022, they earned $0.56 billion, a decrease of 4.37%.
  • In 2021, they made $0.59 billion, a decrease of 3.47%.
  • In 2020, they earned $0.61 billion, a more significant decrease of 22.03%.

Does Apple Use TomTom For Maps?

In 2015, Apple and TomTom agreed to keep working together. But later on, Apple decided to use more maps from OpenStreetMap and not use most of the maps from TomTom, except for the live traffic information. TomTom is the boss of Tele Atlas, which Google Maps also uses, and they all compete with each other.

How Much Is TomTom Worth?

Tom owns a part of a bar called TomTom with his friend Tom Schwartz. They also co-own another bar called Schwartz & Sandy’s. Tom is famous for being on a TV show called Vanderpump Rules. 

He’s worth around $4 million, according to Celebrity Net Worth. Tom was born on July 7, 1983, in St. Louis, Mo., and went to Hazelwood West High School. His parents are Anthony and Teri Sandoval.

What Is The Future Of TomTom?

About a year ago, TomTom introduced its new maps and map platform, TomTom Orbis Maps. They’ve been working on it and testing it out. This new map isn’t just a fancy gadget; it’s part of a significant change in the map and location world. TomTom is vital in this shift toward being more open with map data for businesses.

At the same time, TomTom shared Orbis Maps. They joined forces with companies like Meta, AWS (Amazon Web Services), and Microsoft to start the Overture Foundation. This project wants to make map data open and work well together. They are doing this under the Linux Foundation, ensuring the data follows a standard structure everyone agrees on.

TomTom’s Orbis Maps shows detailed views, even in 3D, of places like London. Willem Strijbosch, who works at TomTom, says the big idea this year was to be more “open.” Many companies need help using map data to create and manage their systems. Overture Foundation and TomTom Orbis Maps aim to make that easier by making data open and following the same rules. This means everything can work together smoothly.

Strijbosch is very excited and sure that TomTom’s Orbis Maps will be a big hit worldwide.

Who Are The Competitors Of TomTom?

TomTom is a big company known for helping people find their way in cars. Some companies that compete with TomTom are MiTAC, Alpine Electronics, and HERE. TomTom makes a good amount of money. It ranked 6th among its top 10 competitors, with about $613.9 million in revenue annually.

According to sources, HERE Technologies, Driver Technologies, and Bareways compete with TomTom. TomTom works on creating products and services for car navigation. They’ve recently teamed up with Microsoft to bring an intelligent assistant using artificial intelligence to cars.

TomTom has made a new thing called Orbis Maps. It is the first to use a mix of different kinds of maps, giving more coverage and better pictures.

Final Words

Yes, TomTom is still in business. They help people with maps and navigation. Even though Google joined the competition, TomTom plans to stay independent. They sell their services to businesses and regular folks. TomTom makes money by providing maps and tools for directions. Recently, they collaborated with Microsoft to develop AI for cars. Their new Orbis Maps uses different maps to give better coverage. Financially, in the last year, they earned $0.62 billion. So, TomTom is still active, helping people find their way around.

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