How Much Does IT Cost To Develop A Virtual Event Platform

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.

Stats About Virtual Event Platform

Let’s take a look through some futuristic stats about virtual events and their scope in the future:

• The revenue in virtual events is projected to reach $73 billion before the end of 2035.
• The CAGR in online virtual events is forecast to grow at 15.70% annually.
• The region of North America and Canada will be the leader in organizing virtual online events.

How Much Does Virtual Event Platform Development Cost?

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:

• Conduct proper research and plan for the video chat platform thoroughly.
• Determine what features, along with its costs, can make the platform stand out from the competition.
• Determine the platform's workflow and know the target audience.
• Create a business model and work on strategies.
• Choose a platform like Android and iOS.

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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Virtual Event Platform Development Cost: Team Size

The company’s active team significantly affects the development cost. A larger team size can complete the development quickly, but it can cost more. Understand the impact of the team size on virtual platform development from the table:

Company’s Size	Workforce	Cost
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

How Much Does Virtual Event Platform Development Cost In A Company's Region?

Region	Cost/hr
Europe	$50 - $100
UAE	$25 - $50
USA	$30 - $60
India	$25 - $40

Cost Of Design & Features For Virtual Event Platform

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+

Must-Have Features In A Virtual Event Platform

Event Ticketing

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. Additionally, users can utilize an invitation maker to craft personalized invitations. 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.

Customization

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.

Recording

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.

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.

• A virtual event platform development offers accessibility to users from everywhere. All it requires is a device and a working internet connection.
• It also comes with minimal cost. It will eliminate the necessity of physical requirements to organize a meeting. All it requires is a mic and a webcam to get started.
• As a virtual event can be hosted from everywhere, It can reach a diverse audience beyond the boundaries. It can assist in increasing brand awareness.
• Unlike traditional events, hosts can encourage attendees to participate in polls and quizzes. It can help gain insights from users, and more people will likely opt for a virtual event platform.
• A platform for virtual events offers flexibility, which can help anyone join any conference, webinar, or meeting from a different time zone.
• Business owners can easily gather the data and improve their business operations. They can also review the user's feedback and use it to create new strategies.
• A virtual event platform can assist in generating income effortlessly. Admins can ask academic institutions and industries to use the platform, which will help in generating a passive income source.

Money-Making Model Of A Virtual Event Platform

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:

Subscription

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.

In-App Advertisement

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.

Affiliate Marketing

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.

Bottom Line

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.