Creating an Additional Income Stream During a Crisis: The Story of ArtViva
ArtViva is one of the leading experience providers in Italy. They started out as a theater company in 1996 and later transitioned to tourism entirely.
And with the onset of the COVID-19 crisis, ArtViva continues to reinvent itself and its business model, as we’ll see in this story.
The Coronavirus lockdown brought numerous restrictions on travel and group gatherings. Globally, the tourism industry was hit hard and revenues rapidly declined or disappeared completely.
For established experience providers like ArtiViva, who have considerable fixed costs, simply waiting for things to get better wasn’t an option. The company quickly decided it’s time to revisit their business model in order to adapt to the situation.
With this in mind, ArtViva started to work with Regiondo on a project to boost their cash flow in the short term – selling and delivering digital experiences.
In contrast to physical experiences, digital ones are held entirely online. This means ArtViva had to make fundamental changes to their operations in order to deliver these innovative solutions.
From hiring new guides to creating unique concepts that still represent what the company stands for, the challenge was considerable.
Luckily, Regiondo could help with selling and marketing these experiences to take some of the pressure off the ArtViva team.
Once ArtViva packaged some of their new offers, they could immediately use the Regiondo platform to sell them online through their website and 100+ OTA partner channels.
In addition, the Regiondo booking system allowed them to manage new bookings, track sales and accept payments without having to code anything from scratch.
The main advantage of ArtViva’s collaboration with Regiondo was the speed to market they achieved.
As soon as the new concepts were created, ArtViva could immediately sell them and generate that much needed cash flow during the Coronavirus crisis.
In terms of the numbers, 57% of revenue during the crisis came from online experiences. Also, they achieved a 38% higher conversion rate compared to offline ones.
And while these measures were taken from necessity, the new digital experiences by ArtViva could turn into a long-term addition for the company, creating an additional income stream for years to come.