How to make money from virtual events?
Recent weeks have seen many events shift or pivot – the industry’s most favourite term, to a virtual setting.
Many are trialling this new avenue for the first time and are having to quickly adjust to the unchartered waters.
Holding a virtual event might be more budget-friendly, but the more you put into it, the more it will show. Just like a physical event, it will still require a considerable amount of resources and planning to ensure you get the engagement you desire.
Getting a return on investment is the largest motivator for holding physical events. When it comes to virtual events, you could actually be making a profit as there is no venue costs, logistics or catering costs to recover.
However, many struggle to charge premium ticket prices as there is an assumption that virtual event will be cheaper and there are so many events out there that are free. This money barrier means that it could be harder to generate revenue from ticket price alone.