How to Make Money on Virtual Events
If you’re embracing virtual events, you’re in good company. These days, event planners are hosting classes, performances, and even conferences virtually. But figuring out how to make money on your virtual events can be a challenge at first.
With an online event, you can’t sell tickets at the door, so you need to adapt your sales strategy. Luckily, there are a growing number of options for event planners hoping to turn a profit on virtual events. Here are a few ways to do it.
Manage virtual event RSVPs on your website
With the help of a calendar tool like Loxi, you can easily promote virtual events on your own website, and allow your attendees to RSVP. You can also add ticket info to collect payments through your preferred platform, like PayPal, Venmo, or another ecommerce tool. Check out our demo site to see what an event with RSVP looks like in action.
Host gated live events on social media
Some social media platforms, including Facebook, have rolled out new features that make it easier to charge viewers to access live video content. As of now, it’s not clear whether creators will collect all proceeds from livestream admissions or if Facebook will take a cut, so that’s something to watch for in the future.
Becoming an affiliate on Twitch is another great way to monetize livestreams, and Twitch offers a feature where you can host a livestream exclusively for your subscribers. Any Twitch Affiliated or Partnered creator can choose to broadcast exclusively for moderators, VIPs, and subscribers. This comes at no additional cost to the subscriber beyond the minimum $5 monthly fee they pay to support the streamer. Fans who aren’t subscribers will see a preview of a broadcast before being asked to subscribe to a channel.
Host free live events to play a long game
It sounds counterintuitive, but hosting a free event can be a great way to generate sales in the long run.
Think of your free events as a marketing tool. You can host a livestream that showcases your product in a fun and interactive way, which could encourage attendees to buy your product.
You can also host a free event with optional “tipping” during the event. A musician, for example, could host a free livestream performance on Instagram live and include a Venmo account where viewers can send tips. This opens up your event to a wider audience but still makes it possible for people to contribute what they want.
Repurpose and sell recorded events
The beauty of virtual events is that you can record them and repurpose that content, and then, if you’re savvy, you can use it to open up a whole new revenue stream.
After you record your virtual class or webinar, you can use a WordPress plugin like LearnDash or other similar tools to create and sell that content in perpetuity. That means people can purchase access to your recorded virtual event on demand, and you can collect a profit indefinitely. A total win-win.
Looking for more virtual event resources?
Head to our virtual event resources page.
This article originally appeared on theeventscalendar.com
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