The event industry is one of the many industries that was hit hard by the Covid-19 pandemic. With lots of events cancelled or postponed and millions of dollars lost across the globe, it is without a doubt that the pandemic will change the industry and might affect its trajectory and guiding system. Below are some ways we believe covid-19 would change the events industry.
2020 was projected to be a year of great growth for the global events industry, it was valued at 1.1 Billion Dollars in 2018 and was expected to grow at a CAGR of 10.3%, these projections have now changed due to the pandemic. The amount of loss recorded in the industry in 2020 hinders any of the projected ascension to happen.
However, the chances of the industry regaining its growing strength is very clear especially as in-person events are gradually coming back.
Incorporation of Virtual Components
As the pandemic raged, the industry was kept active by changing a good number of in-person events to virtual events and going through with already scheduled virtual events without hiccups. This will mean that event profs are likely to keep incorporating virtual components and better use of technology in face-to-face events.
There is now a big necessity to live stream events, record them and provide watch links for late attendees. The innovations birthed by virtual events will greatly be seen in other types of events going forward. This will also make it easier to change the type of event to host should the need arise.
The relationship between event planners and vendors may stiffen as one party may have to review cancellation policy so as to not incur more loss in case of an unfortunate incident.
We may see tighter contracts and cancellation terms that are carefully crafted. Vendors will try to protect themselves from losing revenue, while event managers will try to ensure they don’t pay for an event that may never take place.
Extra Safety Measures
Safety and security has always been a priority in events and now more attention will go to health safety measures. The pandemic has reiterated the need to ensure that security should not only be limited to safety of properties of attendees but should include their health. The event industry will invest more in the safety section of the industry and be sure that every attendee is protected.
The pandemic has turned a lot of people to introverts and the onus lies on the events industry to bring them out again, with this responsibility, event profs are to ensure that whatever event they are hosting is packed with valued content that the desired audience will appreciate.
People are still skeptical about going for in-person events, they want to be sure that the ones they attend will be worth their while, this leaves the event industry with the task of giving them the value for their time.
The event industry may have suffered a lot of loss due to the pandemic but it is a strong industry that is sure to bounce back and take its place at the top.
The changes inspired by the pandemic in the industry will all contribute to it rising again.