The Future of the Events Industry

Events are an important part of the global and national economies, playing a supporting role for most other industries and generating significant spending. Thus, it’s inevitable that the sector will eventually recover, though it remains to be seen how different countries will tackle the situation.

Government support is going to be crucial

Governments will need to keep the pandemic under control while lifting restrictions, so the recovery of the events industry will depend on a positive evolution of the situation in each country.

In the meantime, the events industry and all its stakeholders – from venues to suppliers (AV, catering etc.) and freelance event planners - will heavily rely on assistance to overcome this difficult period. Government support will be crucial, and governments can help (and are helping) in many ways, through job retention schemes to combat redundancies, as well as other types of support for businesses and freelancers.

Virtual events will be a life-line

At the moment, virtual events are an important way of keeping the events industry on its feet. For most businesses, virtual events are essentially the only way of currently hosting an event. However, the trend won’t fade once regular events resume their activity, but will form a central part of a new events landscape – one where online attendance options will be a part of most events, making hybrid events a norm.

Countless businesses in multiple industries have already experienced the benefits of online events; they offer access to a significantly larger pool of attendees – after all, geographical location doesn’t matter for a virtual event – and come with a lower budget requirement.

Thus, businesses who invest in online events tools now will maintain a significant competitive advantage even once the industry starts getting back to normal again. 'Normal' won't be the events landscape we're used to, but one which will inevitably be shaped by the current times.

Post-lockdown events

Businesses need to remember that even after events are allowed again, they’ll still need to deal with uncertainty, at least in the near future. Until we have an effective vaccine or treatment for COVID-19, the number one priority for event professionals will be the implementation of all the necessary protective measures to ensure the safety of the public and their staff, as advised by the relevant authorities.

The new global Safe Event Scheme could also become an important part of ensuring events are planned responsibly, offering an international accreditation proving that the event followed best practices (in regards to COVID-19) across all key stages – planning, provision, and performance.

Reassuring attendees that the event has taken all necessary precautions will be crucial if the events industry wants to recover quickly. It’s not enough to be able to host events – we also need people willing to attend.

When the crisis hit several months ago, the events industry wasn’t ready. As we’re facing the possibility of a second wave of COVID-19, event professionals need to also consider setting better policies to minimize the financial consequences of potential cancellations, last-minute changes, or postponements.

Flexibility and adaptability to change – valuable skills in the events industry – will now become more relevant than ever.