Recap
Event organizers are experiencing a much-anticipated resurgence of in-person events as the digital landscape continues to evolve. The COVID-19 pandemic served a valuable lesson, emphasizing the significance of embracing technology-driven solutions for many industries. This recognition underscores the need to reimagine our industries, including the way we organize events in the future, incorporating innovative approaches to ensure success and adaptability in a changing landscape.
In Sophic Capital’s Expanding Your Network through Spatial Computing and Artificial Intelligence report, we discussed some popular virtual event tools available for conference organizers. We also introduced Sophic Capital client Xcyte Digital Corp. (“Xcyte” or the “Company”) [XCYT-TSXV], which provides customers one-stop access to multiple conferencing solutions via a low-risk, single subscription model. Through Xcyte’s platform, customers can utilize various virtual event and virtual reality environment (VRE) solutions for a range of business uses such as meetings, training, e-learning, conferences, and events. This comprehensive subscription model not only provides cost savings compared to individual platform subscriptions but also alleviates the complexities of managing multiple platforms from different vendors simultaneously.
From “Xyctement” to Excellence
Sophic Capital client Xcyte Digital Corp. is a spatial computing and artificial intelligence enhanced event technology aggregator and developer providing a high value, cost effective, multi-platform subscription service for all virtual event needs.
Xcyte’s subscription offering boasts a range of compelling features that position it as a one-stop shop for all virtual event requirements. Xcyte enables seamless collaboration with any approved video application and leverages advanced technology to provide reliable streaming services, ensuring uninterrupted event execution. The platform has limitless integration capabilities and offers robust ecommerce functionality, supporting features such as pay-per-view options, invoicing, and multi-currency support. Xcyte’s analytics offering then delivers actionable insights on marketing, registration, participant data, sales reporting, and lead . The Company sets itself apart by providing “white glove services,” offering professional assistance throughout every stage of the event lifecycle, making virtual events as near a painless process as possible for clients. Leveraging spatial computing, data, and artificial intelligence (AI), Xcyte facilitates immersive and interactive meetings and events, enhancing the overall experience for all stakeholders involved.
Xcyte has been at the forefront of innovation in virtual events and VRE platforms, striving to enhance engagement and create meaningful human experiences for multiple business applications. The Company’s technology prioritizes people-centric interactions, aiming to maintain a sense of connection to reality while enabling broad participation. By fostering genuine human interactions within virtual worlds, Xcyte aims to facilitate the development of relationships between individuals, places, and brands bolstered by data. Notably, Xcyte holds the distinction of organizing the first business-to-business VRE conference in the metaverse, showcasing their pioneering role in this domain. Over 350 people attended with 60 speakers and 26 companies hosting booths.
Xcyte recently organized its 2nd Annual Metaverse Spectrum Business Conference and Expo. The event featured dynamic panel discussions, interactive sessions, and ample networking opportunities, serving as a catalyst for collaboration, innovation, and investment within the AI, Virtual Reality (VR), Augmented Reality (AR), and Web3 ecosystem. Attracting more than 1,500 attendees, 30 exhibitors, and 100 speakers, this year’s conference underscores the continued growth and significance of Spatial Computing and AI. Xcyte Digital also introduced the inaugural Pitch Fest. This new platform showcased over 25 cutting-edge companies operating in the fields of AI, VR, and Web3 as they pitch their ventures to a live audience comprised of venture capital firms, investment banks, private investors, and angel investors sitting in a virtual lecture hall.
The Conference served as an opportunity for Xcyte Digital to debut their AI enhanced intellibots. Provided by life-like avatars located throughout the show, these intellibots provided an AI based event support concierge service. By leveraging data collected from various open sources as user’s sign-up for events, such as LinkedIn, Facebook, and Twitter, and preferences selected during registration, Xcyte’s solutions can in near real time suggest other attendees to meet; setting up meetings for you; suggest what presenters to watch; adding lectures and sessions to your calendar; and suggest what exhibitors to check out; transporting you to their booths in the click of a button. Delivering a modern event with spatial computing and AI, Xcyte enables attendees to use these services to help navigate the show and optimize their experience.
Xcyte’s Solution
Xcyte offers an all-encompassing end-to-end technology platform for multiple business use-cases that streamlines the creation and execution of VRE and virtual events. By integrating various platforms and data sources within the virtual events and VRE domains into Xcyte’s platform, Xcyte provides a convenient solution where customers can assess and select the most suitable software and tools based on business requirements and specific event needs. Xcyte’s platform is accessed through a subscription model that encompasses three key components: the Event Platform, Managed Services, and Streaming Services.
The Event Platform is a flexible tool that addresses any gaps or challenges that may arise during event organization. Recognizing that no single event platform can excel in every aspect, Xcyte’s strategy is not to compete directly with larger, well-funded companies that have already established exceptional software platforms. Instead, Xcyte focuses on identifying the right platform for a particular business case. Clients choose Xcyte because the Company guides them towards a platform that fulfills 95% of their requirements, with Xcyte stepping in to address the remaining 5%. This could involve bridging gaps in areas such as registration and ticketing functionality, e-commerce capabilities, CRM integration, or analytics and reporting.
