During the pandemic, Hopin, a virtual events platform, became the fastest growing European startup of all time.
After reaching unicorn status in 2020, the company more than tripled its valuation to $7.75B in August 2021.
But now that IRL events are back, the fate of Hopin, and virtual events at large, is at risk, per Financial Times.
Hopin…
… has dealt with a number of challenges in 2022, including:
- Layoffs: the company let go of 12% of its staff (totaling 138 workers) in February
- Falling stock: Hopin’s share price fell 41% in Q1 on Zanbato (a trading market for private companies)
As a result, Hopin has pivoted to marketing itself as an all-events platform, capitalizing on the demand for hybrid gatherings with both in-person and virtual components.
With happy hour back in person…
… it makes sense that the appetite for online events is shrinking. Case in point: In November 2020, Hopin’s platform featured 15k+ events — it now shows fewer than 500.
Despite the drop in demand, virtual events will likely have a role going forward, especially virtual work events and conferences, which:
- Are cheaper, more inclusive, and more environmentally friendly than in-person meetings.
- Align with the trend toward remote work, which has led workers to expect both remote and in-person options.
BTW, if you’re organizing an event anytime soon, here are 15 ways to drive ticket sales.
