Covid-19 completely changed our lives and our entire pespective in a span of two years. We never thought that we will be confined in our own homes for months, events will be held virtually and mask and sanitizers will be our best friends.
Most weddings, music launches, concerts, office functions, or themed birthday parties these days are not simple events anymore with the sword of Covid-19 hanging on our heads. However, there needs the intervention of a specific type of services for an event to get successful, they collectively known as event management.
Duties of event management cover selection and reservation of venues, coordinating with merchants, planning for transportation and parking facilities, responsibility for compliance with health and safety standards, crisis and situation management of the event, creating a security strategy, and controlling the entire event. All this comes under event industry sector.
Coronavirus pandemic has hit many sectors across the world. Aviation, Hospitality, Event Industry, and others are some of the worst-hit sectors due to lockdowns and travel constraints. As countries around the world start to reopen their economy, the events industry appears to have drawn the least attention.
It is no secret that corporate events such as conferences and trade shows are very often bundled up with crowd gatherings, which have been proved to expedite Covid-19 viruses.
Hence, events are usually part of the ultimate phase of reopening. In India, this sector accounts for the employment of 10 million people who have been directly harmed due to the crisis.
The event industry is looking forward to some relief as the Government has bnow allowed people to hold events just like before. In this article, we will talk about the situation of Indian event industry post-lockdown.
Impact Across Sectors
All business meetings, Annual General Meetings, associate meets, product launches, tech, and non-tech colloquia, seminars, and association meets are Business Events. The impact of the cancellation of business events is significantly strong. The events that were scheduled for the end of the year have now postponed to 2021 and 2022.
Exhibitions and Trade Fairs
Exhibitions and trade fairs account for up to 60,000 events in leading eleven countries. These events witness a large gathering of customers and marketers across all areas and provide huge business venues and convention centers.
Sports, Entertainment, And Tourism
Events organized to support tourism and regional business have called off their current year’s editions, and the most recent example of which is the Expo 2020, Dubai, originally scheduled in October 2020.
The sector also observed the cancellation of the Tokyo Olympics and other events like IPL nationally, who canceled their 2020 edition and was held in 2021 instead.
Government norms will now regulate religious gatherings, weddings, parties, festive gatherings, and many more. There is an obligatory requirement of multiple approvals involving paperwork, hence leading to a restricted version of the originally planned event.
- Approximately 52.91% of companies occurred 90% of their business being canceled between March-July 2020.
- 107 firms suffered from an income loss of up to INR 1 crore.
- About 7 companies visualize a 50%-80% reduction in their current workforce and 35 between 25%-50%.
- The working capital/loan expected to keep floating for the next 6 months is around 2-5 Crore for 39 companies and 1-2 Crore for 118 companies.
- About 97 companies need to raise capital or debt from organizations or shareholders, banks, AND OTHERS.
How the Event Industry Is Adapting COVID-19 Period?
Advanced technology is playing a crucial role in the event industry sector. Modern hours require unmatched solutions, and here are a few ways in which the event industry is driving home the new normal.
The multiple technological disruptions have facilitated the seamless online conduction of events, seminars, conferences, meetings, and gatherings involving a considerable number of participants. There are several platforms used for hosting such activities, which offer features such as-live as well as pre-recorded content, simultaneous running of varied breakout sessions, space for sponsors to showcase their products and services to others. Moreover, the ability to access the information later, even though the event is over serves to be a great joy for the audience. Additionally, the user interface of these events is so influential that it renders the viewer with a realistic experience.
On being asked, many individuals stated that they could not enjoy to the fullest as they felt disconnected by the overpopulation of the venue.
The events which are being organized in the corona times successfully overcome all these flaws by providing consumers the opportunity to enjoy the show from the comfort of their homes. Also, multiple examples are noted where the artists accepted the requests made by the viewers.
Eventually, the most significant change that the new normal brought is the re-establishment of the world as a global village. Virtual events are a sigh of relief as they emerge winners against geographical barriers. As a result of this shift, individuals across the world can experience the performance of their favorite artists.
Modern Advertising Techniques
The current times have noted the rise of advertising methods that are greatly consumer-centric, dynamic, and pleasant. With consumers being bound to homes, their usage of social media has increased. In this trend, various organizations are resorting to their online platforms to generate awareness, drive traffic, promote upcoming virtual events with enhancing viewer participation.
Improved Physical Experiences
With the event industry knocking at the door of a complete restart and the absence of a vaccine, organizers oblige to pay maximum attention to customer safety. People are forced to see a rise in terms of hygiene, be it at the venue or in terms of the deliveries happening for these events. In the post-pandemic, only those will succeed who can make their audience feel safe. This can be achieved through active communication channels and enabling the customers with a choice of easy cancellation of bookings.
The event industry suffered a big blow because of the Coronavirus Pandemic. Although, with the new normal being established and the situation coming back to its previous form, with time it will surely increase its growth in the country like it has been doing all these years.
How big is the event industry in India?
The revenue of the Indian event industry is said to be over 100 billion Indian rupees in 2021.
Is the event industry growing in India?
The event industry is growing at a rate of 16% CAGR.
What are the three types of events?
Three types of events are: