COVID-19 transformed the events landscape in 2020. Virtual events like live stream concerts, online conferences, and summits came to the limelight. Global corporations were also moving all their activities to the digital spectrum. These live stream events helped keep up the morale and maintain social ties essential to businesses and the general public.
With vaccines moving forward and new medical treatments for COVID-19 emerging, people count days until large gatherings and concerts can safely resume. But as the lockdown and social distancing norms ease out in some parts of the world, virtual events continue to be a predominant mode for content consumption, conducting business, and networking. Here is why we believe that the live stream events will stick around even after the pandemic.
Virtual Events Open Doors to the Global Audience
Live stream events are undoubtedly opening doors to people who might not attend the event otherwise due to geographical locations or mobility. The phenomena of online conferences and concerts have allowed organizers to offer immersive experiences to viewers at any place and any time. With the click of a button, the audience can attend live stream events.
Live streams cannot replace real-life interactions and may not offer the same financial benefits as in-person trade shows or conferences. However, it is still a powerful medium to reach a global audience. Several organizers and experts firmly believe that live streaming will not be going away anytime soon. It provides the audience the flexibility to attend it based on their schedule and from the comfort of their homes.
Research on virtual conferences indicates that more than 50% of people anticipate that future events will have a virtual dimension. Almost 68% of people feel that live stream events are an excellent way to meet prospects and generate business leads. Experts from the entertainment and music industry also believe that virtual concerts will remain a vital part of the future as they allow artists to take their shows further.
Technology Solutions For Live Stream Events
Anyone can live stream on social media platforms like Facebook, Instagram and YouTube. But these features, while free and easy to use, have limitations for businesses.
Ideally, you would want to monetize your live stream or live event. Ticketing is not possible on these platforms. How do you get around this problem? Live stream solutions like BeLive Technology offer customizable live streaming technology.
This means that BeLive develops for you a live stream platform with features customized to your needs. You can implement monetization features such as ticketing, subscription, and pay-per-view models.
Lower Ticket Costs
Live stream events not only provide the opportunity to connect with a broader audience. Hosting virtual events like online summits, music festivals, or virtual shows allows the organizer to lower the costs because there are no travel, accommodation, or venue fees. These lower operating costs also allow the event organizers to lower the ticket prices or registration costs. This gives a more extensive and broader audience easy accessibility to the events.
Gwyneth Paltrow’s lifestyle brand Goop hosted an annual health summit before COVID-19 with a four-figure ticket price. When the event moved to a virtual platform in 2020, the event was ticketed at just $50. Being more attractive and accessible to the audience, the virtual event became one of their largest summits conducted. The company received an overwhelming response for their 2020 live stream event. Women from over 50 states and 16 countries joined the summit.
Lower Impact on the Environment
Virtual events are the easiest, quickest, and cheapest ways to reduce carbon footprints as they have reduced travel and commute. The cancellation of physical events and conferences proved to positively affect the environment due to reduced pollution and congestion dramatically. Virtual events also eliminate the need for flyers, registration badges, and stocks of plastic swag. Live stream events are not just sustainable; they provide considerable savings to the organizers that usually outweigh the costs in most cases.
In conclusion, intelligent and well-curated live stream events are here to stay past the pandemic. Even if the virtual events may not provide the same form of interactions as physical events, the high returns of live streamed events make them bound to exist alongside in-person events.
Mixed virtual experiences are the future of conducting business and organizing concerts, trade shows, summits, and conferences. If you haven’t joined this trend, now is the time to test this uncharted territory and enjoy the success of live stream events.
If your business is ready to make that next move, contact BeLive Technology for a free consultation on premium live shopping features.