The pandemic has changed our lives like never before. It has reshaped the way we think, act, and live. No wonder it has redefined the courses of businesses. The event industry is no exception. Researches indicate that the post-COVID situation will not be similar to the pre-COVID situation as far as the event industry is concerned. Virtual events have drastically changed the landscape in the event industry.
Virtual events were already in vogue before the pandemic which signifies that we are not considering a temporary phenomenon. The virtual event industry itself was worth around a whopping $78 billion in 2019 and is expected to have a growth rate of 23.2 % from 2020 to 2027.
Our lifestyle is experiencing a dramatic change as we experience an impactful shift towards a stay-at-home way of life and a resonating economy. Several companies have allowed their companies to work from home indefinitely. This is because the work-from-home form of employment has given rise to the productivity of the employees. Entire industries like retail are changing their infrastructure to cater to the stay-at-home society. As the world is moving towards more decentralized means of engagement as a precaution the popularity of virtual reality events is likely to rise.
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As organizations are exploring the benefits of virtual events like being able to reach out to a maximal number of people cost-effectively or constantly improving attendee experience they are getting accustomed to hosting virtual events. In the early days of a pandemic, Adobe changed the format of an offline event and went virtual with Adobe Summit 2020.
Virtual events have evolved into a digital channel for B2B and B2C communication in itself. Virtual events are really pocket-friendly. You do not need to decorate your house for hosting a virtual event. Keep in mind that you do not need to host it from your home unless your brand, message, and audience demand that. There are venues and recording studios available for all budget ranges.
Not only are virtual events less expensive but speakers of virtual events often offer speaking fees for virtual events at a discounted rate since there is no need for travel in this case. This could be an advantage of the planner where a celebrity can be approached for speaking for a small period of time which would have otherwise been out of budget.
There has been substantial improvement in virtual event technology for the better part of the last decade. With the rise of virtual reality, holographic, simulated conference applications, and social media live streaming. Today’s virtual events are closely resembling the experience of live events while avoiding the health risks involved in attending one.