Boosting Your Revenue Potential with Live Streamed Events
In today’s digital landscape, audiences are increasingly expecting that their member-based organizations offer live streams of their events.
Thankfully, advances in the field have made it so that people can better access events of all kinds–from international conferences to simple meetings and workshops–and interact with them from anywhere in the world.
From a business standpoint, live streams allow associations to diversify their offerings and better accommodate their members.
Despite all this, some organizations have yet to adopt live streams for their events. Some may worry about the initial start up costs or the learning curve. Some may wonder if live streaming is really for them.
The truth is, live streaming can make an impact for most associations, and they suit virtually every kind of event. They can bring in new revenue streams and give some of your already established streams a nice boost.
Today, we’ll be looking at some of the ways live streams can benefit your organization!
1. Boost Your Online Attendance
In general, live streams give your would-be event attendees more options when attending.
Research indicates that digital attendance doesn’t cut into physical attendance. In other words, if an attendee can attend an in-person event, they usually will. If anything, live streams typically increase in-person attendance in future years, as approximately one-third of digital attendees will attend the physical event the following year.
Think of it like this: live streams give digital attendees a taste of what you offer. Live streams also provide a useful alternative for those restricted by time, cost, and distance (among other things).
This isn’t all, however; live streams also bring in a new and dedicated audience altogether. Live streams have the ability to bypass geographical restrictions and expand audiences. They can cater to different personality types and those in situations that may limit their physical attendance. Live streams are accessible to anyone with a computer, phone, or tablet!
To find the best live stream attendance pricing, consider the value of the streamed content compared to the in-person event.
2. Offer Online Specials
Once your organization has committed to running live streams, you can develop an entirely new line of product and service offers for your virtual audience. This can include anything from discounted attendance on future live streams to online-only offers, such as access to online workshops and training programs.
You may even decide to offer online specials with your live stream partners, sponsors, and advertisers! Revenue from any resulting conversions can be split in whatever way you and your collaborators see fit.
Another option to consider is offering group specials for larger groups attending your stream. While this can (and should!) be offered for in-person events as well, live streams have the benefit of a much greater reach. After all, people can join the stream without having to commit a great deal of time or energy. This also allows your organization to consider a much larger pool of potentially interested groups!
With the right marketing strategy and discount program, your next live stream may see a big spike in attendance.
3. Increase Your Advertising and Sponsorships
In addition to ticket revenues, sponsorships and advertisements are probably the biggest non-dues revenue generators for live streams.
When broadcast across the digital landscape, events take on a different shape. They may appeal to new sponsors and advertisers now: those who wish to promote a digital product or brand and/or those who wish to reach an online audience. This can open a lot of doors for additional opportunities and revenue streams!
Furthermore, your event sponsors and advertisers get to stretch the shelf life of their investment through the very nature of live streams. After all, if you’re live streaming your event, it only makes sense to keep a recording of the stream!
Consequently, recorded events can be played back at later dates on-demand and used in various ways long after the physical event ended. This means that your sponsors and advertisers get to show up on-screen again and again with every playback!
Additionally, like with an in-person event, live stream planners can offer their sponsors and advertisers different integration opportunities. With a clear understanding of how your event will be displayed live and how it will be used in the future, your organization can offer multi-tiered advertising packages–netting you a number of revenue streams in the process!
4. Gain New Partners and Exhibitors
The addition of an online audience can lead to new partnerships and financial opportunities.
If your organization can demonstrate that live streams have broadened your audience and consumer base or expanded your geographical reach, it’s quite possible that more organizations will see value in working with you and participating in your events. Not only can this lead to increased investment and involvement in the in-person events, but some new partners (for instance, those advertising virtual services) may look to be solely integrated in your live streams!
To make the most of these possible new avenues, it’s important to consider what your live stream audience will see or be interested in that the in-person audience will not. Perhaps you may want to partner with organizations that offer live streaming and other relevant technology.
Consider broadcasting unique interviews or behind-the-scenes looks at specific vendors and exhibitors. Find ways of providing partners with broader exposure, and you’ll attract more in-depth investments in return!
5. Create New (and Repackaged) Material
While the majority of the appeal for a live stream is the accessibility in real-time, your content can still offer a great deal of value after the event ends. And, the more ways your organization can think to reuse this content, the more revenue streams you’ll open with it!
For example, recorded workshops or presentations may be reused as part of a training program. You may develop a workshop series by pairing new content with workshops from past events.
Over time, your cache of recorded content will make for more varied package opportunities, allowing your organization to present offers by theme, speaker, goal–whatever you can think of! Build a solid backlog of content and you’ll be prepared for whatever trends your industry throws at you.
6. Attract Future Attendees
There’s no set way to benefit from live streams or the content they bring. Think outside the box when looking for new avenues of opportunity–especially when it comes to marketing for your next event!
For instance, your organization may decide to rebroadcast one of its previous events.Though the live-ness of the stream has come and gone, those who missed out the first time will get a second chance, and everyone will get the opportunity to see what the hype is about.
For best results, consider making the new broadcast accessible only for a limited period of time, and be sure to monetize it. You can even offer it at a discounted price compared to the original to increase its allure.
A rebroadcast can be an extremely effective promotional tool for upcoming events, giving potential attendees a look at what took place in prior years (and thus, a look at the kind of quality they can expect in the future).
You can even cut segments out and upload them to your association’s social media accounts like commercials!
You may also like: We’re All Watching: Why Video is the Most Engaging Medium
Conclusion
Overall, the live streaming of events can be an incredibly valuable tool for member-based organizations.
By embracing live streams, associations can expand their reach and attract a global audience, increasing online attendance and engagement. Moreover, the ability to offer online specials and better integrate advertising and sponsorships into live streamed events opens up new revenue streams and partnership opportunities. Live streaming also allows organizations to create new content and packages for members, increasing value and helping attract attendees to future events.
Help your association grow and succeed in this ever-evolving digital landscape: consider live streaming your next event!
Sources
Eventbrite. (2017, April 5). Why Events Can’t Afford to Ignore Livestreaming. Retrieved August 27, 2021, from Eventbrite Blog website: https://www.eventbrite.com/blog/why-events-cant-afford-to-ignore-livestreaming-ds00/
Eventsforce. (2020, June 5). Top 5 Considerations for Your Association’s Virtual and Hybrid Events. Retrieved August 27, 2021, from Eventsforce website: https://www.eventsforce.com/blog/how-live-streaming-events-can-help-associations-boost-revenue-and-membership-engagement/
Test, A. (2017, August 23). Live Streaming ROI: the Benefits of Broadcasting Your Conference. Retrieved from Meeting Tomorrow website: https://meetingtomorrow.com/blog/benefits-of-live-streaming-events/
Test, A. (2018, November 28). 4 Keys to Maximizing Your Sponsorship Strategy. Retrieved August 27, 2021, from Meeting Tomorrow website: https://meetingtomorrow.com/blog/maximize-event-sponsorship/
Wilbert, M. (2021, August 3). How to Make Money Streaming: 11 Ways to Generate Revenue from Video. Retrieved from Dacast website: https://www.dacast.com/blog/11-ways-generate-revenue-live-streaming/
