Event Management

How Automation Is the Key to Making Money for Virtual and Hybrid Events

Skift Take

The final part of our four-part series of recordings from the Event Innovation Lab™ at IMEX America focuses on the challenges around monetization of virtual and hybrid events. Get a fresh and somewhat contrarian take on how to generate revenue from online event experiences. 

As we continue to deal with the Covid pandemic, it’s more important than ever to make sure we are aware of the best practices on securing revenue from sponsorships and other forms of monetization. It’s equally important to be open to fresh thinking and new ideas on this crucial topic.

The Automatic Attendee

Endless Events Founder Will Curran shared his thoughts on the best ways to balance internal spending and secure revenue from sponsorships as well as other forms of monetization. He said planners need to start treating each event “like a business,” charging appropriately for “our value.”

Curran outlined some of the biggest challenges faced by planners and then offered several suggestions for creating new revenue streams for events. Key, he said, is creating predictable revenue through automation. One way to do so is by adopting a community subscription model, where attendees pay a monthly fee for access to content, whether it be a watch party, a webinar, or a live event.

Curran also encouraged planners to consider focusing on niche communities over generic ones and creating multiple small events instead of fewer large ones. Finally, in a concept that took many by surprise, he suggested that planners charge for multiple events in one go. All of it, he said, ties into hybrid events.

Explore the other posts of our four-part series of recordings from the Event Innovation Lab™ at IMEX America.

1. Part 1: The Formula for Making Hybrid Events a Success

2. Part 2: Going Above and Beyond to Design Inclusive Experiential Events

3. Part 3: Connection, Entertainment and Choice Are Key Ingredients for Audience Engagement