A keynote speaker has their own story and message, appears at the beginning or end of the program, and addresses the audience. A moderator is the director of the day: they link the program segments, keep an eye on the schedule, and give speakers and performers a platform.
A good moderator adds value to every session; a poor one is just an expensive microphone stand. At a large conference or kick-off event, you often need both. For a small team-building day, one of the two is sufficient.
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