The events industry has learned a lot about ‘event tech’ and the need to do something fast to reduce the economic hit from COVID-19 crisis. The Vice Chair of the Business Visits and Events Partnerships (BVEP), Simon Hughes has predicted losses for the sector could reach £50 billion across the first six months of the year. So, is the traditional events business model on the verge of turning on its head thanks to changes in the online world?

For the last decade, the events industry has prospered with its standard formula of success. The typical model was an event comprising 80% live, fully immersive face-to-face experiences and just 20% consisting of an on-demand online component that reached those unable to attend.

Charles Thiede, CEO and Co-Founder of Zapnito, the platform that helps brands deliver expertise on-demand and build sustainable communities, said, “Like a wrecking ball, COVID-19 has shaken the industry to its foundations with physical events being cancelled and postponed for months to come.

“For traditionalists looking to stand by their model that has served them for the last decade, the knee-jerk reaction may be to use event tech, which is to simply take the event and replicate it online. However, in doing this, organisers are failing to utilise the full potential of the online world and in turn doing a disservice to their product, delegates and speakers.”

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Charles Thiede, CEO and Co-Founder of Zapnito

A person at home logging into an online event has infinitely more distractions than if they were physically at an event. This means if the event is simply streamed start to finish online, over a two or three-day period, then its impact is significantly reduced.

Charles Thiede says, “We believe the events model should be turned on its head. Our platform helps brands deliver expertise on-demand and build sustainable communities. We help event organisers, membership organisations and thought leadership communities to share knowledge, connect with their audiences and drive revenue.”

The company is currently seeing a surge in demand with business enquiries expanding by tenfold in the last month. So, rather than furloughing their staff, they are growing their teams and rapidly scaling the business.

They believe that trying to stick to the traditional events business model in these uncertain times is a wasted opportunity to revolutionise the way we perceive events. Charles Thiede says, “This is not just about saving an event in 2020. It is about changing how we all do business for the entire decade. We have always believed that Expert Knowledge Networks and Professional Communities, at scale, is how you do this.”

Charles Thiede continues, “That’s not to say a global industry worth USD$ 1.1 trillion should no longer exist in the physical world. Far from it. Physical human interaction through face-to-face contact can never truly be replicated online and after the global pandemic is over that need will only increase. But people will become much more discerning about what events they attend. And I’d assert those events will have to be very special, and will need to think digitally first from day one.

That is why I believe the hybrid approach of an online community brought together once a year by a physical event is the way forward. When the world returns to actual physical events again, a hybrid model will become the new normal. Businesses may even look into event streaming services from somewhere like Smart Works so that those who are unable, or not quite ready, to come to the event will still be able to get the experience of it and contribute to it from the security of their familiar surroundings. It is very likely these events will become just another format serving the all-important community.”

The hybrid model still maximises the peak levels of engagement a face-to-face event offers but also maintains a high level of engagement over the rest of the year. The graph below shows a visual representation of this