Why Owning an Event Venue in 2022 is Totally Worth the Investment!

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The COVID-19 outbreak in 2020 led to a worldwide digital revolution of the events industry. However, with conditions slowly returning to normal, the demand for hybrid events is skyrocketing. Event venues that are in line with all safety norms and are equipped with adequate infrastructure and facilities have become the hot favourites of event planners.

The rising reliance on hybrid events, instead of a completely virtual event, has meant that event venue owners are set to witness significant growth in the near future. If you have an event venue that is ideal for hosting hybrid events, this might be an awesome year for your business. Read this blog to know why 2022 is slated to be the best year for owning an event venue.

How was the last year for the events industry?

With lockdown restrictions being uplifted in major parts across the world, 2021 saw the return of in-person events. As a result, the last quarter of 2021 saw a huge rise in demand for event venues. Numbers suggested that the demand for event venues during this period reached nearly 70-90% of the pre-pandemic levels. Most of this is said to have emerged from ‘revenge demand’ for physical events.

But then, the third wave of COVID emerged in the form of Omicron. This has proven that the pandemic is still going to be a huge trouble, atleast for a few more months if not years. As it is transitioning into an endemic, COVID may not cause complete lockdowns anymore but restrictions pertaining to crowd gathering may still stay. Hence, a smaller in-person audience augmented by a larger virtual audience is becoming the new reality of events.

While most event planners across the world have been forced to adopt the hybrid model of events, what has made them stick with this format are the numerous benefits offered by a hybrid event. These advantages include higher ROI and a lower carbon footprint. Cashing on such benefits and opportunities has become the need of the hour for event planners across the world.

Here's a list of 4 digital elements that are driving the growth of the events venues in the industry

1. Digital transformation - key to thriving, not just surviving

Embracing digital elements or carrying out digital transformation is slowly starting to become more of a need than a luxury for event venues across the world. Especially in the current times, it is acting as a catalyst that is enabling businesses to enhance their capabilities and organise world-class events even amidst the social distancing norms. Following are the capabilities that will be enhanced by the digitalisation of events venues.

2. Crafting unique use cases and revenue streams

With the significant advancements in technologies, it has become possible to create innovative use cases for events. One example of this is the creation of digital event environments that are identical to physical venues. This can be a great step forward in delivering similar experiences to event attendees, irrespective of whether they have joined in-person or virtually. Moreover, with plug and play infrastructure, event planners can make their events more interactive for both physical and online audiences. And with technology making more advancements, producing more of such use cases as well as revenue streams can be possible for event planners in 2022.

3. Proactive collaboration & communication with prospects

One of the most tedious and time-consuming tasks while organising events is the selection of a event venue that’ll be suitable for your event. This involves physically visiting the venue and assessing if it will be perfect for your event’s requirements. However, when you are planning a hybrid event, physically visiting the venue can be an unnecessary headache as most of the attendees will be joining online. So why not digitally take the venue to the prospects and let them explore it thoroughly, instead of waiting for them to visit the venue physically? In today’s world where time is money, this can act as a critical differentiator that will save your and your clients’ time and give you a definitive edge over your competitors.

4. Quick and easy designing of event venue venue

Your customers are keen on knowing how exactly the event venue would look on the day of the event. To modify the existing arrangements, customers have to go through the hassles of visiting the venue, suggesting changes to the organisers, and checking if the changes are implemented. But with digitalisation, customers can easily design their event at your venue. This gives them control over the end-to-end aspects of the event setup and gives them a detailed insight into how the venue would look on the day of the event. This also enables all decision-makers to meet virtually to see and experience the setup and decide on what’s best and most suitable for the event.

Digital elements are driving the growth of the events industry at a breakneck pace. Event venues have a great opportunity to ride on this wave and make 2022 a great year for their growth. Get in touch with Spalba to know more about how you can do this.

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