Apart from creating a health crisis across the globe, the impact of the novel Coronavirus has also taken a toll on the event industry. With social distancing becoming the need of the hour to ensure safety and combat COVID-19, it is critical that we follow the precautionary measures suggested by the government.
While the world economy has been adversely affected by this global pandemic, we believe with every challenge, there is an opportunity as well to come out of the crisis. Considered to be one of the fastest-growing sectors in the country, the events and entertainment industry is one of the promising sectors for a developing nation like India. Apart from having a multiplier effect by creating job opportunities, it has also empowered the industry with on-job experience by bridging this need gap and opening avenues into the international market.
With multiple global and domestic events getting cancelled or postponed over the past few months, we have observed that most of the conferences, industry events and meet-ups are taking place on digital platforms. While the event and entertainment industry will have to adapt innovative ways to drive revenues and monetize on online events immediately post COVID-19, it will be critical evolve from the traditional methods and relook at the various hybrid event models along with critical support of technology and infrastructure to recover the losses.
While technology has currently become the lifeline across industry, however, it is going to continue to be the paradigm in this sector. With members working remotely from the physical location, organizers can strategically combine the virtual and physical aspects while planning an event and maximize on their presence through sponsors and not limiting the event to a particular physical location.
Considering the trying times, with the events industry being completely shut and companies reeling under the pressure of debts has left a large number of daily and freelance workers out of wage resulting in a drastic impact due to mounting fixed costs on the vendors and organisers. While the market will evolve over a period of time, there may be a sizable part of the industry that may succumb into the process and in order to combat the crisis, it will be important for the event organisers and venue owners to join hands and support each other in recuperating from the same.
Mazhar Nadiadwala, Managing Director, Dome Entertainment.