Virtual Space: Booming Trend That Changed The Event Industry

Published On : 29 April 2021

Virtual activities are here to stay; it's official. Be it any type or theme, virtual events are all set to change how we participate in concerts, conferences and sporting activities forever.

In the past decade, there has been a material evolution that caused industry experts to believe in the virtual event industry for its exponential growth of organising shows, exhibitions, conferences, etc. Fortunately, live virtual event hosting companies,virtual event service providers and digital platforms allow these same organisations to re-create the contexts of events in virtual environments.

Great Pandemic Boost

The events sector was among the hardest affected when world markets closed in reaction to the COVID-19 pandemic. Thousands of live concerts, conventions, and sports activities were cancelled or postponed indefinitely as the social distancing timeframe remained unclear. However, when Virtual events came into the picture, everyone couldn't help but take the quantum leap towards this new-era evolution. The most common type of virtually simulated events, namely trade shows, company conferences, sales meetings, and summits, are carried out through audio-video conferencing, live streaming or broadcasting.

Damage Done

Due to complete lockdown, the companies are constantly facing financial damages. 90% of businesses were called off for 52.91% companies between March-July 2021. Along with which 60% to 70% cancellation, the event industry has faced a loss of INR 5,000 crore. A total of 107 companies suffered revenue losses of up to INR 1 crore. Companies are forced to limit their workforce, as some are laying off from 20 to 50% and even 80% of their employees.With growing problems, around 97 companies will also have to raise capital from shareholders and funding.

Adding Value To Your Event

Virtual marketing activities provide new value and experiential experiences. In 2020, conference development firms must reinvent themselves, with even the most prominent market leaders finding new benefits in interactive environments. Sessions from multi-day conferences with several tracks are also open to all attendees, either live at simulated events or on-demand after the events have concluded.

Monetary Gains

The global virtual events market valued at USD 77.98 billion in 2019 and is estimated to grow at a CAGR (i.e. compound annual growth rate) of 23.2% from 2020 to 2027. Another 2018 report by global accounting and advisory firms estimated the number of online users to reach 850 million by 2025.

New Opportunities

Studies say that live event and festival attendees are more enthusiastic than other customers about the possibility of digitally attending a live music event, indicating the attractiveness of live event attendance. Even traditional event organisers have been quick to realise some clear advantages of virtual events. There are not just cost and environmental benefits, but benefits that drive formal event KPIs — creativity, customer loyalty, and scope — that have also arisen thrillingly, some of which are:

  • Scope: With the unprecedented benefits and limited restrictions comes great scope for development and evolution. Virtual activities have almost no limits on the number of attendees that may attend; they significantly extend the reach of athletes, sports team, and the companies that promote them.
  • Augmented Experiences: Just as physical events can't get fully recreated in digital domains, virtual events can have experiential opportunities that are not present in reality. With extravagant VR environments, special effects, and immersive experiences, new interactive options will be available for attendees on unprecedented scales.
  • Monetisation: In the right set of circumstances, virtual gatherings have a nuanced way to fulfil that desire. As per our research, almost half of the online users enjoy it when brands engage with them in novel and creative ways.

Virtual Events has become the mainstay in the paradigm of event management, and these changes are here to stay. Even as things normalise and traditional activities return, online group activities can differentiate themselves from conventional events by being more available and offering more engaging experiences. Soon, all organisers are going to consider embracing this hybrid model as a viable substitute.

Should you take part in this shift from physical to virtual events?

In hindsight, there was no other option left. The New Normal is giving us a rather golden chance to host a virtual event. Visit a ,virtual corporate event platform or hire a live virtual event hosting company now to reap the benefits.

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