Major events around the world have been canceled, leaving event organizers and attendees in a difficult position. Trillions of dollars have already been lost because of the pandemic, and it’s unlikely that in-person events will make a comeback any time soon. But large events like conferences, summits, and continuing education are necessary for business to continue as usual. How will these events adapt in the post-COVID-19 world?
When the Mobile World Congress event was canceled, there were $480 million in direct losses. When SXSW was canceled, the damage was $350 million. It’s not just event organizers that lose out on revenue, though. It’s venues, caterers, local businesses and restaurants, and even local attractions. What’s more, many businesses attend these events to network and find new customers, and that possibility has simply vanished overnight.
But that doesn’t mean that businesses have to disappear. As many businesses shift to remote workforces, remote conferences are also becoming a normal part of everyday business life. Remote conferences are nothing new, but they are becoming increasingly commonplace out of necessity while as many workers as possible are being healthy at home.
86% of participants in online meetings and conferences report equal or higher levels of engagement as they would have in an in-person meeting or conference. The added benefit is that it reduces travel time and costs, reduces pollution, reduces the price of admission, and allows attendees to have a better focus on relevant topics. For event organizers, virtual events free up the majority of the capital that would otherwise be used to pay for food and venue, which can then be used to pay for better speakers and talent.
Are virtual events the wave of the future? Learn more about the value of virtual events, both for attendees and organizers, from the infographic below. Let us know what you think in the comments below or on Twitter, Facebook, or MeWe.