Bhavnesh has a distinct knack of facilitating people to fall in love with the events he curates. Be it his gentle demeanour or his detail-oriented, incredible planning; he has an innate ability to dot his i’s and cross the t’s whilst exuding an enviable calm. Clients can be rest assured that every aspect has caught his discerning eye and the event execution spells finesse and élan.
Many sectors were affected by the global crisis of 2020, but few were hurt as badly as those that relied on in-person encounters and interactions. The event industry dwindled during the corona period due to the pandemic-induced restrictions imposed on social gatherings and the closure of theatres, music venues, film sets, and other venues. This is when the importance of virtual entertainment events increased, and even businesses held virtual happy hours and brief entertainment events for their staff. The epidemic only exacerbated digital tendencies that were already on the verge of overturning the status quo of the event industry.
The sector continually adopted creative approaches to adjust to the digital environment and provide the greatest experience for its customers. However, its sub-segment, entertainment, was the fastest to innovate its way back to business as usual. Today, there is a wide variety of entertainment alternatives and a brand-new universe of entertainment. The Digital revolution has altered the paradigm of entertainment. The entertainment sub-segment of the global events industry is expected to grow from $453.3 million in 2020 to more than $27,286.1 million by 2028. This sub-segment is anticipated to register even higher growth than the sports and corporate sub-segments of the global events industry. Live concerts, theatre, happy hours for businesses and stand-up comedy are just a few examples of virtual entertainment events.
The impetus for the rise in entertainment sub-segment
The audience’s choices are evolving along with the transformation of the events sector. The following aspects are serving as an impetus to heating the entertainment event sub-segment-
The entertainment events are anticipated to be crucial in lowering stress, elevating mood, discovering new music, and offering an exclusive experience.
People’s presence on social media has been very significant in the last few years as it allowed people across the world to witness some of the biggest events in the comfort of their homes. In turn, social media has also significantly impacted their lives and the lives of artists, owing to dramatic advancements in its ability to reach individuals.
The key factor fueling the expansion of the virtual entertainment market is the rising trend of internet streaming and the growing interest among millennials in virtual parties. The market for online streaming is anticipated to expand at a CAGR of 21.3% between 2022 and 2030. Other expansion factors include mobile phones, easy internet, and services like Amazon Prime, Netflix etc. The presence of digital media has altered the choices of audiences. A majority trend depicts that youngsters and working adults heavily use social and digital media to stay informed and entertained.
Social Media and networking
It has become the platform of choice for event planners to showcase and reveal teasers of events in advance. Various platforms like Facebook, Instagram, and others allow users to view entertainment events online. For eg., Live videos and teasers can be viewed on Facebook, and a live feed can be viewed on Instagram through Instagram stories. Video streaming on such platforms is an ideal way to broadcast an event online that also aids research on consumer viewing patterns. Video can be real-time, on-demand, or pre-recorded.
Another major advancement in the events industry right now is social networking. Social networks can disseminate content and ensure that the targeted audience sees it. Capturing a lot, as big as a global audience, incentivizes live videos and makes them a worthwhile investment.
Numerous software programmes and virtual event platforms are available on the market today. It is anticipated that the market for virtual event software would increase from US$ 9,675.8 million in 2021 to US$ 24,201.6 million in 2028, growing at a CAGR of 12.4% during the period. The use of interactive mobile event apps has also risen significantly.
Likewise, the metaverse, an upcoming chapter in the evolution of the internet, is a major trend right now. With the help of this innovative fusion of various technologies, exclusive entertainment events like virtual amusement parks modelled on real Astroworld and virtual concerts with Twenty-One Pilots, Ariana Grande, Travis Scott and more have been made possible. It drew in millions of spectators, indicating that more of these metaverse performances will follow. It allows folks to visit virtual locations around the globe and have a firsthand like experience. Several business behemoths, including Gucci, Nike, Coca-Cola, and others, have already made their presence known in the metaverse, while others are preparing to do so.
Interactive Virtual Platforms
Services like Microsoft Teams or Zoom can be used to host brief virtual events, while other particular platforms like Airmeet, Filo, Eventcube etc. can be used to host massive virtual events.
Vaccines have been distributed globally, and local in-person engagements are back, the entertainment event subsegment is ready to bloom again. Therefore, it is ideal for event planners to come up with new ideas for the content and make it as unique, relevant, and rewarding as they can.