For the last 1.5 yr world has been going through the toughest time so does the business community though many sectors have adopted new normal or in search of an alternative for survival Event Industry still witnessing the devastating impacts of the covid 19 pandemic little by little, we see the light at the end of the tunnel. Some countries are already easing lockdowns & even the first events & conferences are going to be live very soon.
Many industries that were thriving before the pandemic have faced significant revenue losses and contracted in terms of their growth. Several companies across multiple industries have already declared bankruptcy or were forced to lay off significant portions of their staff.
It took a toll on the entire industry by mid-march, and we saw a 100% cancellation in all events across all the sectors. The industry incurred a loss of approximately $666 Mn and many event professionals personally witnessed a loss of employment.
Report by IN42
According to the IN42 report, in India alone, the sectors account for the employment of 10 million out of 60 million people who were directly affected due to the crisis.
According to the Survey by EEMA (Events and Entertainment Management Association)
Exhibition & Trade – My favorite segment of event we @brandland Advertising used to conduct 24 small size exhibition & 8 big Property exhibition in year generating 15000 of footprints on event sites & 3000 plus prospective leads for our clients, but in last 1 year 100 % of cancellation of all our events resulted in zero revenue from the segment of the exhibition.
Exhibitions and trade fairs alone account for up to 60,000 events in leading 11 countries and these events generally observe a huge gathering of buyers and sellers across all domains and provide massive business to the venues and convention centers.
Tough Time
It’s not just for the Event organizers but the associate industry also going through a tough time because of event cancellation.
- Small business like tent house – last 1 year they have to manage the operational cost, salary from their savings
- Hotels/convention center – there was a time when it was tough to get a place at convention centers during event season but now they are empty.
- Printing & fabrication – 10 to 20 % of event expense share goes to printing & fabrication, big printing houses used to have a complete dependency on the event sector for their business but now they have to manage with small orders.
- Signages – Many retail getting closed down during this pandemic which ultimately affects the “ instore branding “ work for agencies or the signage solution company.
The event Industry is not all about trade fairs & exhibitions this also includes small events like flea Market, brand activation on the ground, Roadshows – Bangalore itself used to have 6000 plus flea markets in a year. The small-time vendors who used to have only an earning source through flea market activations are now forced to sell through WhatsApp stories to their known customers.
“ Gathering people is the soul of any event industry & now its Crime”
Mr. Kartik Sahoo
Founder of Brandland Advertising
What about Future
“Don’t let yesterday take up too much of today.”
Though it’s tough we all need to look beyond the tough time, we shall focus on positivity – every industry is desperate to come out of the digital world & go aggressive on-ground activation once the unlock process starts. Now we need to consider that we have 7 months in a year instead of 12 months – Assume the Covid is here to stay forever then our 5 months in a year will go into lockdown & other restrictions. We event people need to focus on the remaining 7 months to survive for the next complete year – we know even 1 good event can bring our confidence back.
- New Normal – Industry has seen new normal in the form of virtual events/conference company like @virtuallexpo.com has taken events to the virtual world but deep down we know event fun is on the ground.
- We will Win – It may be a slow process but soon we will see the light & the event industry is expected to be back much better than pre-pandemic.
- Don’t Give Up – Many of my fellow event mates are frustrated with the kind of losses they are bearing, but this isn’t the end, Keep your confidence High, Go beyond certain markets & move to the unlocked market & keep doing events which you are born to do.
- We will make it up – We still believe all the losses we have gone through in the last 1.5 years will make it up in the next 6 months if the market is completely opened for us. As the event season is coming up from Aug to Jan we still can be positive about it.
- Hope – Most of the event organizers or owners of big event companies are self-made, not family-owned businesses. They are used to tough times, they are used to struggles, they all believe in a Brighter future – so keep the hope alive.
Conclusion – Tough times are going to stay a little longer than we expected but it’s just testing time for all event industries. This time shall pass too. We all need to stay strong & hope for a better future. Trust me there is a brighter light at the end of the tunnel.