How Covid disrupted the Event industry

How Covid disrupted the Event industry

It's almost been a year since the covid pandemic outbreak and even still, major sectors are fighting to bounce back from the hit they have faced in the past year. All the major operating sectors like manufacturing, IT, travel and tourism, and the event industry have been majorly impacted. Every industry has found a new way to tackle the pandemic and its effects.

 

The Event Industry

Event management is an organized and conducted process of carrying out a specific activity to benefit a person or a group of people or an organization. An event can be a celebration, corporate seminar or conferences, or a promotional activity event. 

The event industry is doubtlessly one of the hardest-hit industries in the times of covid. With many social distancing rules, government restrictions, and a fear of the pandemic, the event industry has accounted for huge losses in these times.

 

The Events and Entertainment Management Association (EEMA) recently conducted a member survey with 170 companies that were affected by COVID-19. Some of the major findings of the report were:

  • Around 52.91% of companies resulted in 90% of their business being canceled between March-July 2020

  • 63.1% of companies i.e. around 107 companies suffered from a revenue loss of up to 1CR

  • Around 7 companies envisage a 50%-80% retrenchment of their current workforce and 35 between 25%-50%

 

With such huge impacts visible and the data to back it up, it is evident that the event industry needs a revival. Elaborating on the impacts.

 

Major Impacts on the event industry:

  1. Unemployment and job losses:

With the industry losing a major chunk of its offline event business, most firms were forced to terminate their employees. Both skilled and unskilled laborers were afforded on a major level.

     2. The increased financial burden:

Many of the large-scale event businesses operate on bank loans. As lots of events including major music festivals and Award shows, Olympics, and weddings stand canceled, the loan burden is becoming heavier with a lack of resources to generate continuous income. Many people who had bookings for halls or venues are skeptical of carrying out the event and hence there is no clarity on the possible future dates.           

     3.  Alternate ways:

Many corporate firms that used to go for offline events are now considering virtual events on applications like google meet and zoom a more viable option. The virtual events are also becoming something of a trend with lots of major product launches taking place on platforms like MX player and youtube among the other streaming options.

 

What the future of the industry looks like?

With the pandemic and the new ways of adapting to change, the event industry will certainly not go back to being the same again. Virtual events are gaining momentum and they are here to stay. But along with virtual events, the comeback of offline events is now very likely and offline events like weddings have also started taking place. 

The norms of social distancing and the vaccination being introduced in the market, are certainly a tell-tale sign of the bounceback of the event industry. The event industry will stand tall again also because of the more demands of events becoming a trend. Previously, celebrating a birthday party at home was a cool thing but today people prefer to celebrate it in style with a perfectly planned event.

The Instagram celebrities also throw parties for reaching a certain number of followers which is certainly a good business opportunity for the event industry. With these new trends coming into play, the event industry will in no time cover their losses.

 

Also, among other things, proper norms of contact tracing and social distancing are required to be followed strictly to contain the spread of the new virus strain.

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