Event organizers are witnessing the revival of in-person events, with increasing attendance on trade show floors and at annual conferences. Simultaneously, as businesses are grappling with skyrocketing costs of in-person interactions, they are embracing technology-driven solutions as a result of lessons learned during the COVID-19 pandemic. Thus, companies are reimagining how in-person events are held, which until recently had remained largely unchanged for decades. However, spatial computing, the technology that was originally referred to as the metaverse, is emerging as a potential solution that businesses can leverage to meet their in-person event needs. Many investors had previously written off the metaverse, as they did not understand meaningful end-user applications. The technology is now re-merging as a collection of solutions and tools with virtual business interactions being a key application.

Virtual Events Could Become a Trillion Dollar Market

By 2032, the global market for virtual events could reach approximately US$1 trillion, with a CAGR of 18.8% from 2023 to 2032. This growth would peg the virtual event industry growing nearly three times as fast as the overall events industry. Within that, the U.S. virtual events market size was valued at US$76 billion in 2022 and could reach an estimated US$409 billion by 2032. This growth can be attributed to the increasing preference for virtual events as a means of conducting day-to-day business activities, including video calls, live chats, video conferences, and online meetings, enabling real-time data sharing.

Xcyte Digital Corp. is Capturing Virtual Events Market Share

Xcyte (TSX.V: XCYT) is a spatial computing event technology aggregator and developer providing high value, cost-effective, multi-platform subscription services to host online virtual and immersive events as well as professional managed services for physical and hybrid events. Xcyte was created to take advantage of growing business demand for virtual events based in virtual reality environments that foster higher participant engagement. Xcyte’s all-encompassing solution gives users the ability to choose from numerous different technology platforms offering multiple business use cases via one singular Xcyte subscription.

Xcyte’s subscription offering has a range of compelling features that position it as a one-stop shop for all virtual event requirements. Xcyte enables seamless collaboration with any approved video application and leverages advanced technology to provide reliable streaming services, ensuring uninterrupted event execution. The platform has limitless integration capabilities and offers robust ecommerce functionality, supporting features such as pay-per-view options, invoicing and multi-currency support. Xcyte’s analytics offering then delivers actionable insights on marketing, registration, participant data and sales reporting. The company sets itself apart by providing “white glove services,” offering professional assistance throughout every stage of the event lifecycle, making virtual events as near a painless process as possible for clients. Leveraging spatial computing, data and artificial intelligence (“AI”), Xcyte facilitates immersive and interactive meetings and events, enhancing the overall experience for all stakeholders involved.

Xcyte Digital’s Solutions

Xcyte offers an all-encompassing end-to-end technology platform for multiple business use-cases that streamlines the creation and execution of VRE and virtual events. By integrating various platforms and data sources within the virtual events and VRE domains into Xcyte’s platform, Xcyte provides a convenient solution where customers can assess and select the most suitable software and tools based on business requirements and specific event needs. Xcyte’s platform is accessed through a subscription model that encompasses three key components: the Event Platform, Managed Services and Streaming Services.

• The Event Platform is a flexible tool that addresses any gaps or challenges that may arise during event organization. Recognizing that no single event platform can excel in every aspect, Xcyte’s strategy is not to compete directly with larger, well-funded companies that have already established exceptional software platforms. Instead, Xcyte focuses on identifying the right platform for a particular business case. Clients choose Xcyte because the company guides them towards a platform that fulfills 95% of their requirements, with Xcyte stepping in to address the remaining 5%. This could involve bridging gaps in areas such as registration and ticketing functionality, e-commerce capabilities, CRM integration, or analytics and reporting.

• Managed Services provided by Xcyte cover the critical aspects of training, designing, building, and production support to ensure seamless event execution throughout the entire event lifecycle, from pre-planning to post-event follow-up. As Xcyte aggregates various platforms, each platform serves distinct business use cases. The company adopts a meticulous approach in selecting the best-in-class platforms and exercises caution when incorporating new platforms specified by clients. The process of integrating a new platform into the Xcyte ecosystem involves not only acquiring expertise in the platform but also the ability to educate customers on its usage. Moreover, Xcyte undertakes the responsibility of designing and constructing complete shows, transforming concepts into tangible productions, as this is the fundamental part of their managed service offering.

• Xcyte’s Streaming Services have been a cornerstone of the company’s expertise over the past two decades. Its technology encompasses high-definition video and a range of streaming capabilities. This proficiency enables Xcyte to effectively serve large audiences and execute events with confidence.

When consolidated into a single integrated platform, Xcyte provides the infrastructure for virtual events, enabling organizers to use the platform to create custom environments. Customers have the choice between two subscription options: VRE events and virtual events. The VRE platform provides an immersive experience where avatars enable participants to navigate and explore the virtual show, replicating the feeling of physically being present, albeit represented by a virtual character or more sophisticated representations depending on user preferences. This experience can be improved for the user’s avatar by utilizing AI and data from disparate sources in order to generate a more “customized” experience for the user. On the other hand, virtual events follow a more traditional format where attendees can engage by watching presentations or demonstrations. Both of Xcyte’s offerings DO NOT require a virtual reality headset for participation.

Xcyte Digital Cost Savings for Clients

The primary expense for companies to host a virtual event is the platform, which provides the technology required to successfully host a large virtual event. Several prominent players in the virtual events space, including Eventify, swapcard, Grip, eventmobi, and Airmeet, offer platforms for creating and hosting events. These platforms typically cost between $10,000 and $15,000 per event for a direct license, with an annual subscription for one event per month amounting to an average of $125,000 per year. The costs for VRE platforms are similar.

In comparison, Xcyte offers a subscription fee that can represent a significant cost savings of nearly 50% in some cases. Through strategic partnerships with numerous, and an ever-growing number of platform providers, Xcyte leverages its subscription model to reduce customer expenses while enhancing perceived value. Xcyte procures the software from these platforms and benefits from volume discounts, which are then passed on to customers through their comprehensive single-platform subscription package.

Conclusion

Xcyte Digital [XCYT-TSX.V] provides a solution that eliminates technological risk for businesses when hosting virtual events. Instead of being limited to a single platform and hoping it meets all their event requirements, Xcyte’s comprehensive subscription allows customers to select from the top platforms available in the market that best align with their specific needs. By aggregating these platforms, Xcyte offers a cost-effective, high-value and professional approach to developing events. Choosing Xcyte means businesses can benefit from a wide range of platforms and services, while potentially enjoying lower costs compared to their current providers. Regardless of the platform a business is currently using, Xcyte presents a compelling proposition in terms of versatility, offerings and potentially more affordable pricing.

For more information, visit the company’s website at www.xcytedigital.com or Xcyte Digital’s finance and research page at www.sophiccapital.com.

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