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NEWSLETTER 161
 
VIRTUAL EVENTS GROUP
 
What will you do with all that re-gained time? An October report from data-intelligence company Morning Consult, reports that 61% of U.S. adult respondents with a social-media account have become more selective about what they post.
 
 
 
 
 
 
FEATURED NEWS
 
Looking back, looking forward
 
 
 
Image credit: Yahoo
 
2023 will be remembered as the year that the generative AI genie was released from its lamp. From my holiday cards to these newsletters, from my RFPs to legal docs, AI has become my right arm (sometimes a shaky right arm) in the same way that the Yahoo! Search bar was always open on my desktop circa 1995.
 
 
 

The search bar is still part of our daily life, but will an AI replace its ubiquity? Unlike other technologies that had their shiny/shiny 2023 moments (NFTs, metaverse, crypto, and Web3 to name but a few), generative AI has staying power. Its impact will be even more keenly felt in 2024. It’s the bright star in the economy, in start-up investments, and in academic studies. But it may also be the dark star for the future of work as we know it.

 

Some AI thoughts:

  • AI will have a profound impact on many occupations. The economic implications are profound.

  • Startups will get some wind behind their backs. Anthropic and OpenAI were the darlings of 2023 funding. Continuing the trend, Forbes notes that one in every four dollars of US investments is now going to AI startups. 

  • Hardware acceleration will happen fast. NVIDIA will continue to be the chief provider of AI-generation chips for a while, but watch for new hardware born to accelerate AI. Take Apple. It recently announced that it will build its devices with AI-included, allowing them to rely less on the cloud and more on the device. Watch old favs like AMD and Qualcomm go into high gear, along with newcomers like Hailo and Mythic. And don’t forget Intel. The winner likely will be the one that combines hardware and software in an AI ecosystem.
  • The winner of the 2023 AI competition is Microsoft. The company aptly named its AI “CoPilot” it infused its entire suite of products with AI, and it worked hand in glove with OpenAI. A brilliant, well-executed strategy.
  • Wait until you start paying the AI bill. Years ago (when a PC could set you back $3,000+ in '70s dollars) I predicted the day when prices for hardware would fall but the price of information would skyrocket. Look at how much you're spending on monthly and yearly subscriptions now. Streaming services, news, sports and entertainment subscriptions are costing you real money. And information providers are putting up paywalls blocking access to knowledge. According to USA Today, the average monthly spending on subscriptions per consumer was $219, more than 2.5 times what consumers thought they were paying. My AI bills are mushrooming as I adopt new time-savers and helpers. Computing-power-hungry AI queries are going to want to become profitable in 2024.
  • Anything with the word AI tacked on to it is going to have an increased perceived value. From conferences to job titles, from entertainment to academic majors, AI mania will prevail.
 
 
Event Megatrends 
 
 

Events will continue to struggle to find their footing in a post-pandemic world. Budgeting, sustainability, geopolitical tensions, and TTT (time to travel) will all play their roles. We’ll see the creation of new localized events, many outside of the US. This year we lost E3, which for years had been the epicenter of the gaming industry. The iconic Toy Fair is struggling after a series of “we’re moving/we’re staying” faux pas. On the bright side, 2023 was a great year for live events, with revenue surpassing the 21.9 billion from pre-pandemic 2019.


Events that grow will do so organically by adding topics, products, and offerings based on emerging technologies. Two good examples that we’re involved with are Cosmoprof, a beauty show in Bologna that now has “beauty tech” panels and exhibit space, and the NAB Show, where we’ve partnered with them to build a Creator Lab on the show floor. Others like SxSW, TED, and WebSummit grow by offering add-on products such as video subscriptions, new locations for in-person events, and licensing deals with appropriate partners. Events like SEMA deftly turned the post-show load-out of the show cars from the LVCC into a party. 

 
 
The SEMA show, which targets the specialty auto market, turned its post-show load-out into a spectacle. Image credit: SEMA
 
 

Event-tech platforms will continue to rightsize (brutally). The winners appear to be those who were involved in event tech before the pandemic. Some event-tech companies will be subsumed by in-person events needing new tech. Others will find a rightful place in a world of webinars, training, and special events like product launches.


Experiential is this year’s mantra for events. Forget keynotes and long-form panels. It’s all about entertainment, connection, and immersion when it comes to making a new generation of event-goers happy. In a world of information glut and attention span deficit, new audiences have become much more demanding and discerning about their content. 


Hybrid events will continue to shapeshift. Luke Bilton reminds us that virtual events are now more likely to be used than before the pandemic. Studios like Worre Studios in Las Vegas offer a great model for blended virtual/in-person experiences in private studios. And more and more large companies have installed on-premise studios for delivering video meetings and training. Today’s event planners are more savvy about all things digital than they were in pre-pandemic times. 

 
 
WEEKLY
 
Scuttlebutt
 
 
 

Red Flags: Facial Recognition
Facial Recognition is going to be front and center of huge debates in 2024. The FTC recently condemned RiteAid for its use of facial recognition technology to scan shoppers’ faces. The idea was to use it to thwart shoplifters. Rite Aid agreed to put the technology on hiatus for the next five years. 

 

Expect to see facial recognition high on the regulators’ to-do list in 2024. Clear, the security screening company, intends to replace its current iris and fingerprint scanning with facial recognition in 2024. Fingers crossed that it will speed up those impossibly slow lines at those $188/year kiosks at the airports.

 

Pizza Hut India uses facial recognition technology to read customers’ moods to serve the perfect menu recommendation. Zenus promises what it calls “ethical facial recognition” for gauging engagement at events, hotel check-ins, sports arena entrances, grocery stores, and medical check-ins. Facial recognition is the new double-edged sword of 2024.

 
 
UPCOMING EVENTS
 
Mark Your Calendars
 
 
JAN 9-12, 2024 | LAS VEGAS, NV
 
CES 2024
 
 
RETAIL
 

January 10
VENETIAN LEVEL 4
MARCELLO 4404
1:00 – 4:40 PM

 
 
 
 
 
 
LIFESTYLE
 

January 11
VENETIAN LEVEL 4
MARCELLO 4404
9:00 – 11:40 AM

 
 
 
 
 
 
FINTECH
 

January 11
LVCC WEST LEVEL 2
W219
1:00 – 3:40 PM

 
 
 
 
 
 
 
Silicon Valley Video Summit
Jan 23, 2024 | Mountain View, CA
 
Off to the Silicon Valley Video Summit where we have teamed up with the SportsVideo Group to examine the changing world of live-event production.
 
 
 
 
 
 
New Year, New Tools
Jan 18, 2024 | 3PM | Zoom
 
Joining us are Conor Eliot of Opus Clip, Jeremy Toeman of Aug/X Labs, and Nick Morolda of Hive Streaming. Three great products to add to your arsenal. RSVP now for our first event of the year.
 
 
 
 
 
 
 
 
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Robin Raskin | Founder
917.215.3160 | robin@virtualeventsgroup.org

Gigi Raskin | Sales/Marketing

917.608.7542 | gigi@virtualeventsgroup.org