Impact Of COVID 19 On Event Industry And The Future
1) Around 52.91% of companies resulted in 90% of their business being cancelled between February-July 2020.
2) 63.1% companies i.e. around 107 companies suffered from a revenue loss of up to 1 CR.
3) Around 7 companies envision a 50%-80% retrenchment of their current workforce and 35 companies between 25%-50%.
4) The ideal working capital/loan expected to keep afloat for the next 6 months is around 2-5 CR for 39 companies and 1-2 CR for 118 companies.
5) Around 97 companies will need to raise capital or debt from institutions or shareholders.
Organising religious conferences, weddings, parties, festive gatherings will now be a challenge and there will be a mandatory requirement of multiple approvals which may involve a lot of paperwork hence leading to a restricted version of the originally planned event.
The impact of the cancellation of the business events was significantly extreme. In fact, the events that were scheduled for the end of the year have already been postponed to 2021. All corporate meetings, AGMs, partner meets, product launches, tech and non-tech conferences, seminars and association meets – all these are broadly categorized as “Business Events”.
3.Exhibitions and Trade Fairs
Exhibitions and trade fairs alone sum up to 60,000 events in leading 11 countries. These events generally observe a huge gathering of buyers and sellers across all domains and provide heavy business to the venues and convention centres. These vendors will be the most affected due to the coronavirus lockdown since a major portion of their earnings is through sponsorships and exhibitor participation.
4.Sports, Entertainment and Tourism
Events that are organized to support tourism and regional business have called off their current year’s editions, and therefore the most up to date example of which is the Expo 2020, Dubai that was previously scheduled in October 2020.This sector also witnessed the cancellation of the Tokyo Olympics and other events like the Football leagues internationally.
● This time it’s the virtual world that connects people who are sitting at their homes waiting for these hours to pass. Virtual events are a sigh of relief as they emerge victorious within the battle against geographical barriers.
● Event industry is using several platforms for hosting 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 amongst others.
● The current times have noted the rise of advertising methods which are highly consumer-centric, dynamic and engaging. With consumers being restricted within their homes, their usage of social media has increased.
● In the wake of this present trend, several organizations are resorting to their online platforms to generate awareness, drive traffic and promote upcoming virtual events also enhancement of viewer participation.