How Going ‘Virtual” is Like Sports Broadcasting.

Broadcasting In Sports - A Virtual Convention Cognate

Last week, we spoke about how broadcasting changed baseball. Baseball went from being solely in person events to a global broadcasting experience across multiple platforms. The technological revolution in sports broadcasting increased its reach and revenues dramatically. Global sports are currently valued at $48.6 billion (Impey), and in 2018, sports media rights in just the United States “amounted to $21.88 billion” (Gough). The yearly revenue from broadcasting is almost half of the global value of sports and growing every year.

According to industry analyst Steven Impey; “A rising number of major sporting events available via streaming services is set to drive the revenue for global broadcast rights beyond $85 billion by the end of 2024.”

To be perfectly clear: digitalization is doubling sports market revenues every four years. The power of broadcasting has brought huge growth to the sports market, and this is just a hint at the beginning of broadcasting in our digital world.

The Power of Broadcasting In Virtual Conventions

The average cost to attend a conference is much more than the ticket price. Air fares, car travel, hotel fees, meals, tolls, and much more can drive the cost of attendance into the thousands of dollars – tens of thousands when you consider lots revenues from surgeries. Every hospital, clinic or supplier has to manage conference budgets carefully and simply can NOT afford to send every physicians, affiliated healthcare worker or employee to every meeting.  Usually, for every one person who attends a convention, 10 or 20 more are left behind. Think of the lost educational opportunities, lost meetings with colleagues – both planned and accidental and finally, lost ability to catch up on the latest technologies and trends.

The fact is, attending conferences is expensive and that all by itself drives down attendance.  In baseball, in-person attendance has remained largely the same for fifty years – 25,000 excited fans at each stadium, each game.  The other audience, the fans who tune in via television, radio, Alexa, ESPN or cable, averages around 500,000 per game! 

How big could the audience for orthopedic conferences get to if they were also broadcasted into every hospital, clinic and supplier?  The numbers could be staggering.

Finally, there is the cost of exhibiting.  At a minimum, exhibitors pay upwards of $25,000 for those in-person registrations over a period of, at most, 4 days.  For that kind of money, and many exhibitors expend much, much more than that, wouldn’t a 100,000 or 200,000 physician virtual audience be a very attractive addition to the in-person booth?  

OTW Virtual Conventions uses broadcasting to deliver a maximum Return on Investment in two ways. From the attendee perspective, the cost of attending a virtual conference is reduced to just the ticket price, as they can attend an OTW Virtual Convention without boarding a plan, booking a room or paying a restaurant bill.

They can also fit the conference into their work schedule, logging in between cases or early Sunday morning when the house is quiet. Suddenly, every conference lecture, poster, workshop and supplier booth is available AND AFFORDABLE to every employee of every clinic, hospital or supplier.

From the exhibitor perspective, more booth traffic via OTW Virtual Convention on the internet means more leads and a healthier return on investment. We believe that OTW Virtual Convention will be able to pull attendees from literally every orthopedic or spine clinic and hospital into a virtual exhibit hall. 

Following the experience in the sports world, the broadcast audience for orthopedic events could well be 15-20x the current average attendance rate.  At just $500/month, the ROI is obvious. Additionally, in the virtual booth, visitors can connect with sales people immediately and virtually.  Both parties – physician and salesperson – are in their offices being productive. No more standing around in the booth waiting for a prospect.  No more wandering around a massive exhibit hall to find what you’re looking for.

Of course, Virtual Conventions are also open for business 24/7, 365 days a year.

In the same fashion that sports broadcasting created massive audiences around the world for sporting events, so too, we think, will virtual conventions bring a global audience to even the smallest meeting and every, single exhibiting company at that meeting. 

This changes the game – economically and educationally. 
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Let’s get back to meeting again.  With OTW Virtual Conventions.
For more information: www.otwvirtualconvention.com

References
https://www.sportspromedia.com/news/streaming-tv-rights-revenues-sports-forecast-2024
https://www.statista.com/statistics/1024089/sports-media-rights-revenue-usa/#:~:text=In%202018%2C%20revenue%20from%20sports,to%2021.88%20billion%20U.S.%20dollars.
https://smifinancialcoaching.com/cost-to-attend-small-business-conferences/

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