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Tag: Events Industry

  • Innovation is the pillar of the new events industry

    Innovation is the pillar of the new events industry

    Over the last few years, the events industry in India has experienced exponential growth and transformation, as a result of advancements in technology, new opportunities, platforms, and so on. While earlier, the sector dealt primarily with small scale events, today, massive, elaborate events are a common sight, with people flocking to them from all over the country. However, large scale events like these require a great deal of ideating, innovating, and brainstorming, and often, are not executed as well as they could have been, owing to the challenges involved.

    The phrase “If you do something, do it well, or don’t do it at all” is one that almost all of us are familiar with, and resonates with me greatly. As such, I believe that in order to make an event a massive success, the backend work and preparation that go into it, are of tremendous importance. It isn’t just about the efforts, but rather, the innovative ideas, concepts, and execution that make an event exceptional. A few of the factors and key innovations which make up the backbone of the event industry are enumerated below:

    Out-of-the-box concepts

    Given the explosive growth that the events industry has seen over the last few years, a large number of key, established players have poured into the market, while many more new groups are making their way in, every now and then. This is why it is extremely important for an event to be able to set itself apart from the rest, to leave a lasting impression. Out-of-the-box thinking and innovative concepts help create a unique experience for the guests, which not only ensure that they have a great time but also makes them eagerly look forward to the next event in the calendar.

    Importance of unique venue design

    The venue selected also has much to do with the success of the event, as it provides the framework for the experience that the guests will be a part of. Gone are the days when a stage and sound equipment were all that you need to make an event successful. From open-air concert grounds and underground basements to nature trails and more, event venues have only evolved more and more, with time, and hence, need to continue pushing boundaries, to create the perfect ambience and environment that complement the kind of event being organised.

    Variation in lighting

    In any kind of event, lighting plays a major role in creating the kind of aura and ambience that will make it a success. Not only that, the kind of lighting used and the way it is used have a lot to do with the prevailing mood of the audience as well, controlling the ebb and flow of the crowd, and its energy. From colourful psychedelic lights to more sombre, grim ones, lighting is one of the most important parts of the fundamentals of an event, and as such, need to be organised and set up appropriately and accordingly.

    Technology used

    The options offered by technology have made today’s event industry dynamic, revolutionary, and highly interactive. From drones and VR to live streaming and more, event organisers nowadays have a host of options to help augment their events and make them larger than life. Additionally, technology has also helped streamline and organise the industry as a whole, providing various platforms, features, and innovative solutions for it to grow and evolve.

    Crowd-sourcing

    The concept of crowdsourcing, though an old one, was almost unheard of, even a decade back. However, today, the event industry has realised the true potential of crowdsourcing, and more and more talented but unknown artists are gaining exposure, as a result. Additionally, crowd-sourced events are affordable and cost-effective, while providing the audience with a chance to directly contribute towards making their desired events a reality.

    Marketing/digital marketing

    To promote any event, it is extremely important to plan a great marketing strategy keeping in mind the target audience for the event. An event relevant blog post can also help in reaching out to the audience considering a blog is a good strategy to showcase everything around the event. Blogs can be directly targeted to the audience through interviews with the speaker or performer. Email marketing can also be considered as the second strong channel in all industries. Also, social media has been the most preferred platform for planning, promoting and executing the event; it is used to create a buzz around the event with various content and allows the followers to share and discuss it.

    Owing to these factors, the evolving dynamics of event technology have helped improve the attendee experiences and the level of engagement, as a result of which, the event industry has today become highly competitive and sought after. Every event organiser attempts to ensure that they create an event which is out of the box and caters specifically to the audience, in order to guarantee success. The power of social media is also a huge boon, which helps in spreading awareness and engaging the target audience, even before the event, so as to build the hype and ensure maximum attendance. These elements teamed with effective marketing strategies, and attention to every detail, play the most important role in helping organise a successful event. Not only does that ensure the maximum number of attendees, but it also helps create a unique experience that is attuned to the guests and their specific preferences, because of which, they keep coming back for more.

    (The author is MD, Dome Entertainment. The views expressed here are his own and Indiantelevision.com may not subscribe to them)

  • Events & activation industry to touch Rs 5,779 crore by 2016-17

    Events & activation industry to touch Rs 5,779 crore by 2016-17

    MUMBAI: The events and activation industry is clearly on a roll in the country. According to the EY-EEMA (Event and Entertainment Management Association) report, the sector is expected to grow to Rs 5,779 crore by 2016-17.

     

    This growth will be on the back of marketers increasing their below the line (including digital) spends to 21 per cent of their total marketing spends. The growth will also be led by personal events, MICE (meetings, incentives, conferences and exhibitions), activations and sports.

     

    According to the report titled ‘Making experiences in India: The events and activations industry,’ the events and activations industry has seen a growth of 15 per cent annually from Rs 2,800 crore in 2011-12 to Rs 4,258 crore in 2014-15.

     

    The report states that while managed events remain the largest service offering, IP (Intellectual Property) and digital events are growing at a faster rate than managed events. The key strength of the industry remains its ability to get things done and the ideation and efficiency with which it operates. “That said there is a need for the industry to work on acquiring the right talent, managing costs, demonstrating ROI to marketers and increasing transparency in operations,” states the report.

     

    Non-metro markets are expected to increase in importance as marketers look to tier II and tier III cities for incremental growth, states the report. Digital events and activation is also expected to grow significantly on the back of smart phone penetration, internet availability and the cost efficiency of such campaigns for marketers.

     

    While the industry has reported very few M&A transactions over the last few years, there exists scope for consolidation. Valuations are driven by IPs owned, advertising agencies’ interest in activations, and digital events and sports leagues. On the taxation front, double taxation, taxation across multiple states, and varying and inconsistent application of different taxes are some of the challenges faced by the industry. Also, the introduction of Goods and Services tax (GST) could have a significant impact on the industry in terms of rates and implementation across multi-state activities.

     

    The report also states that the introduction of the new Companies Act, 2013, will result in some key changes in internal financial controls, compliance with more than 60 acts and regulations, and implementing a vigil mechanism to identify undesirable activities.

     

    EY also conducted a workshop with CEOs of the industry that resulted in Vision20:20 for the industry’s future success. It felt that the industry needs to work towards the following initiatives:

     

    Internal aspects: Improve the quality of talent through skill definition for various jobs, skill development, job security, compensation benchmarking and implementation of health and safety standards. The industry must build robust policies, processes and information systems to manage business efficiently and safely, and implement technology and automation.

     

    External aspects: The industry needs to work on its positioning to marketers, build an account focus and demonstrate returns more effectively. There is a need to improve the supply chain by developing quality vendors, implementing a system of vendor accreditation and improving overall risk management. The regulatory ecosystem needs to be made more conducive by simplifying taxation, permissions and copyright issues.

     

    Strategic aspects: The industry must build more IPs focused on defined communities of interest to marketers, and embrace the opportunity provided by marketers’ increasing spends on digital media.

     

    The report is based on the findings of a survey conducted via extensive discussion with over 60 respondents including the heads of events and activation companies across the country, along with inputs from advertisers and sponsors.

     

    EY India partner and media and entertainment advisory leader Ashish Pherwani said, “The events and activations industry holds great potential and this is evident from the considerable growth that the industry witnessed over the last few years.”

     

    Event and Entertainment Management Association president Sabbas Joseph added, “With a new government at the helm, there is a growing interest in the culture and people. The events and activations industry is best poised to capitalize on this opportunity and there is a crying need for a new world order – one in which event companies work along with government to create an events calendar that drives tourism and related industries.