An otherwise buoyant Indian Event Industry is under huge pressure due to the loss of business activities. The industry is showing limited maneuvering through online events, live chat shows, webinars, etc. However, a quick recovery looks farfetched.
At the onset of 2020, the organized Event and Activation (E&A) industry in India was roughly estimated at around USD 950 million.
The B2B vertical was the biggest segment in the E &A industry, estimated to be around USD 560.5 million. The B2B activities encompass managed corporate events, government events, rural outreach, product launches, and numerous activation activities.
B2B business (excluding activation) was one of the fastest vertical, growing at a CAGR of 28% in the last 5 years. The activation space was growing at a commendable pace of 14%.
The sports event industry in India has also come from strength to strength in recent years. The current sports vertical is estimated to be around USD 129 million, anticipated to rise at 18%.
The overall industry was expected to reach around USD 1,575 million in 2022, growing at a CAGR of around 18.35%, as per the research conducted by India Watch. The growth in the E&A industry was fueled by numerous industries such as technologies, automobiles, FMCG, and Entertainment.
Wizcraft is one of the largest players in the industry with annual revenue roughly in tune to around USD 87 million. There are numerous other players such as Percept, DNA and Fountainhead, etc. with roughly similar revenue figures. Other major communication agencies such as Dentsu, Ogilvy & Mather (O&M), etc. have their event verticals. However, events comprise a small part of their overall revenue.
The Event industry in India in tandem with their global counterparts has been badly affected. In the wake of the COVID-crisis, activities have come to a near halt. Although lockdown suspension has been removed, a quick revival in the industry is farfetched. Most of the corporate will avoid face to face (F2F) meetings and events and prefer the digital platform. The industry will also face the heat of travel restrictions.
The challenging times for the industry were further underscored by the survey conducted by the Event & Entertainment Management Association (EEMA). The survey yielded more than 90% revenue loss for over half of the event management companies during the March- June period.
Players are actively looking forward to government intervention to support the industry through financial incentives. This will help the industry stay afloat in these tumultuous times before economic recovery will be restored.