Overview of Indian Event Management Industry
Does the Events industry fascinate you?
Do you feel that your personality type and skill set to match that expected by the industry?
Are you wondering whether this will be a lucrative career option?
Read on to get a glimpse into the pace at which the Indian events industry is growing
What is an Event Industry?
Business management and organizational skills put together with a lot of creativity go into successful Event Management. As an Event Manager your expertise can range across being involved with parties, ceremonies, awards and felicitations, exhibitions, conferences, radio, television or reality shows, concerts, and today, virtual events along with the newer, more sustainable model of event management, hybrid events.
What does it require you to possess?
Interpersonal and communication skills, networking and negotiation skills, public speaking, and presentation are the essentials for you to step into and grow in the events industry.
Today, with the onset of virtual events, an in-depth understanding of the advancements in technology and their role in influencing the manner in which the industry is functioning, is another essential tool to keep in mind.
An industry that will grow multifold
The events industry is creative and regularly innovating. It is adapting continuously to new technology and has the potential to survive adverse economic and political circumstances as seen over the last 18 months or so. Creative content and constant innovation have played a key role in enhancing the growth of the industry and has been crucial in keeping things afloat during even the most distressing times of the pandemic.
Transitioning to the online, virtual space of event management was made possible because of the flexibility and the dynamic nature of an industry such as the event and entertainment industry. This only goes to show that its deep rooted resilience and never-give-up attitude is what defines the success of the industry.
COVID-19 And The Event Industry
The EEMA [ Event and Entertainment Management Association] recently conducted a member survey with 170 companies that were affected by COVID-19 and some of its significant findings were:
- The report highlights the loss of business, the revenue impacted, employers affected and the funds required in the long run to attain stability.
- Recently EEMA had filed a petition appealing to the Government of India to intervene with measures to support the lives of the 60 million Indians the event industry employs – directly and indirectly.
Contribution of various segments to the total revenue of events industry
- Digital Events are the most popular and are earning heavy revenue for organizers today. These are expected to contribute 8% of the total industry revenue.
- The Managed Events segment has the potential to generate 53% of the total revenue in the coming 4 to 5 years.
- Activations have the second highest potential at 22%.
- Intellectual Property events account for only 2% of the total number of events. They contribute 17% of the industry’s total revenue.
- 75% of clients of event firms are corporates. Among these 36% are Indian companies and 19% are The Government and Public Sector contribute 11% of the total business. High Net Worth individuals contribute 9% and associations constitute the remaining 5% clients.
Reasons for growth
We can attribute growth of the industry to digital activation and rural expansion. Growth in the number of mini metros has also played a key role. The rise in the number of sports events and increased Government marketing initiatives has given the event industry a new face. The last decade has seen a leap in the number of reality shows in the west and India too has followed a similar trend. We find that the purchasing power of people is increasing and hence there is an increase in product launches. The number of personal and family events has also increased.
Apart from this, the influx of global trends, ideas and creative initiatives are taking the world by storm, giving the industry a plethora of opportunities to make the most of the current times, to take risks, to explore new avenues and venture into collaborations, all pointing towards one thing – perpetual growth and sustenance of the event industry.
Latest trends in Event Management
- A Hybrid model of event management, that is the perfect combination of the benefits of the virtual space along with the accessibility and familiarity of on-ground events is something that the industry has shifted towards since the onset of the Coronavirus pandemic. The latest technology makes it easily available and affordable for masses, along with the numerous other benefits that an event management model of this nature will constitute.
- AI has a role to play from the time of conceptualization of events till the organizers collect feedback.
- Crowdsourcing is a norm today.
- Old is no longer gold, and so creativity, innovation and up skilling is where the future of the event looks most promising.
- Venues are no longer stadiums and convention centers but have opened up a whole new world on virtual platforms. Various applications, tools and websites offer a range of features, making it easily accessible, navigable, cost and time efficient and convenient for both the event organizers as well as the customers.
- Real time data is being used for deciding shape and course of events.
- Event security is one among the priorities of organizers.
Event Management companies in India
In the past one decade, the number of Event Management Companies and hence the opportunities for professionals at different career levels has exponentially multiplied. Some of the best Event Management Companies in India are the DNA Entertainment Networks Private Ltd, Wizcraft, Scorpio Events Management Pvt Ltd, and Cox and Kings.
What does this mean for you?
Do you possess a creative streak? Are you looking to do something different? Is challenge and adventure what you are looking for? Event Management may be the perfect career option for you. Soon you may be leading an exciting team or working on global scale events. Further with experience and hard work you may start your own dream venture one day. The possibilities are endless.
Who could help?
team.i-the Entertainment and Media Institute, Bangalore, is the premier institute in Event Management. It comes with 16 years of experience and offers three courses that are carefully designed keeping industry needs and demands in mind. Its strong and unmatched industry network will make your goals and dreams come true.