Bizzabo, an event software platform, has released its 2021 Virtual Event Benchmarks report, which polled 400 event organizers and analyzed 1,850 virtual events that occurred between July 1 and October 3, 2020.
“Virtual events are helping forward-thinking business leaders and marketers break down the barriers of place, cost and time, and navigate the coronavirus pandemic,” Alon Alroy, co-founder, of Bizzabo, said. “We’re releasing these benchmarks to help leaders and organizations better understand how their peers are approaching virtual events and ultimately deliver more impactful experiences.”
Some of their results include:
- 80% of virtual event registrations were free in 2020. For the 20% of virtual events that weren’t free, the average price during the last six months of 2020 was $443. Bizzabo concluded that virtual events do not rely on registration sales to recoup the cost of producing the events;
- The average event conversion rate from those who registered to those who actually attended virtual events was 50%;
- About 70% of event marketers polled said it was both difficult to provide helpful networking opportunities and to keep attendees engaged;
- 58% of virtual events in late 2020 relied on interactive environments that allowed attendees to actively participate. These formats only allowed for a maximum of 300 participants;
- 80% of virtual event organizers provided on-demand access for at least one of their live sessions, in order to create evergreen content and reach a wider audience.
“While virtual networking experiences will be meaningfully innovated in 2021, we have heard from organizers and attendees alike that in-person is irreplaceable,” Alroy said. “This is why we believe hybrid events, which combine the best of virtual and in-person events, are how organizers can best future-proof their event programs.”