Virtual vs. in-person events: a price comparison (2023 updated)

What if we told you that virtual events are in fact 95% cheaper than in-person events? That’s right. If you compare the cost of in-person vs virtual events, the cost difference will blow you away.

The benefits of hosting virtual events are many - and very clear. We don’t mean to say that virtual events are perfect for every occasion. In fact, we do think that there are some events best hosted in-person. But when it comes to the benefits of virtual events, cost is a BIG one.

The virtual event industry

A lot has changed since the COVID-19 era. It’s hard to say if the popularity of virtual events would still be as high if we didn’t go through the pandemic. No one knows for a fact. But what we know is how the market has adapted to it, and how we as humans have come to rely on them. Virtual events are more popular than ever before, with the sector valued at $114.12 billion in 2021.

Virtual events vs in-person events

Virtual events offer more convenience and flexibility than physical events. According to a 2021 report by Kaltura, nearly 85% of attendees would like to have the option to attend their favorite events online. This means that you are able to reach more people if you offer some way for people to engage with your events virtually (like livestreaming keynote presentations or hosting virtual networking sessions, for example).

Also, when hosting a virtual event, guests don't have to worry about missed planes, traffic, and other aspects of traveling, which can be hard to manage - not to mention, expensive. Plus, a virtual event can be recorded, so people can watch it later.

Virtual event hosts, planners, and organizers stated that 3 key benefits they started noticing when they started focusing on online events were increased registration (36%), greater return on investment (26%), and higher attendee engagement (25%).

Virtual events = less headache and lower costs

Think back to the headache and price tag of your last in-person event. Anyone who has planned and hosted an in-person event knows how many moving parts there are. There's booking the venue, ordering the food, supplying the drink, organizing parking, creating a playlist, decorating the space, and potentially hiring staff. That takes time, and it also takes a significant amount of money.

Why not save yourself some trouble (and cash) by hosting some of your networking and social events online? For a tiny fraction of the price you'd pay to organize an in-person event that - let's face it - not everybody can attend, you can bring everyone together on Toucan and have a great time.

Let's make some quick comparisons:

The average cost of catering for a 50-person event = $1,520

Community Plan = $24.99 per month

- Up to 50 attendees at once

- Events up to 2 hours long

- 30-min onboarding session

- As many events as you'd like!

The average cost of an event venue = $189 per hour

Business Plan = $49.99 per month

- Up to 150 attendees and 1 co-host

- Events up to 3 hours long

- 30-min onboarding session

- As many events as you'd like!

Average cost of coffee per employee = $54.17 per month

Small Team Plan = $29.99 per month

- Up to 15 attendees at once

- 1 custom URL

- 30-min onboarding session

- Unlimited meeting duration

- Get together anytime

Cost of a WeWork office (for 10) = $9,000 to $12,000 per month

Large Team Plan = $99.99 per month

- Up to 50 attendees at once

- 1 custom URL

- 30-min onboarding session

- Unlimited meeting duration

- Get together anytime

Virtual networking is here to save you (lots of money!)

Two of the biggest issues attendees usually experience, according to the 2021 Kaltura report are the inability to socialize (44%) and the inability to network (35%). Regarding top features, when it comes to video conferencing tools, 91% of the users said that they value in-session text chat and profiles that allow people to find others at the same virtual event (85%).

These numbers show the clear need for networking opportunities and engagement at virtual events. But virtual networking will only be successful if you put in the right amount of work (just think about how much work goes into putting on an in-person event 😳). The more prepared you are, the better results you are going to get.