Global virtual events industry was valued at USD 78 billion in 2019, with a CAGR of at least 23% from 2020 to 2027. However, the coronavirus pandemic led to a dramatic rise in virtual events that may even outperform these forecasts.
Though advancement in technology has paved the way for remote jobs and virtual events even before the pandemic, Covid-19 acted as a “Catalyst” for the rise in popularity of online events and virtual festivals.
Video Conferencing platforms like Zoom, GoToMeeting, Google Meet, etc have gained a significant rise in 4-5 months, which otherwise would have taken several years to accomplish.
Pandemic & Virtual Festivals
The novel coronavirus has dampened the very soul of many festivals. All the festivals we used to look forward to could no longer be enjoyed the way they were.
Christmas 2020 was very different from past years. Social gatherings were restricted and people were advised to stay indoors. As a result, the bustling town packed with people and the carnivalesque atmosphere that used to be the soul of this very festival was missing.
Many events across the world were shifted to online mode, including live concerts, conferences, & musical events.
To ensure festivals don’t lose their essence, few start-ups including HireSanta & TalkToSanta took the initiative of providing people with the experience of virtual festivals.
These platforms allow us to select from a wide and most impressive range of Santas. We can easily book a live call with Santa or gift someone a pre-recorded video message by Santa.
The concept got really popular in no time as people could finally enjoy it without omitting any precautionary measures.
Our Experience Working with HireSanta
Mitch Allen, the entrepreneur behind HireSanta, pitched his business idea on ABC’s Shark Tank Season 10. He went pretty confident into the tank wearing an elf dress, seeking investment of $200,000 in exchange for 10% equity.
To his surprise, most sharks turned down the idea considering the company would make most of its profits during a limited holiday period. However, after receiving a few proposals, Allan finally accepted Barbara Corcoran’s offer of $200k for 10 percent with a condition to pay back the investment with 50% of the profits.
When the client first reached us with the idea we knew it’s an exciting opportunity for our team. We were aware that in a highly competitive virtual festival space, it’s important to keep things unique, easy & engaging. Also being a trusted development partner of Tokbox, we knew we could offer a lot in terms of One-on-One or One-to-Many video calls.
Working with the HireSanta team was amazing, they were highly specific with their requirements and had a very clear vision. Also, our team displayed great skills and enthusiasm to deliver the project to a high standard within the estimated timeframe.
With 2019 almost sold out, Barbara’s choice to invest in HireSanta turned out to be highly profitable. HireSanta came out as an innovative & profitable business idea. With over 1000 Santas all across the planet, HireSanta has now become the world’s largest supplier of Santa clauses.
Future of Virtual Festivals
Though online events existed before the pandemic, the year 2020 has completely overturned the game. People did not abandon festivals and events in the midst of a pandemic that caused enormous economic losses.
In fact, they looked for more affordable and more accessible alternatives to these festivals.
Unlike in-person events, virtual events do not require large financial investments that may not even guarantee a good experience. Moreover, since the pandemic, the quality of the virtual experience has greatly improved.
According to experts, this shift was certain to come at some point, as indicated by shifts in other industries during the last two decades. Most things that people thought were impossible 10 to 20 years ago have moved online throughout the years.
Though virtual festivals can never replace the real festival experience, they surely will get better and more popular.
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