One of the biggest worries for a meeting planner can be unexpected cancellations or no-shows at their conference. Cancellations usually result in refunds, which could amount to anywhere from $5,000 to $50,000 and significantly impact the profitability of the event.
Cancellations usually result from unexpected illness or commitments that come up for the attendee, not a result of lack of interest.
The best way to eliminate the loss of revenue from cancellations is to have an alternative option for attendees. By live streaming your event, most attendees needing to cancel have been very willing to watch the sessions on-line as opposed to getting their money back, saving a significant amount of revenue for the meeting planner.
While many Association Board members are concerned about cannibalization from live streaming, the reality is, not only is there no cannibalization, but, it has allowed for the recovery of cancellation fees and therefore boosting or maintaining attendance.
In many cases the amount recovered from potential cancellation fees more than covered the cost of live streaming the event. Therefore, all virtual paid attendee revenue became profit instead of going towards the live streaming costs.
If cancellations are a problem for your events, live streaming is your answer to not only save that lost revenue, but position you for additional revenue from virtual attendees.
Here is some additional data on live streaming:
- Associations reported up to 90% of cancellations accepted the live stream as an alternative
- Anywhere from 20-35% of virtual attendees become physical attendees the following year
- Virtual attendees are more than willing to pay the full registration fee when provided access to the session recordings
- 90% of first year live streams will break even or make a profit
- Virtual attendees rate tech support among the key components of a pleasant experience