A virtual event platform is like Zoom for conferences.

In other words, it’s a platform for streaming live talks, roundtable discussions, company news, and performances to a large audience.

Unlike social media streaming solutions (like Twitch and Facebook Live), virtual event platforms typically have conference-focused features, like user permissions, Q&A sessions, and extra layers of security.

According to the PCMA, 70% of scheduled conferences and offline events moved online in 2020. Which has led to booming interest in software designed for running online conferences and events.

What's next:
The virtual events space is currently worth $77.9B. And Grand View Research estimates that this space will grow at a 23.2% CAGR between now and 2027.

Examples of startups riding this wave include:

Livestorm: Browser-based video meeting platform. Revenue has increased 8x since 2019. Which led to them raising a $30M Series B in November.

Panopto: Virtual event platform geared towards university and enterprise clients. The company reports that professors have recorded 100 million minutes of lectures on their platform (516% more than the previous year). Panopto has raised $50.9M from Sterling Partners and others.

Restream: Video streaming platform for simultaneous streaming to multiple social networks. After an announced partnership with LinkedIn, Restream is also starting to branch out into virtual events. Raised a $50M Series A in August.