Trends Exchange reports that the global events industry is up against its greatest test since the Great Recession and will rely heavily on making the tough transition toward virtual events in order to survive.
- According to Oxford Economics and Events Industry Council, the event planning business generates $325 billion of direct spending in the USA and helps support more than 5.9 million jobs annually.
Prior to the pandemic, Allied Market Research predicted the global events industry, valued at $1.1 trillion in 2018, would grow to $2.3 trillion by 2026
- COVID-19 will stunt this projected 10% year-over-year growth in the events industry. In order to adapt, events must transition to virtual means in order to save money, comply with new safety standards, and continue to exist post-pandemic.
Based on projections from Grand View Research, virtual events will grow nearly ten-fold over the next decade from $78 billion to $774 billion.
The trajectory of conferences & exhibitions, corporate events & seminars, promotions & fundraisers, music & art performances, sports, festivals, trade shows, and product launches will rely heavily on virtual event planners and software.
In 2020 alone, virtual events software companies are fundraising large rounds. Eventbrite secured $225M. Bevy.com and Run The World each secured $15M. Hopin raised $6.5M. And Airmeet raised $3M.
Each of these companies is working on defining a future where conferences, networking events, corporate seminars, festivals, trades shows and more take place on a laptop in attendee homes, not in large conference centers. But it’s no easy feat.
Entertainment-related events are making a natural transition to virtual. Instagram Live events like Quarantine Radio and Verzuz Battles are bringing in concurrent viewerships of upwards of 500,000 people. They’re pushing the upper limits of virtual events. How this success translates to the professional setting is still very much to be determined. – QuHarrison Terry, Future Thinker at Trends Exchange
The data and insights in this article were gathered by Trends Exchange. They have created a report which details the emerging virtual events trend, potential business models and ideas, the major players in this space, as well as the Wall Street incumbents who will benefit from this trend.