Are online events profitable?
In 2020 the worldwide pandemic brought the otherwise prospering event industry to a standstill. Organizations were forced to shift from in-person to virtual events in the blink of an eye. Many of them faced this challenge head-on, while others are still waiting on the return of live events. Nevertheless, statistics show that as many as 84% of event organizers decided to carry out online events in 2020.
In one form or another, online events are here to stay. But the real question remains: are they profitable? To simplify, we will have to look at this question from two different viewpoints: the financial and brand building aspect. Before we dive in, we must stress that live events are indeed irreplaceable. However, we cannot deny that extending them online is beneficial in every aspect.
The financial aspect
While the overall revenue of a digital event is lower than in-person events, most Confiva hosted events have created the same ROI as live ones or have well surpassed their expectations. The production and software costs of going online are significantly lower. Making a profit is easier as fewer tickets have to be sold to make a return on the investment. With no venue limitations, the potential is much higher, and with lower production costs, the risks are lower.
The same principles apply to hybrid events. In a hybrid event, the online production is even cheaper as many costs are shared or are needed for the in-person events. Video production teams, technicians, venue, VJ’s, and others are already in place. With the help of a dedicated Confiva event manager, the switch is easy and quick. We also have to acknowledge that some people prefer to attend online or cannot visit your location at the time of your event. For online attendees, the price can be adjusted. The digital native attendees are out there and ready to buy their tickets. Here is a simple comparison:
Brand building aspect
Events are a powerful tool to create brand awareness, market your services, drive sales or engage your employees. Online events have proven to be no different. Acknowledging that online attendees can be engaged on the same level as in-person ones is the first step event planners have to take. Now we only have to find the correct way to do it and the right tools for it. Confiva offers an online environment with many native features for driving engagement, from gamification to attendee interaction. But we do not stop there. You are also free to utilize any collaborative or visual web-based tool directly into our platform.
Our HTML sections are in every area of the platform and are free for you to embed any website or web-based apps. If you want to take your guests on a 3D tour across the galaxy or invite them into your custom-designed game, ask our event manager for advice or find apps on your own, the possibilities are endless.
Full or partially online events are the future
These are just some of the reasons why we think it is crucial to consider online events as an integral part of your or your client’s business. Step into the digital evolution with the right partner. Find out more on a quick call with our sales team or contact us on our webpage.