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Revenue from Live Events?
Can you suggest some ways I might monetize large online events such as live celebrity chats and streamed concerts?
Thank you for your question.
Live events featuring a celebrity or streamed concerts are often the most widely visited events on the internet. With this in mind, sometimes the best mode of revenue is to provide advertising spaces. Advertisers are always
looking for ways to reach a large group of (often targeted) individuals and what better way to do so than by placing an ad banner in a highly trafficked auditorium. There are some crucial elements to keep in mind when trying to sell banner space;
1) Choose advertisers carefully, and target your audience directly. You stand a much better chance of gaining revenue from hand-picked advertisers who match the characteristics and demographics of your audience. Think of your advertisers more as partners who you wish to work alongside you.
2) Provide as much detail about the event as possible to the potential advertiser, i.e. how many people you anticipate to attend, how many people you have had participant in past events, etc.
3) Let the advertiser know if the event will be moderated or unmoderated. However, it is important to keep in mind, advertisers are more likely to place ads on a site where moderation is in place. This ensures that their name will not be associated with any derogatory comments or unnacceptable behavior.
Aside from advertising space, other revenue models should not be discounted.
Live Events are a key way to act as an interface to e-commerce. Use your live event to promote products and services subtly and they should more than pay for themselves. When planning a live event think of the promotions which you can "tie-in" visually and functionally. An example of this would be to promote the merchandise of a music group during a live event, or
provide exclusive offers which would not otherwise be available to those not attending the live event. In any case the key is providing an easy and direct route to purchase those products.
A final model is to charge a minimal fee for members to participate, similar to charging for tickets to a concert. This is not widely done, and it is recommended that you also provide an incentive to the participants aside from just the event itself, i.e. a t-shirt, autographed picture of the celebrity, CD, or membership of a "privileged" online area.
We hope this has helped! Best of luck with your live events
- Jon Nix and Pam Thomas
http://communityanswers.com
http://cornerways.com
http://cwlive.com
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