Virtual is the new Reality
What was already an accelerated growth of the virtual world, completely skyrocketed when the Covid-19 pandemic hit. The year 2020 was a witness to empty cinema halls, lifeless theatres, barren arenas, voiceless stadiums, quiet boardrooms, still classrooms and desolate entertainment zones. A vast majority of the world’s population was under some type of lockdown or self isolation, and that resulted in the consumption of unprecedented levels of media. There were uncountable ways in which humans were able to keep themselves busy and entertained. There was no dearth of options or scarcity of choices due to the outpourings of a plethora of options that were available VIRTUALLY.
This magnification of the virtual world is not restricted to the life of the pandemic, but it is looking to be a more permanent and new way of life, and studies suggest the same.
According to an extensive research conducted by Grand View Research, a renowned Indian and US based market research company, the global virtual events market size was valued at USD 77.98 billion in 2019 and is expected to grow at a compound annual growth rate of 23.2% from 2020 to 2027. This suggests that the trajectory of conferences & exhibitions, corporate events & seminars, promotions & fundraisers, music & art performances, sports, festivals, trade shows, and product launches will rely heavily on virtual event planners and software.
71% of media and marketing executives think virtual gatherings and conferences will be the only option for businesses through 2020 and beyond, according to a new report by the 614 Group. There will be a gradual transition of conferences, trade fairs, business expos, seminars, etc from physical to online.
A research conducted by Technavio suggests that the corporate & entertainment virtual events market has the potential to grow by $ 269.20 bn during 2021-2025, and the market’s growth momentum will decelerate at a compound annual growth rate of 33%.One should expect an exponential rise in the consumption of interactive virtual shows, online family experiences, virtual theatre, virtual concerts, online comedy events, virtual game shows, and other such events.
The global OTT market size was valued at $121.61 billion in 2019, and is projected to reach $1,039.03 billion by 2027, growing at a compound annual growth rate of 29.4% from 2020 to 2027. OTT platforms like Netflix, Amazon Prime, Hulu, Hostar, HBO Now, are seeing a massive rise in the number of new subscriptions and renewal of existing subscriptions. Fresh content is being rigorously added on these platforms and consumers are kept hooked.
According to Forbes, the continued growth of podcast listening is expected. In 2020, an estimated 100 million people listened to a podcast each month and it’s expected to reach 125 million in 2022. The global podcasting market size was valued at USD 9.28 billion in 2019 and is expected to grow at a compound annual growth rate of 27.5% from 2020 to 2027. Apps like Spotify, Audible, Apple Podcasts, Google Podcasts, etc are experiencing a rapid increase in the number of users.
According to a research conducted by Deloitte, since the onset of the Covid-19 crisis, video gaming activities have accelerated considerably, up to 75% by some measures, where 29% of US consumers say they are more likely to use their free time to play a video game than watch a video. Online game streaming has created a frenzy among the youth and the global game streaming market is expected to register a compound annual growth rate of 9% during the forecast period of 2020-2025.
Another really interesting change that is expected to make its presence, is the increase in the number of hybrid events. Hybrid is the perfect amalgamation of live and virtual events and is gaining popularity. In a professional survey conducted by Sli.do, in association with the event industry professional group Global Meeting Industry Day (GMID), which witnessed humongous participation from across 30 leading countries, 70% of the people voted in favour of hybrid events making it evident that the events will go the hybrid way after the pandemic is over.
We at AGP World One had already anticipated the above changes in the landscape of global business and entertainment. While we were doing our research and development on how to provide unique and exciting experiences and content to the audiences, we realised that there is a big gap between the volume of options that were out there and the quality and variety of those options. Thus, our main focus was to bridge that gap and do a host of different and thrilling things. Our recent migration from live to virtual & hybrid has facilitated us in creating and delivering delightful experiences to our audiences.
For further enquiries, you can reach out to us on [email protected].