Tier-II markets in India will provide growth opportunities for live events noted the 2024 Ficci EY Report.
As infrastructure develops, per capita income grows and brands look at more towns apart from the top eight metros, the scope for events will increase across tier-II cities.
According to GDP and per capita income data, the report expects Surat, Jaipur, Ahmedabad, Vizag, Lucknow, Patna, Ayodhya, Trivandrum, and Cochin to be the next cities where events will thrive,
The live event segment can reach Rs. 143 billion by 2026. Event company CEOs remain bullish about 2024.
- As more affluent people avoid advertising by consuming subscription products, events become a more important mechanism to reach such audiences
- 92% of event company CEOs surveyed expected the events sector to continue its growth in 2024 and this sentiment corresponds with our survey of marketers, where 63% of respondents expected their events spends to grow in 2024 and 2025
In 2024, the report expects growth to be driven by:
- Government events, particularly linked to the general elections and cultural showcases
- Growth in conferences and exhibitions, as business opportunities scale due to our US$5 trillion GDP
ambition - Ticketed events, particularly music concerts and sports events
- Personal events and weddings, as affluence continues to grow in India
- 79% of marketers expect to increase their marketing spends over the next two years, which will lead to an increase in sponsorship revenue for various IPs and events
Support international formats to launch in India
- With the advent of premium venues like NMACC Mumbai, the number of international events, acts and performers entering India to tap the potential of its growing affluent population will increase
- The report expects to see growth in premium event venues across Ahmedabad, the GIFT city, Kolkata, Bengaluru and Chennai6, which will further give a boost to such events
Celebrate brand India
- Governments are all focussing on the culture and monuments in their states, to latch on to the growth in domestic tourism.
- This provides opportunities for annuity cultural events at a state and district level, as well as sound and light shows and the like across Indian monuments.
From event companies to community managers
The real power of events comes from their ability to create shared experiences by bringing people together simultaneously and in the same place. However, this is for a short duration. As brands clamour for longer periods to engage with their target audiences, events must adopt a digital avatar – the community.
- An online community does not replace those events, it simply allows for longer engagement periods with audiences, and this can provide a revenue upside, and higher valuation of event IPs.
- The key advantage of online communities is generating first-party data. Such data is valuable for demonstrating an event’s success to sponsors/ partners and provides event agencies and future sponsors with valuable information about attendee preferences.
Non-music ticketed events
- In 2023 in this category sports remained a strong growth driver with events like the IPL, WPL, the Cricket World Cup, PKL, ISL, and KhoKho, all catering to an increasing number of fans
- Comedy shows and stand-up performances, education shows, fashion events, health and wellness events made a strong beginning, with both domestic and international acts generating significant interest
Live entertainment/ ticketed events
- Rising per capita incomes have also led to the significant growth of ticketed events, with music concerts, comedy performances, sports and other entertainment events all growing in 2023
- The proliferation of online ticketing platforms has made it easier for consumers to discover, purchase, and attend events and has aided in event marketing to create increased awareness
- The number of ticked events continues to rise, including international artists and festivals visiting India.
- Consumers witnessed many international musicals like The Sound of Music, ABBA’s Mamma Mia!, and West Side Story, at the premium price range
- Several Indian and international artists, including Zaeden, Bastille, 50 Cent, Westlife, Deep Purple, The Backstreet Boys, John Legend, and others performed in India either solo or as part of festivals like Lallapalooza.
