Sparq, an event production company for virtual, hybrid, and live events, discusses how venues could be seeing more bookings than ever.
The events world is ever-changing and there has been a big shift in the way the sector works in the last two years. With the pandemic dramatically pushing event operators to think differently and fast, what has this done overall and what can we expect in the future?
The last 10 years have seen an increase in hybrid and virtual events and a recent temporary dip in purely live experiences, the venues of this sector suffered great losses in bookings, attendance, and revenue.
It may seem like there is not much light at the end of the tunnel, but we are here to tell you that it may be quite the opposite. We see a future of venues actually receiving more bookings, higher attendances, and far greater revenues, but not just with live events…
The rise in technology allows for your venues to be recreated through a number of different means. The software and hardware in 360° imaging and 3D rendering spaces are not far off from photorealistic remakes of real spaces or environments.
Just take one look at the Unreal Engine 5 Demo (currently the world’s most open and advanced real time 3D creation tool) to see how close we are to that being an out of the box solution for all. But right now, Sparq is in a position to bring high fidelity spaces, including your venue, to anyone on the planet. Something to consider when thinking of which event operators you see as viable options when it comes to fulfilling your needs.
“The digital world allows us to stretch beyond the boundaries of the physical world and with this comes opportunity.”
For a venue to be inclusive and sustainable it must think like its clients. These clients want to feel capable of meeting their audience requirements in the easiest and most optimised fashion. The ability to recreate venues digitally removes the restrictions the actual venue suffers. The total sales of a physical venue are confined by the capacity a venue can hold. Within a digital render, filled with digital participants, you are only confined by the size of the server and that is the difference between 100s of attendees to potentially 100,000s, or more. There is no need to explain the differences in revenue opportunities based on those figures.
With the opportunity to merge the world of live and virtual, there is also the opportunity to increase revenue. With a live vendor paying on-site costs for space in your venues, you could also offer a high-value package, whereby the plot would be replicated in a virtual environment.
This increases the reach of the venue or promoter through vendor databases, but also increases the vendor’s reach through the venue or promoter’s databases. It is a true symbiotic relationship that benefits all involved.
There is also scope to rent out your digital space to other sectors, including TV and film.
This environment will not disappear after one use. It can be reused or tweaked for use in other scenarios outside of events.
With the ability to recreate your venue in a virtual environment, the possibilities are endless. It gives you and your clients the ability to personalise the experience of the event, meaning that any attendee can see what you want them to.
To give an example of this, there may be imagery that may clash with certain cultures or religions. No problem, in this future you can have specific environments that cater to those individuals, meaning they have their own personalised experience.
The future is much brighter for venues and Sparq is well placed to service them. It is about diversification and reach, inclusiveness, and sustainability. This is how to best adapt for the future that is already here. The digital world allows us to stretch beyond the boundaries of the physical world and with this comes opportunity.
Think about how you can get the most for your clients and that in turn will get the most out of your venue. This is just one of the ways and we are excited to share the rest of the possibilities that the future holds.