I ran an extremely successful events company Social Cooking, hosting public and then big corporate cooking events for 10 years. We were fortunate to have exited pre COVID.
The concept of consumers or corporates not coming to events and dealing with bad weather, & slow uptake is not unusual for the events industry, with the earthquakes, GFC type events, recessions, corporates flipping, seasonal lulls and changing trends all contributing to the uncertainty.
The events industry contributed 500 M into the NZ economy per annum. Our look shows more than 5,000 events have been cancelled to date. A further 3,393 events are postponed indefinitely with another potential 5,000 to follow in the next six months.
Given Covid is no earthquake it’s going to be extremely tough for the events industry but whinging and sending press releases about it and asking for government handouts when every other industry is doing the same isn’t going to fix anything.
Event companies will need to be resilient, Move Online, try revolutionary new things.
Worse still the talking head industry lobby groups are doing themselves and their members a disservice and should rethink their role. They should be looking for new models, revenue streams, arranging innovation workshops or they will be defunded and cast aside.
The industry needs to pivot and change the business models. Work to get consumers more engaged to match up with consumer demand.
I have recently invested with an online boxing game Round 4 Round boxing.
This company is looking at it exactly the right way.
Grow, pivot and go where the people are going. Online. With these emerging technologies for every 1 job lost this type of online game and event experience we will create 2 new kiwi jobs.
The company Round 4 Round is bullish and so should the events industry be excited about the future if the embrace online.
Internet traffic has gone up by 360%.
The events companies have to be innovative & look to new technology, apps, remote conference scenarios and new tech to deliver brand experiences and generate new income.
With travel restrictions, border closures and consumers not wanting to gather in groups this pandemic is just a test run for more to come.