The Cost of Virtual Events
This article is a continuation of our special series highlighting the results of the "Future of Virtual Magic Survey" conducted ahead of "Connected: Live" virtual magic convention. Building on our exclusive look at how our thoughts on Zoom magic evolved since last year, we're going to explore how much magicians have spent putting their virtual magic shows together.
While some magicians have successfully performed on TV and online for years, the shift to virtual magic was unchartered territory for many magicians. So, it’s not particularly surprising that 53% owned either “None” or “Very Little” of their virtual magic equipment prior to starting their Zoom magic shows. Yet, surprisingly, 40% of respondents spent “Less than $100” building their virtual studio. The next biggest group (24%) spent between “$101 to $500”, followed by a significant number (15%) of magicians at the opposite end of the spectrum that invested “more than $1,000” in their virtual studio.
Does Spending More Money Equal Booking More Shows?
It’s important to note that having to purchase a new camera or computer would almost immediately put you in the top end of the spectrum. This question on our survey also didn’t specify what the funds were specifically put toward (e.g. equipment, the latest tricks, or advertising). However, while we can’t claim that spending more money directly related to booking more shows, it is interesting to note that 50% of the magicians who spent more than $1,000 did perform at least 50 shows, with almost 30% topping that coveted “100-show” plateau mentioned in our other article about the shifting thoughts on virtual magic.
Keep or Sell?
As far as the future of virtual magic goes, 40% of magicians claim they would still make a “significant investment (more than $50)” in their virtual show, while 27% of magicians are “unsure” if they would make any more major investments. Either way, it seems that having a virtual studio will offer extended value for years to come (e.g. client demo calls and marketing videos) as only 7% of magicians plan to sell their equipment once they’re done with virtual shows. 59% of magicians plan to keep their equipment, while 34% of magicians plan to never stop performing virtual shows.
While building a virtual studio (or a portable one for hybrid shows) may have been a significant investment for some magicians, it's important to look at it as just that—an investment. Owning this equipment opens up a world of new possibilities. We've seen it firsthand as world-class performers from around the globe have been able to join us in our homes each month for unrivaled lectures as part of Vanishing Inc. Masterclass and remarkable virtual performances as part of Vanishing Inc. Showtime.
One thing is for certain. Virtual magic is not dead.