A new year brings new hopes and new worries for the way meet ups will happen and the way the event industry will operate. Most expect the rollout of vaccines to accelerate the industry’s recovery. We can’t argue with the opportunity that virtual learning presents to our industry and the benefits that this new, connected environment has created. But the COVID19 crisis took a toll on the entire industry, leading to a 100% cancellation in all sorts of events across all the sectors.
The industry incurred a loss of approximately $666 Mn and many event professionals personally witnessed a loss of employment. The worst hit of all were small brands and local businesses. But with the development of the vaccine, there’s a ray of hope that the industry can finally start catching the pace. Although, reaching upto the levels of 2019, when the industry was booming is still a big question, we can expect a little better business in the coming time. For instance, many singers have already begun organizing live concerts in big cities.
Should We Have Hope?
Slowly and steadily things will get better, and more importantly, we’ll all feel better about our prospects because we’ll be heading back up. When people are able to access the vaccine, the feeling that we are exposing ourselves to risk will go down. As more people get access, it is logical to anticipate a gradual comeback to normalcy — provided everything goes well, and the vaccines are effective.
Face-to-face events will be more important than ever after more than a year of isolation, hindered creative conversation, lack of team bonding, and a void of strategic energy. Virtual events manage to connect people attending online, but the output of working in an offline environment is still much higher. By late 2021, it is expected that most audiences will feel confident in traveling to attend events. Virtual attendance will not be gone but give rise to something hybrid that is a blend of both, offline and online modes. Hybrid events will still be present, but the percentage of those attending in person will be higher.
The events management industry has undergone a profound shift lately. Many events we previously thought were successful have been found to be in an urgent need of innovation.
For instance, shared taxis had to start taking special measures for safety. They added a plastic sheet that separates any physical contact with the driver.
For the events to successfully happen, people need to travel. Since there is no certainty of the travel restrictions, people generally avoid the hassle. As the fear of contacting a covid affected person still lingers peoples’ minds, there still is a ray of hope visible as the new covid vaccine drive has been started in the country. Hence, even in the future, the event management industry cannot expect an overnight surge, but it can never lose existence too. A ray of hope can be noticed as people have been attending and organizing events but it is not even 10% of how it used to be. To get back to “normal” will be a slow process.
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