Why Virtual Events Are Competing Against Netflix
There are a lot of live stream events happing right now. And equally there is a lot of competition, but the main competitor isn't other live steamed events. It's actually existing alternatives competing for the same attention.
When it comes to entertainment, this includes Netflix, HBO, Disney+ and basically anything else you can think of that you could substitute the time for.
Many of these alternatives have invested many millions of dollars in production quality and are specifically designed for their given format.
Right now, most live streamed events are really just physical events that are being live streamed, rather than specifically being designed for the live streaming format.
(See above: Billie Eilish shows us a rare exception of how to do live stream events right. Designed specifically for the live stream format. Almost a mix between a concert and a music video.)
Not only that, the production budget for most live streams are not even close to a physical event - let alone Netflix level investments.
Even more challenging is the price anchor set by Netflix is $12.99 per month for unlimited content, compared to a one off $50 ticket for a live stream.
So the big question right now is how can live stream events create content that is designed for the live stream platform, with budgets that can compete against Netflix, at a ticket price that fans will pay for at scale?