The global virtual entertainment event market is experiencing a significant growth, and will grow considerably in next few years owing to the increasing popularity of online streaming the increasing interest toward adopting advanced technology among customers. A virtual event is an online process which involves audience interactions on the web in a virtual environment instead of meeting in a physical location. Virtual entertainment event includes live concerts, virtual magic show, virtual happy hours for companies, standup comedy, virtual Dj among others. The two main ways of organizing virtual entertainment event are live streaming of the event in real-time and on-demand video. In the later one the virtual entertainment event organized and hosted can be accessed by the viewers or other people after the event has happened in real time. Virtual entertainment events are very interactive in nature and virtual event planning companies aim to create a virtual entertainment event experience as close as possible to its physical counterparts. There are many virtual event planners and virtual event platforms software in the market which do the work of planning, promoting, executing and handling the technical work of the event. Nowadays, companies and professional are conducting virtual event for global reach and to expand their audiences globally.
COVID-19 Scenario Analysis:
The COVID-19 outbreak coupled with lockdown in the various countries has propelled the virtual entertainment event market. As many people are quarantined and restricted to go out of the house they tend to buy tickets for virtual Dj and entertainment shows. During the COVID-19 scenario, the virtual event is gaining importance and even corporate are conducting virtual happy hours and short entertainment events for their employees.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rising trend of online streaming is the major factor driving the growth of virtual entertainment market. The rising interest among millennials for the virtual Dj, parties, Birthday parties etc is also a driving force for the growth of this market.
The lockdown in many countries has forced institutions and colleges to convert the farewell and other occasions into virtual event which has also propelled the market growth.
The other factors contributing to the growth of virtual entertainment event market is the increasing usage of smart phone and rising internet user’s base.
The global virtual entertainment event market trends are as follows:
Surge in virtual events
Due to the various benefits of virtual event companies there has been a surge in the virtual entertainment events. It helps companies to expand the viewers worldwide, increase interaction with the audiences and reduced the risk of the covid 19.For instance DC FanDome which is a 24-hour virtual event organized for fans of DC publications that will start on Aug. 22. The virtual event will carry viewers through a giant hall with videos showing DC superheroes and villains in action, including The Flash and Harley Quinn, Wonder Woman.
Key Benefits of the Report:
- This study presents the analytical depiction of the global virtual entertainment event market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global virtual entertainment event market share.
- The current market is quantitatively analyzed to highlight the global virtual entertainment event market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global virtual entertainment event market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Virtual Entertainment Event Market Research Report:
- What are the leading market players active in the virtual entertainment event market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Virtual Entertainment Event Market Report Highlights
By Event type
By End User
Key Market Players
Townscript, COREX, Huawei, Blue Spark, Zoom Video Communication, Ubivent, OnStage Systems, Alcatel-Lucent, Toshiba, Gains Etertainment