Managed Services provided by Xcyte cover the critical aspects of training, designing, building, and production support to ensure seamless event execution throughout the entire event lifecycle, from pre-planning to post-event follow-up. As Xcyte aggregates various platforms, each platform serves distinct business use cases. The Company adopts a meticulous approach in selecting the best-in-class platforms and exercises caution when incorporating new platforms specified by clients. The process of integrating a new platform into the Xcyte ecosystem involves not only acquiring expertise in the platform but also the ability to educate customers on its usage. Moreover, Xcyte undertakes the responsibility of designing and constructing complete shows, transforming concepts into tangible productions, as this is the fundamental part of their managed service offering.
Xcyte’s Streaming Services have been a cornerstone of the Company’s expertise over the past two decades. Its technology encompasses high-definition video and a range of streaming capabilities. This proficiency enables Xcyte to effectively serve large audiences and execute events with confidence.
When consolidated into a single integrated platform, Xcyte provides the infrastructure for virtual events, enabling organizers to use the platform to create custom environments. Customers have the choice between two subscription options: VRE events and virtual events. The VRE platform provides an immersive experience where avatars enable participants to navigate and explore the virtual show, replicating the feeling of physically being present, albeit represented by a virtual character or more sophisticated representations depending on user preferences. This experience can be improved for the user’s avatar by utilizing AI and data from disparate sources in order to generate a more “customized” experience for the user. On the other hand, virtual events follow a more traditional format where attendees can engage by watching presentations or demonstrations. Both of Xcyte’s offerings DO NOT require a virtual reality headset for participation.
Xcyte provides comprehensive solutions for both VREs and virtual events, encompassing various platforms and services to meet the diverse needs of their customers in hosting engaging and successful digital gatherings. For VRE events, customers utilize VRE platforms such as Rooom, Metaverse+, Beame, Glue, Vatom, or Meetaverse. Virtual events, on the other hand, are facilitated through virtual event platforms like Eventify, Swapcard, Grip, EventMobi, Airmeet, and Collectivibe. These platforms form the fundamental infrastructure for hosting various events such as conferences, expos, meetings, educational and training sessions, as well as facilitating retail and sales functions. By offering an all-encompassing solution comprised of a diverse set of platforms, Xcyte ensures that clients have access to the most appropriate foundation to successfully organize their desired events.
Virtual Events, Real Cost Savings
While traditional in-person events offer numerous advantages, such as the ability to engage in face-to-face networking and foster personal connections, virtual events also present several benefits. Virtual events tend to more affordable as attendees no longer must pay for travel and accommodation and organizers don’t have to pay for venue rentals, catering, and other physical event expenses. Virtual events offer a more convenient option for people who may be geographically dispersed or who have busy schedules. Virtual events can host larger, more diverse audiences and are able to scale to millions of attendees from anywhere in the world. Virtual event platforms also offer a more interactive and engaging experience for attendees, as they can utilize the latest technology and data, which when combined with AI can deliver a truly customized itinerary for all attendees in a cost effective manner.
The primary expense for companies to host a virtual event is the platform, which provides the technology required to successfully host a large virtual event. Several prominent players in the virtual events space, including Eventify, swapcard, Grip, eventmobi, and Airmeet, offer platforms for creating and hosting events. These platforms typically cost between $10,000 and $15,000 per event for a direct license, with an annual subscription for one event per month amounting to an average of $125,000 per year. The costs for VRE platforms are similar.
In comparison, Xcyte offers a subscription fee of that can , represent a significant cost savings of nearly 50% in some cases. Through strategic partnerships with numerous, and an ever-growing number of platform providers, Xcyte leverages its subscription model to reduce customer expenses while enhancing perceived value. Xcyte procures the software from these platforms and benefits from volume discounts, which are then passed on to customers through their comprehensive single-platform subscription package.
Conclusion
Xcyte Digital [XCYT-TSXV] provides a solution that eliminates technological risk for businesses when hosting virtual events. Instead of being limited to a single platform and hoping it meets all their event requirements, Xcyte’s comprehensive subscription allows customers to select from the top platforms available in the market that best align with their specific needs. By aggregating these platforms, Xcyte offers a cost-effective, high-value, and professional approach to developing events. Choosing Xcyte means businesses can benefit from a wide range of platforms and services, while potentially enjoying lower costs compared to their current providers. Regardless of the platform a business is currently using, Xcyte presents a compelling proposition in terms of versatility, offerings, and potentially more affordable pricing.
Coming Up…
In our fourth report in this series, we will further explore the business and revenue models of new Sophic Capital client, Xcyte Digital Corp.
Disclosures
Xcyte Digital Corp. [XCYT-TSXV] has contracted Sophic Capital for capital markets advisory and investor relations services.