Do Events Have a Bright Future?
It is no secret that the ongoing pandemic has drastically impacted the events industry. A year into the virus outbreak and almost everyone has had major events cancelled or postponed. Sadly, the event industry has had to pivot itself through these uncertain times to meet the ends. But what do events look like post Covid-19?
M.I.C.E (Meetings-Incentives-Convention-Exhibition) is a $1000 Billion market that has been affected by the Covid-19 outbreak. Globally, by mid-March, industries had cancelled 100 percent of their events, resulting in a loss of $666 million in revenue and loss of employment.
The struggle in the event industry is real, and the turbulence is unprecedented. If you Google ‘future of event industry,’ you will be overwhelmed with many articles predicting the future of the event sector. But the truth is, no one really knows or can anticipate.
But what we missed perceiving is the period of opportunity that the event sector is blessed with. While the situation seems challenging now, the event industry has the chance to be a disruptive innovator. They can get their unique ideas out in the market first, and this involves huge rewards.
This article gives you a quick and expected glimpse of the future of the event industry post Covid-19, which will help you gain success in our new reality.
Changing to the Hybrid Model
Conducting physical events are impossible today, but they won’t be the same for long. While no more than a few people might be allowed to attend an event, the remaining attendees can gain knowledge virtually.
As event venues will have a capacity, event organisers need to have the digital component available for any extras. Thus accepting the hybrid model.
The current pandemic has forced respondents to adapt to digital solutions, aka virtual event platforms. Live streaming and remote viewers mean chat rooms can facilitate interaction between participants and the organisers. Digital elements are being tried and tested for a better implementation into the hybrid model.
The digital side of the events will leverage the technological features, stretching their limits to provide a new and exciting experience of the event and its offerings.
Moving to Portable Devices
It is estimated that video will represent 82 percent of all business traffic by 2022, suggests Cisco. By 2023, over 70 percent of the global population is expected to have a smartphone. Thus making smartphones the fastest growing mobile device between 2018 to 2023.
Mobile technology is already in use to watch videos, listen to audiobooks, etc. This digital transition is expected to shape the way participants sign-up and engage in events. Mobile technology is used to display event schedules, news alerts, and QR codes to redeem offers. Soon they will expand to create augmented reality pathways, along with projection mapping. This will enable organisers to project 3D scenes into surfaces.
Technical literacy and cross-compatibility of the event platforms are required with multiple operating systems and devices to make these events possible post-Covid-19. While people are still getting equipped with the mobile technology environment, if the events are conducted in a hybrid model, mobile technology will be the norm in a few years.
Opportunities to Generate Revenue
To consider that digital events would be priced lesser than physical events is an obvious human tendency. This is perhaps because of the lower setup cost, lack of face-to-face networking opportunities, and sometimes shorter duration.
But this practice can be changed when the digital event provides more value to the participants over any physical event and creates new opportunities to either learn, grow, or get a job.
For example, think about the ‘freemium model,’ where all participants can have free access to the keynote speakers for the entire duration of the event. But then you provide a paid breakout if the participants want more in-depth knowledge and networking opportunities with the speakers.
Takeaways
The pandemic has forced the event industry to adapt to various challenges at an unprecedented speed. This has even pushed many experienced event managers into unfamiliar territories, thus creating groups dedicated to navigating the new virtual terrain.
The benefit of conducting digital events is that there is no constraint with space or time. Globally, people can attend the events without thinking twice about their travel, lodging, pandemic, or anything for that matter. Virtual events provide attendees with everything that physical events can enable.
Still, we can be sure to expect changes that are yet to be discovered and implemented. Methods that are known but were never put into action in the event industry yet. While we can presume the future of the event industry, no one can be really sure of what the future holds for events post Covid-19.
