What’s the fate of virtual events now that we’re back IRL?

During the pandemic, Hopin, a virtual events platform, became the fastest growing European startup of all time.

After reaching unicorn status in 2020, the company more than tripled its valuation to $7.75B in August 2021.

But now that IRL events are back, the fate of Hopin, and virtual events at large, is at risk, per Financial Times.

Hopin…

… has dealt with a number of challenges in 2022, including:

• Layoffs: the company let go of 12% of its staff (totaling 138 workers) in February
• Falling stock: Hopin’s share price fell 41% in Q1 on Zanbato (a trading market for private companies)

As a result, Hopin has pivoted to marketing itself as an all-events platform, capitalizing on the demand for hybrid gatherings with both in-person and virtual components.

With happy hour back in person…

… it makes sense that the appetite for online events is shrinking. Case in point: In November 2020, Hopin’s platform featured 15k+ events — it now shows fewer than 500.

Despite the drop in demand, virtual events will likely have a role going forward, especially virtual work events and conferences, which:

• Are cheaper, more inclusive, and more environmentally friendly than in-person meetings.
• Align with the trend toward remote work, which has led workers to expect both remote and in-person options.

BTW, if you’re organizing an event anytime soon, here are 15 ways to drive ticket sales.