COVID-19 is likely to permanently change the events industry

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 11, 2020, 12:33 PM UTC

Equal or higher levels of engagement (in comparison to in-person interactions) have been reported by 86% of people participating in online meetings.

The impact of cancellation of various conferences on the $1.5 trillion events industry has been huge, with major events cancelled, postponed or moved online. The cancellation costs of over 10 major conferences alone has gone beyond $1.1 billion.

The article provides that by 2021, video (including video conferencing) would make up 80% of all internet traffic. Virtual events then could fill the gap left by cancelled conferences.   Virtual events could leverage algorithm to match people for talks and panels depending on what they’re interested in. This could result in a more targeted event focus.

With the bulk of conference attendance costs going into incidentals like food, beverages, venues and equipment, virtual events provide a cheaper alternative. The economic distress could also exacerbate people’s reluctance to pay for travel and lodging.

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