Hopin: Making a Global Impact with Virtual Events
By tracey.wallace@bigcommerce.com (Kaleigh Moore)
After being diagnosed with an autoimmune disease, Johnny Boufarhat was no longer able to leave the house—let alone go to in-person events—and was looking for a better way to connect with others. In 2019, Boufarhat founded Hopin to bring meaningful connections to virtual and hybrid experiences.
Hopin—one of the fastest-growing companies—is a virtual experiences platform redefining how people around the world connect through immersive video experiences. Hopin’s founding product was a virtual event platform that mirrors the interactive nature of in-person events, conferences, and meetups.
By early 2020, Hopin had over 20,000 event organizers on the waiting list. Today, Hopin employs a fully remote workforce of over 550 people in 42 countries, has over 95,000 event organizers using its platform, and has secured $565 million in Series A-C funding. The company has also impressively reached $80M ARR.
Its exponential growth is fueled by its remote-first workforce and customer-centered acquisition strategy. Hopin has extended its vision to create more engaging video experiences into three new verticals through multiple strategic acquisitions with a product portfolio that spans events, live streaming, content hosting, and team-based collaboration.
An Industry Propelled by the Pandemic
In 2019, the virtual events market was valued at $77.98 billion. But in-person events were still the norm. From scientific conferences to sales summits, job fairs, and networking events to concerts, virtual events weren’t yet commonplace.
But by March of 2020, as lockdowns and travel regulations began, organizations were at risk of event cancellations. Event organizers had two choices: they could either cancel events entirely or adapt and pivot online. In response, the virtual events industry skyrocketed overnight.
As a company focused on recreating the in-person experience online, Hopin was well-positioned for the task at hand. Hopin is an event management software company allowing individuals and organizations to build and host virtual and hybrid conferences, trade shows, career fairs, and more. The company is committed to driving authentic human connections and replicating the in-person experience online with video and integrated tech tools like virtual whiteboards and live polls.
Hopin uses subscriptions for event organizers to access the event software. Meeting multiple price points and customer needs, Hopin offers different subscription tiers, with the starter option beginning at $99/month. Business and enterprise options give customized packages and subscriptions for larger organizations.
Subscriptions create a sustainable revenue model for Hopin, bringing some income predictability to the company. Hopin brings in additional income through ticketed events on Hopin Explore—a platform similar to Eventbrite helping users discover events—with a 7% commission fee on ticket purchases.
Forward-thinking and perceptive, founder Johnny Boufarhat continues to uncover customer needs and prepare Hopin for the new generation of events. What started as a response to his diagnosis evolved into a hybrid platform that completely revolutionized the virtual event space.
Even as vaccines roll out and travel restrictions adjust, the virtual events market is expected to keep growing at a rate of 23.2% and …read more
Source:: HubSpot Blog
