Some people incorrectly assume that virtual and hybrid events are one in the same. While both event types use the power of technology to bring audiences together, there are some key differences between the two. Virtual events are when everyone attends online, while hybrid events are a combination of live events and virtual events, where some people attend (or present) in person and others attend online.
A hybrid event has all of the components of a physical event. In fact, the size of the live elements can be quite large and are only limited by your event budget, venue capacity, and any local gathering restrictions. If you are a seasoned event organizer, you are most likely familiar with the typical cost of physical event rentals and bookings. However, if you are not, note that actual costs will vary greatly depending on your region and the events industry standards. Having said all that, here are items that you’ll need to budget for in terms of pricing your physical event elements:
- The cost of the venue, including square footage of the venue spaces in use
- Event technology assets and AV equipment rentals
- An event planner or manager fees
- Event marketing
- Miscellaneous (i.e., potential city fees, added overhead associated with the venue, or decor)
Most hybrid event production companies pricing is solely based on the number of attendees and the size of the production needed for the broadcast.