Virtual events are slowly killing the biggest event marketing tactic of the past few years – FOMO or loss of profit syndrome. FOMO has been one of the most effective methodologies for selling tickets and generating interest in events.
But a pandemic came and quickly stopped events around the world, forcing billions of people to stay at home. What nobody expected was an increase in the number of virtual events. Suddenly, it turned out that you can attend dozens of events without leaving your living room. To top it off, these events were mostly free of charge.
Events with very high ticket prices have suddenly become available. You no longer need to travel to the other side of the world. Everything you need is available online. It was a revelation for the audience and a nightmare for the representatives of the event industry.
The event market is now experiencing what previously happened to the music market thanks to Napster and SoundCloud, or the movie market thanks to Netflix. Even earlier, all print media in the world experienced a similar collapse. Virtual events are becoming the “killers” of the classic event industry.
Many events only existed through ticket sales and sponsorship. But what happened now? It is not easy to justify the high ticket prices for online streaming access. Sponsors are able to independently register accounts in services for live broadcasts and hold events with record numbers of views. Why do they need event contractors now?
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