It is hard to imagine our everyday life without digital events. Many companies use webcasts, virtual product presentations and online conferences to reach customers, partners and employees. Depending on the frequency of events, the question arises: Invest in your own studio setup or continue to use external service providers and infrastructure?
As part of our two-part series "Digital live communication: a good investment?", we interviewed Raphael Schmid, Head of Events at AXA Switzerland. After all, AXA invested in its own studio setup about 18 months ago.
Mr Schmid, you have invested in your own studio setup. What prompted you to do that?
Raphael Schmid: In June 2020, AXA Switzerland decided not to arrange any more physical events until the end of the year. At that time, we had already held some digital events in external studios with rental equipment. This experience gave us a clear idea of how we can conduct events digitally and what technical setup is necessary for this. Anticipating that digital and hybrid events would be relevant in the longer term, we equipped one of our largest meeting rooms with livestream technology.
How often do you use the studio?
About one to three times a month in the first year. When events could be held physically again from summer 2021, the regularity decreased somewhat. However, we still hold online events of various sizes. Smaller ones often also with very simple infrastructure and outside the studio.
Raphael Schmid is Head of Events at AXA Switzerland. (Image: AXA Switzerland)
The investment you made in digital live communication is not insignificant. Has creating your own studio been financially worthwhile for you?
We mainly bought functional, semi-professional equipment and did not look for a high-end solution. As a result, this purchase has already paid for itself after just a few uses compared to renting.
The investment is also associated with a risk; after all, it is difficult to estimate how long digital events will continue to be of interest. How do you assess the situation?
The last few months have shown that many people want to meet physically again, while others appreciate the great efficiency of digital events. Digital event formats have long since taken their place in the communication mix – not instead of, but in addition to physical formats. Especially when it comes to conveying technical content, digital formats are more cost-effective and offer various other advantages. For example, greater reach, independence in terms of time and place, and reusability. Of course, physical events offer just as many advantages – for instance, in terms of networking and emotionality. Depending on the objective and message of an event, the appropriate format today is digital, physical or a combination of both.
A major advantage: The setup, including the stage and production, is not permanently installed and can therefore be used flexibly.
What additional uses does your own studio offer you?
For structural and aesthetic reasons, we have not been able to permanently install cameras or production equipment in the room up to now. This supposed disadvantage soon turned out to be an advantage. Thanks to the flexible positioning of all of the components, we can use the same space purely as a studio or for a hybrid event, depending on our needs. We have also been able to use our equipment several times at hybrid events in external locations and thus save additional rental costs.
What advice do you have for companies that are thinking about investing in their own setup?
Of course, you should think carefully about the purpose for which you want to be equipped and, above all, about your quality requirements. It helps to think about the result, and that is neither a technical setup nor a studio, but rather the digital event. The question is not: How much technology will my budget allow for? But: How can I produce really good digital events in the long term with the resources I have? There is also a need to invest in good content, professional technicians and directors, as well as developing skills for digital events.
Your conclusion to finish: you have been using the studio for about 18 months now. Would you make the same decision again today?
Quite definitely, yes.
In the first part of our short series with our CEO Jürg Schwarz, take a look into the crystal ball and find out why digital events will continue to play an important role.
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