Why you should be thinking about internet broadcasting?
Thanks to COVID-19, we have been seeing unprecedented times everywhere, especially in the field of video production. My company over the 3 months of this outbreak has made pivots that actually were for the betterment of my company. These pivots is why this post today is so important to share.
I have met with several clients, both old and new, as we develop and create projects and productions over the past 3 months and the theme I share with them is this... don't expect things to return to normal. I know to some, this is a doomsday statement. I don't think it's that at all. I see this whole ordeal as an opportunity to grow and expand and make ourselves better and more dynamic. I encourage my clients, don't think of this event as a one-time thing, but let's take it and roll with it to be an integral part of your future. That thing is live or internet broadcasting.
Why is this important? Let's look at the economics of a hypothetical case study that I have come up with here.
Here is the scenario (this is a pre- and post- COVID situation):
Mr. X (the client) is putting on a concert. He has rented a theater that has 425 seats. He sells 300 tickets to his concert. About 70% sold when all set and done. He performs his concert and he collects his revenue.
Now, let's imagine he decides to do a ticketed live broadcast to coincide with his live concert. Let's say he sells 200 Broadcast tickets and 200 tickets over a span of a week for on-demand viewing. So right there, is 400 tickets sold just in broadcasting. Now, there will be dropoff because some people will prefer to watch at home for whatever reason. So let's say in-person tickets drops to 200. That's still 600 tickets sold versus 300.
Of course, your probably thinking, yes, but this is a hypothetical scenario. You are right, but the numbers I had came up with are not far off from what I think projections could be. You see, I have done a few virtual events from events that had to pivot from an in-person structure to an internet broadcast. The numbers were staggering! One event saw in a live audience almost 5 times the attendance versus in-person and another event saw 3 times. Granted, these events were free, but the numbers are there to work with and form some ideas and projections.
It is because of these numbers that I have been active and encouraging entities to consider going to a broadcast method of their events. I see the economics and society supporting such a move for the foreseeable future. I just ask, don't give up on your event without talking to us! :)
One of those productions, the Flywheel Investment Conference, is included below: