How I imagined Interacting With Events.

Occasions, events in general have always been a little hard for me to attend. Yet how do you manage that little part of the subconscious called the conscience when you miss an important function organised by a loved one, close associate or relative. An interesting aspect to ponder on right?

The global event industry market size is valued by some market reports to have been $1.13 Trillion in FY'19 and projected to reach $1.56 Trillion in FY'28. Worth noting that despite the high market size value associated to it, its usually characterized by not very high profit margins. Some reports have capped this at 3%. However ignoring the figures associated to the industry its worth thinking about what are some of the actions that precede a successful social event: especially the ones organized by close associates that you missed because of this endless laziness of getting up and dressing up to show up for public events organized during the weekends just when you have time to play catch with your dog or take your girls to ballet lesson or binge watch the hottest show on Netflix.

 

A prerequisite to the effective organisation of most functions is videography and photography. You can name it... be it video or photos, in most markets this is the only effective method of immortalizing your event. Being a native of Sub-Saharan Africa I'll like to duel a little on the Nigerian market which is known for its grandiose event planning scenery with some organisers sometimes taken the show offshore to locations like Dubai, Jo 'Burg, Cape Town and why not Paris and London. Its been mentioned in some studies that the Nigerian event planning market is valued at approximately $20 Billion. The key take-away from this and as its in many other emerging markets in Africa, after a successful event, with the availability of high quality videos and photos, it is customary to the organizers to have minor parties to relive the memories of the day. 

Back to our bone of contention, does this present an opportunity for the persona we described earlier on to redeem themselves for being conspicuously absent during the event of their associate, close friend or relative? Only time will tell. 

              

I remember about a decade ago every time I visited home I would find my mom at 11 pm on every given Monday night waiting for an hour long TV show which highlighted all the social events[weddings, funerals, birthdays, traditional coronation, graduations and naming ceremonies just to name a few] that happened in Lagos[Nigeria] in the week just ended. Magnificently dressed up invitees and the excitement of recognising notable figures like First Ladies, Industry Leaders, famous artists, renown traditional rulers and politicians was always the order of the day. 

Not everybody is an invitee however, apart from the persona we identified in the previous paragraph, there is a segment of the population who are interested in catching a glimpse of high society events in particular geographies focus emerging markets.

It is common place to find guests at an event willing to pay for photographs especially those that portray them mingling with influential personalities. Again an absentee[putting our persona in perspective] can acquire a framed and personalize version of a photograph of an attending influential personality as a gift to him with the objective of creating a relationship that can develop into opportunity. So our persona missed the event: Why not just request for a full video of the entire event as a means of satisfying your curiosity about what you missed  and be on par with the conversation amongst your peers, associates or relatives.

The cost of organizing events is pretty high. So what if event planners and video creators can simplify this whole process with the help of a cloud video platform. Consider the scenario where you can obtain an on-demand version of the video footage of an event that you missed. Interesting? How about having access to the full details of every guest who attended an event when I access video through an on-demand service.

Alternatively, imagine a scenario where the videographer and video editor, creates separate scenes featuring the experience of selected guests at an event. This spells opportunity for the organizers as they might just have discovered another revenue stream to help cover for the initial capital they forked out for the organization of the event.[Principal focus will be social events and gatherings like weddings]

A cloud video platform with analytics features and a CMS with the capacity to power a Video-on-Demand platform will be the perfect solution for Video Content Creators and Event Planners who are looking to capture value from the projected CAGR of 11.2% fixed for the global event industry through to FY'28.

A mobile application which will grant access to the video content created at each event covered by a particular videographer or event planning agency and monetized through an on-demand business model to anyone in any geography with an interest. 

Each video hosted on the platform will have special value creation capabilities from the following vantage points;

1) Consider the fact that a lead list of 100 costs 15-40 cents per lead. Paying to watch a video of an event will grant you access to full contact details of each guest at the event. Taking an event of 1000 guests as an example, you'll have access to a lead list with a value of between $150 - $400

2) Guests can gain exclusive access to personalised videos of themselves all through the event for a premium.

3) The organisers of the event in partnership with the videographers and event planning agency can have a long standing recurring revenue from their original video content produced during their event.

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