Virtual Events? You might be thinking of the quizzes, calls and remote working that made up part of the pandemic. But this event genre can involve musical performances as well. If it brings people together via a digital platform, it’s a virtual event.
The industry is expected to boom, too. Allied Market Research recently carried out a study titled ‘Virtual Events Industry Market’ and the results were intriguing. According to the report, the virtual events industry market was valued at $306.3 billion in 2021. By 2031, the industry is estimated to reach a value of $1024.8 billion. That’s a CAGR of 13%.
Now, you might be asking: what is CAGR? It stands for compound annual growth rate and is used to calculate the yearly growth of an asset. As we can see from the figures above, that’s a high growth rate for the virtual events industry over the next decade.
But why is the industry expected to see growth? Well, it’s a lot more cost-effective. Travel, accommodation and food costs are taken away, and you only need one piece of software to help you run the event. If more companies use specialist software to bring in a large number of people from all over the world, it makes sense that the industry will grow.
Including sponsors is easier, and there isn’t time spent trying to secure a venue. Some software allows you to create marketing assets for your event. This means the whole process is more efficient.
It’s also a chance for promoters to experiment with new technology. The metaverse and virtual reality have started to become more prominent. So, if the idea is there, organising an event based around live music and audio-visual elements could be something to consider. If the event does well, you could be an early adopter of the next technological innovation.
Or, you could use virtual events as a supplement to your regular schedule. If you run a club night based around music, you could invite some of your regular customers to attend an event that teaches them DJ skills.
Record the event, and when it has finished, repurpose some of the content to go across socials and advertise future events. This way, you’ve rewarded loyal customers and created an incentive for people to attend the next one. The virtual element gives you another way to promote your brand.
Skiddle can help, too. Our Promotion Centre allows you to list virtual events and create tickets for them. Fancy bringing your customers into the virtual realm? Get started and list your event here.
Got a question you need an answer to? Give us a call on 03333010301 or ask us a question over on the Skiddle Promoter Twitter account by clicking or tapping on the button below. Alternatively, you can also find a list of our most frequently asked questions over at https://help.promotioncentre.co.uk/