Alistair Bryan, co-founder of metaverse platform Flox, believes demand for virtual events is only increasing The virtual events sector is experiencing booming growth, driven by demand to offer more immersive experiences. With the global metaverse market expected to surge from $47.48bn in 2022 to an estimated $678.8bn by 2030, increasing ESG directives and frustrations with 2D platforms have event managers scrambling. They’re looking for ways to maximise engagement with stakeholders, offer backup options, and drive return on investment. Progressive events leaders are already making metaverse virtual events central to their sustainability strategies. But a good first step for event managers in any industry is to blend real and virtual experiences through a hybrid event.
Demand for digital
Creating dynamic human connections is no longer the preserve of in-person events. With metaverse virtual events platforms offering live events with personalised avatars, networking through messaging and video, and instant translation into multiple languages, virtual events look and feel even more real. There’s equally high demand from organisers and attendees for virtual and hybrid experiences according to Kaltura, 74% of marketers say virtual events are the most important for overall events strategy, and 84% of in-person delegates want a virtual backup option.
Hybrid benefits
Bottom line – virtual events are a boon for cost and carbon savings. A full metaverse event offers an estimated 85% cost saving and 335mt of carbon saved on a 3,000-person physical event. Combining audiences offers huge efficiencies and productivity gains, with a smaller in-person event and wider digital audience being more cost-effective and better for the planet. In building a digital twin of any corporate or educational HQ, content can be delivered through the virtual events platform to a physical screen. Or the reverse, relaying live content to an expanded real-time remote audience. Through offering remote-based attendance, event organisers can increase audience diversity and inclusion, and maximise participation – perhaps even securing a preferred keynote speaker who might otherwise be unavailable.
Evolution of the events industry
Now that digital advances are taking the events industry in a new direction, a metaverse virtual events platform allows opportunities for event planners to communicate between events, continuing the conversation for stakeholders while meeting sustainability objectives. As the culture shift continues within the events industry and event organisers realise the power of digital communities, we’ll see a new era in events – perhaps within months rather than years. What would I say in response to those who say the movement is now a stampede back to in-person events and away from virtual/hybrid? Inevitably when zero was happening in real life, the return to in-person might look like a stampede. But many organisations have changed the repertoire of what they use. The sector has now diversified and we’re seeing the adoption of virtual from varying degrees – based on organisations’ needs. For example, some businesses with smaller budgets are looking to see how they can stretch them, leading them to take on a hybrid model. With the virtual events market predicted to grow at a consistent CAGR of around 21% to 2030, from here the only way is up. Pictured above: the Flox metaverse platform in action
