Average Cost of Hosting a Virtual Event and How to Budget

One thing we didn’t leave in 2020 is the virtual event. From leadership summits to pre-recorded conferences and meetings, businesses and organizations continue to host virtual events that allow attendees to join in from wherever they are.

In the beginning, virtual event budgets may have seemed significantly less when compared to hosting a live event. However, as virtual events’ quality and capabilities grow, the costs associated with hosting one does too. The money you were once spending on travel, hotel accommodations, and printed materials is now being allocated towards pre-recording, editing, programming, and the use of virtual production companies.

The plus side of this is businesses don’t have to rely on internal employees to put together virtual events. When you use a virtual event production company like RaffertyWeiss Media, you’ll have a team of experts supporting you and ensuring that your virtual event goes off without a hitch.

What does it cost to host a virtual event, and how should you budget for one?

Every virtual event is going to be different. Think about what kind of event you’re hosting and how many people are attending. Is it going to be an internal meeting with 25 people or a full conference for hundreds of people with a high production value? When you know what type of event you’re holding, you’ll have a better idea of what you need to do to host a successful virtual event.

Then, you should look at your previous budget for live events. When you can compare the two, you’ll see what costs will be offset and how you can reallocate them for your virtual needs — pre-planning, pre-production, logistics, and more.

Average Costs for Hosting a Virtual Event

Since all virtual events are unique, the average cost varies depending on the size of the event, its production needs, interactive elements, editing, and whether there is live streaming or not. Take a look at our breakdown of what it costs to host a virtual event:

• $2,500-10,000: This is the price range if you’re using a provider like Zoom or WebEx to host a single virtual event or managed webinar. This is a good option for smaller events with less production value. If you’re hosting a larger event that includes breakouts, branding, and more interactive features for your attendees, it is better to use a virtual event production company, like RaffertyWeiss Media.
• $10,000-$20,000: This is the price range for smaller one-day events managed by a virtual event production company. These events typically include multiple speakers, breakout rooms, panels, audience interaction, and more.
• $20,000-$50,000+: This is the price range for a multi-day virtual event managed by a virtual event production company. When the event is longer and more in-depth, you can expect panel discussions, entertainment, and possibly using a studio to film the event (if your speakers are in the same location). You can also incorporate a micro-site, pre-recorded and live video, interactive elements, and more.

What You Need to Plan a Virtual Event

Here is a list of virtual event components that you need to think about when planning your budget:

• Virtual conference kits — At RaffertyWeiss Media, we offer Virtual Conference in a Box (VCiB) Kits. These kits include a laptop computer, a high-end webcam with a light, a condenser microphone, multiple headphone options, and the necessary software for broadcasting or recording to our platform. If you want to ensure that your speakers and presenters have the best quality equipment and setup, VCiB Kits are something you should include in your budget.
• Micro-site — If you’re hosting a larger event or conference, a micro-site is a great way to provide information to attendees and get people to sign up. Micro-sites are custom, branded, and can be as simple as a single page containing the agenda, speaker bios, and live video player, or as complex as a site with registration, videos from past events, presentation viewers, chat windows, and more. When creating your budget, think about whether your team or a production company will develop and manage your micro-site.

