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The Internet has made our lives simpler, easier, and quicker. If we talk about a virtual platform, it has made our events like online classes, virtual meetings, and live webinars more extraordinary. An online virtual event platform connects people across the world without any need for physical presence. As it saves time and can be completed in a few hours, the demand for virtual event platforms is rising. In this blog, we will cover the virtual event platform development cost with a comprehensive guide.
Let’s take a look through some futuristic stats about virtual events and their scope in the future:
Developing a virtual event platform costs approximately $85,000 to achieve a complete application. Building an app from scratch can take around 2-3 months. The mentioned cost depends on several elements that can also increase and decrease the cost of development. Also, a white-label video chat platform stands compatible with every size of business and can be customized with features that offer immersive UI/UX and top-tier animations.
Here are some important things to consider before starting the development of a virtual event platform:
As per the rising demand for virtual platforms, the cost can vary depending on other factors. Now, we are going to explore the breakdowns of some components which can affect the development cost.
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|Small Scale Company||50 - 100||$25,000 - $55,000|
|Medium Scale Company||500- 1000||$85,000 - $1,05,000|
|Multi-National Company||2000- 3000||$1,10,000 - $2,50,000|
|Europe||$50 - $100|
|UAE||$25 - $50|
|USA||$30 - $60|
|India||$25 - $40|
|Design & Features||Cost Range|
|Simple App Design & Features||$20,000 - $30,000|
|Moderate App Design & Features||$40,000 - $60,000|
|Complex App Design & Features||$85,000+|
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If anyone wants to host an online event. It is possible with an event ticketing feature. It lets users create an invitation card using custom templates. They can also create a community or group as a host and share the invitation card. The virtual invitation card includes a unique link that will help connect invited guests to the event.
Embedding custom templates requires an additional technical library that can also cause a hike in overall development costs.
Social Media Integration
The social media integration feature lets users sign up/log in at any time with the help of their social media handles like Facebook, Twitter, and Gmail. This also protects lost data; users don’t have to change their username and log in repeatedly. It also attracts more users to the virtual event platform.
The customization feature allows users to host custom events like social get-togethers, conferences, and virtual exhibits. Users can also easily customize the color, background, fonts, texts, links, and banners.
Personalization With AI
Integrating AI power can make a virtual event platform more engaging for a user. Some AI filters, 3D avatars, and AI chatbots can be very effective and helpful. AI is also helpful in sending timely emails and notifications.AI comes with astonishing properties on the platform, but it will require an additional workforce to do the task. The resultant increase in the number of amounts to develop a virtual event platform.
Augmented Reality Effect
AR effect in a video chat platform can enhance the user’s experience effectively. Computer-generated content includes visuals, auditory, somatosensory, and so forth.
Multiple Payment Options
This feature will help the host to receive payment. Incorporating multiple payment gateways like PayPal, Google Pay, Amazon Pay, and net banking can help in the transaction of money.
The recording features have the ability to record a complete video chat with audio on a single click. It can especially help students to collect their study material.
Live Streaming Capabilities
Virtual event platforms should support high-quality live streaming. Seamless integration with popular streaming services allows hosts to broadcast keynotes, panels, and workshops in real-time, reaching a broader audience.
The features mentioned above are an important part of the platform. Having additional features can increase virtual event platform development costs.
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Developing a virtual event platform comes with lots of financial benefits. It offers multiple ways to make money. Here are some of them that need to be considered:
Businesses can offer subscription plans for both the host and guest. It helps in maintaining recurring monthly or annual payments. To commence, there must be some exclusive features like unlimited attendees, creative templates, unique AR effects, and background changes while chatting. In order to use these unique features, hosts and guests must pay an amount to avail.
With the help of an in-app advertisement model, businesses can practice reaching a wider audience and generate income simultaneously.
It allows businesses to collaborate with other organizations and post their ad on virtual event platforms. After the successful processing of pay-per-click and pay-per-view, an income is generated that is credited to the owner’s account.
With this revenue model, admins can approach different brands and industries and post their products on the virtual event online platform. The admin and affiliates split the earnings from successful product sales.
The demand for virtual event platforms is rising daily. It has helped during the COVID pandemic to connect people worldwide. The pandemic was the time people realized the value of a virtual event-organizing platform. So, this blog had a comprehensive guide on the cost of developing a virtual platform. It is important to conduct deep research before starting the development process, or you can hire an on-demand app development company.