On A High Growth Path

If you look at the past decade, the events industry has witnessed phenomenal growth. Some of the big factors driving this growth include the growing spends on experiential marketing, increase in the number of tier-2, tier-3 events and increase in spending on political events.

At the peak of the Covid-19 pandemic and in its immediate aftermath, the events industry was one of the worst hit sectors. As per the latest data available, the organised events industry stands anywhere between Rs 10,000-12,000 crore, employing around two million people. A large part of it still operates in the grey area, especially the weddings industry, and for the sector this is a big challenge to address.

Also, in the absence of proper government support (the events sector is still not recognised as an industry in India), the sector is facing myriad issues, from daily wages to finding the right talent. There has been an ongoing dialogue between the Events and Entertainment Association of India (EEMA) and the government, but nothing has come to fruition yet. Samit Garg, the newly elected president of EEMA, is all set to take this conversation forward with the higher echelons of the government.

Despite all these challenges, the organised events industry in India is poised to grow by 25 per cent YoY. Part of this growth is fuelled by the pent-up demand caused due to the pandemic. It is worth mentioning that the industry is one of the significant contributors to GDP.

Rise of hybrid events

Evolution is an integral part of any successful sector, changing and adapting to market demands is critical and event players have aced it. Over the past two years, there has been a steady rise in the number of virtual events. During the thick of the pandemic, the events industry witnessed mushrooming of event-tech platforms that offered a big relief to the sector and helped it sustain itself economically to some extent. Now that virtual part has merged with in-person events and hybrid events have become mainstream.

Speaking about the rising use of tech in events, Ruchin Kohli, Founder, Occasion Xperts, says, “We are living in a phygital world and Covid gave birth to a hybrid model of events. The number of virtual events has definitely gone down since live events are back. As far as the future of event tech is concerned, it has great potential and there is a lot of dependence on technology. It has made this sector more organised and tech also helps to create experientially ‘wow’ moments for attendees”.

Key growth areas

With the ongoing festive season and the upcoming wedding season, the event industry is poised to make the most of it. Also, this happens to be the first festive/wedding season post-pandemic where restrictions are non-existent, so a record-breaking season is expected in 2023.

Overall, the scope of events has been widening and the events and entertainment industry today encompasses events like fashion and celebrity shows, film awards, virtual conferences, celebrity promotions, road shows, musical concerts, Bollywood shows, Reality shows on TV, company conferences, banqueting facilities, tourist attractions, sports, culture, corporate seminars, workshops, exhibitions, wedding celebrations, birthday parties, theme parties and product launches. The continuous rise in the number and the scale of all such events has emerged as the main growth drivers in the sector. Also with the upcoming elections in many states, the industry is set to undo the damage of Covid-19. The only recurring demand for industry stakeholders is to see it getting industry status at the earliest. 

“We were really expecting some SOS measures for our industry in particular and are extremely disappointed with the lack of empathy towards us. We do not come under the purview of any ministry that is actually taking cognizance of what we do. Hence, industry status is absolutely important for us to stay afloat and excel going forward. It is high time we realise the potential of this sector that generates huge employment. The only silver lining is the increased government expenditure which may yield more business opportunities for us”, shared Sharad Chaudhary, Founder, Dreamz Production House.