• Content — Virtual events aren’t short on content. You’ll need to determine who is in charge of preparing, creating, and reviewing all of the content for your event. This includes everything from the schedule to speaker bios, graphics, and entertainment.
• Remote support — With RaffertyWeiss Media’s VCiB Kits, our team can provide remote support and operate the kit from anywhere in the world. Our remote technicians can run a teleprompter application for recordings so your speaker can flawlessly deliver their presentation. With a remote support team, you don’t have to worry about the technicalities of the event. You can focus on providing attendees with the best information.
• Presenter coaching — Not everyone is a natural presenter. Some people may take a little coaching to ensure they’re coming off as well-spoken and credible. With presenter coaching, your speakers receive pointers on the best practices for presenting virtually. This includes tips on what makes a good background, the best clothing to wear while on camera, where to look, and even advice on presenting to an audience you can’t see.
• Backdrops and green screens — Ensure your speakers aren’t worried about a messy or dull background while they’re presenting. Using a backdrop or green screen takes the stress off the speaker and elevates the presentation. They’re quick and easy to set up, and customizable so you’ll have more branding opportunities.
• Audience interaction — Keeping your audience engaged is one of the most critical aspects of hosting a successful virtual event. There are various ways you can interact with your audience, including live group chat, social media feeds, polls, surveys, and Q&As. When planning your budget, think about how many interactive elements you want to include throughout your event.
• Graphics — Since your event is online, the graphics you use need to be high-quality and eye-catching. You’ll want to include everything from open and closing animated graphics to transition graphics, titling graphics, and more.
• Virtual breakout sessions — Another way you can keep your audience interested is by providing virtual breakout sessions. Attendees will be able to interact with each other in group discussions or simply watch one of your presenters share their content.
• Existing website integration — If you’re hosting a large internal event or meeting, you may want to consider integrating the virtual event platform on your website. This integration makes it easy for your employees or other attendees to gain access and participate.
• Recording your presenters — If you’re not sending out presenter kits, you need to decide how your speakers will record their presentations. Will they be recording themselves, or will you need to hire a camera guy and audio engineer? Virtual event production companies can help you get the best footage for your event.
• Editing pre-recorded video — Using pre-recorded video can help save you money while planning your event. However, this footage will still need to be edited. If you don’t have someone available in house with the skillset required to edit videos, you should work with partners who have the capability and knowledge.
• Rehearsals — Having a rehearsal isn’t just for live events. When you’re hosting a virtual event, it’s best to prepare your speakers so they know how to set everything up, what their audio sounds like, how strong their Wi-Fi connection is, and how their background looks. Troubleshooting ahead of time helps prevent issues during the event. You need to choose a person or virtual event production team who is responsible for scheduling and managing these rehearsals.
• Event security — Not all virtual events are meant to be publicly accessible. Some are for internal teams or registered attendees only. If your event is private, then you need to invest in event security. This can come in the form of delayed link distribution, password protection, single sign-on integration, or whatever custom solution that fits your company’s needs.
• Analytics about the event — After your virtual event, do you want to quantify its reach and impact and identify prospects for future follow-up? Then, you’ll want to ensure that you have access to your event’s analytics. You’ll be able to tell how many people attended, how long they watched, where they were located, what device they used to access the event, and more.

As you can see, there’s a lot of thought, time, and money that goes into planning a virtual event. When you’re determining your budget, you need to decide your must-have elements and what you can do without. Overall, your event’s depth and production quality will guide how much it will cost to host a virtual event.

Additional Costs for Virtual Events

If your speakers require VCiB Kits, coaching, pre-recording, and editing, this can come at an additional cost. Take a look:

• $1,000 and over: Virtual Conference in a Box Kits
• $85-$95/hour: Presenter coaching and recording
• $95-$105/hour: Post-record editing
• $20,000-$100,000: This is the price range if you want to film any portion of your event at a studio. The cost is typically determined by the number of people that need to be recorded, how long it takes, the crew needed, and what needs to be integrated.

Additionally, you want to think about what virtual sponsorship packages look like. Most live events cannot happen without the support of sponsors. At RaffertyWeiss, we’ve built sponsorship opportunities right into our platform, both in stream and on our micro-sites and player pages. You can easily and efficiently sell branding space to your sponsors and help cover some of the costs in your budget.

Why Choose RaffertyWeiss Media for Your Next Virtual Event

When it comes to professional events, you want your virtual event to mirror a live event as much as possible. Though the venue has changed, you’re still aiming to deliver high-quality information that is beneficial to your audience and keeps them engaged. That’s why we’ve created our Virtual Command Center.

Whether you’re a nonprofit, corporation, educational institution, government agency, or association, you will benefit from using RaffertyWeiss Media’s VirtualEvent.Center. On the day of your event, all communication and logistics are handled seamlessly through our team. They receive all live feeds from your presenters, manage the coordination and switching of the live broadcast, and cue and play any pre-recorded content – all while ensuring the highest possible quality and reliability standards.

Send us a message to learn how we can help you with your next virtual event.