Over the past seven weeks, the event industry has experienced a rapid digital transformation. From working from home to shifting communication and meetings online and hosting virtual events.
Up until the COVID-19 outbreak, only a few event agencies were ready for online events. However, very quickly, everyone had to adapt because it was the only possible option. When businesses reopen, things will never return to where they were before, and online events will significantly increase.
We are not prepared for online. We know how to monetise live events, but the same rules don’t apply to the virtual environment. Online requires rethinking current business models and creating new revenue streams.
To learn more about business models of online events, we interviewed Bogdan Maran, Founder at Visual Hive, about what event planners can do now to adjust their business models to online. Bodgan is an experienced international photographer and videographer who, after working with Splento, has now founded Visual Hive. His passion has always been how to maximise the value of visual content. In addition to creating visual content, the company focuses on collecting and analysing data around it. It looks at artificial intelligence, the blockchain and how to measure live spending. They are building a sponsorship engine that matches brand and event audiences, such as at mass-participation sports, and how to maximise revenue and interaction in terms of creating a bespoke online experience. The second company where Bogdan is a co-founder, AMMP, is a production company that examines strategy, production, delivery and analytics. They also (due to event cancellations related to COVID-19) pivoted to online event production and broadcasting, but were already well prepared for this and very quickly hit the ground running, helping their existing customers to pivot to online events.
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