A recent article in Economist (behind a paywall) reviewed the music industry to point out that musicians nowadays are finding profitable ways to perform remotely to their fans.
People got used to going to digital concerts during the pandemic. In the last months people are returning to shows in person, but some digital innovations are here to stay. Musicians are realizing that they can make money from tickets sold for virtual gigs. The number of live streams fell by half last year as physical concerts started again, but there is still money in online gigs. By 2028 expectations are that live-streamed concerts will generate $4bn-5bn a year, more than at the peak of the pandemic.
If we substitute music with pharma and digital concerts with digital events, the analogy is striking. And just like in pharma, digital gigs also provide artists with more data about their fans.
The pandemic was a disturbing event that brought innovations into our lives with extreme speed. If history is any indication, every time humanity makes industrial or technological leaps due to life-changing events, even when they pass, there is just no going back.
The world we live in post-pandemic is different. According to Veeva Guide to Digital HCP Engagement, 96% of HCPs say they would benefit from attending more conferences, meetings, and CME events virtually.
Hybrid is the new future! Be brave, embrace it and say HI HYBRID!