According to a Market Research Media study, virtual events will continue to grow in the future. They already gained as much as $14 billion in 2018. That figure is set to increase up to $18 billion in 2023, with a 5% steady annual increase. This is one of the reasons that large and well-known companies transitioned from the traditional onsite event to the virtual form, even before the COVID-19 pandemic.
The challenges surrounding the pandemic changed the way that you run your CME events. They also contributed significantly to the growth of virtual CME events from the traditional model—and in a positive way. You can have more attendees for your event, and that in turn, spells increases in your revenue. It has also become an excellent way to monetize your events.
What are your current thoughts about a virtual CME event and how it can help? Are you ready to move forward?
In this post, we provide you with four CME event monetization insights for growth when it comes to increasing your revenue.
1. Stream It Live
In recent years, live streaming has become a huge hit. According to Interactive Advertising, 42% of respondents preferred to live-stream events on their devices. Cisco reports that by 2022, nearly 82% of internet traffic will be the result of videos.
When Apple released its iPhone 11 Pro, its first live-streaming event produced nearly 1.8 billion attendees. Google followed suit and shifted its Google Cloud Next 2020 to the virtual model, and IBM did the same for its Think Conference this year. Webit Virtual hosts a weekly thirty-minute virtual event. Its discussions are streamed live and hosted in its virtual 3D studio in front of thousands of virtual attendees from over 120 countries.
How can the ever-increasing popularity of live streaming benefit your CME event? Other CME event monetization insights can lead you straight into this form of virtual event content. Take your live-streaming keystones, seminars, and meetings, and turn them into on-demand, pre-recorded content. They can provide a high-quality viewer experience that also offers your audiences the ability to view the content whenever they want and through any device. You can offer your live-streaming and pre-recorded content for purchase, providing you with more revenue opportunities for your organization as you reach more of your CME virtual event attendees.
2. Give Them an Order (of Content) to Go
You can record your event or specific content, such as webinars, into streaming video and repackage it for use as enduring materials available for purchase. In terms of CME event monetization insights, consider the following.
In recent years, especially during the pandemic, many CME providers have turned to web-based enduring materials as alternatives to more traditional activities, such as live events, due to:
- Convenience: CME event attendees can access your enduring materials and earn CME credits on their own time, using their own smartphone and other devices.
- Cost: Producing and delivering web-based content cost less than planning and coordinating a live event, which means more overall revenue for you.
- Technology: Web-based learning management system (LMS) platforms designed for CME, such as EthosCE, make it easier for you to deliver your content. Since you’re producing your own CME enduring materials, be sure your content remains relevant and up to date.
- Flexibility: Enduring materials provide you with the opportunity to repurpose your CME event content from current and past live events. You can add recorded CME webinars as on-demand activities and produce CDs, DVDs, internet-based programs, and written monographs for purchase.
3. Make Audio Content to Remember
While you may be focusing on providing live streaming video, don’t forget the value of podcasts. Among various CME event monetization insights is the use of audio for your CME content. Podcasts have become the new talk radio for mobile devices, especially with the ever-increasing use of smartphones with always-expanding technologies. They’re ideal for your learners to make the information that they listen to personal. Listeners will subscribe to a series (such as yours!) and check each update. The key is to keep your podcast updated regularly, and you will have a devoted audience, which in turn, means more revenue for you.
4. Put Technology Front and Center
When you want to leverage the development of your virtual CME event’s content, you should look to a web-based LMS technology platform. One such as EthosCE can provide you with the tools that can help with event monetization. With integration for live video conferencing software like Zoom Meetings and GoToWebinar, the LMS supports live learning for a wide range of events, including seminars, annual meetings, and conferences, among others. With the added support for Adobe Presenter, Articulate, and Captivate, your CME event attendees benefit from an enhanced multimedia experience.
Course cloning enables you to provide enduring versions of meetings in minutes because the videos are immediately available. There is no need to download, convert, or upload large files. You can add requirements such as pre- and post-tests, assessments, evaluations, and certificates. When you convert your event activities into enduring materials, you further extend your reach and therefore, receive greater monetization and long-term revenue.
Let Us Help You Monetize Your Virtual CME Event
Several well-known technology industry leaders have embraced the virtual event model and used technologies such as live video streaming to reach out to the greatest number of event attendees, even before the pandemic.
Recognizing the creation of live video streaming, audio, and enduring materials is critical, and doing so will help you monetize your CME event, generating more revenue for your organization.
At EthosCE, we understand the challenges of staying up to date and compliant with ACCME changes. We know how critical it is to get things done right the first time when it comes to team-based education and success.
To learn how EthosCE can enhance the continuing education of your healthcare teams, schedule a free 1-on-1 demo with one of our specialists today!
