How Is COVID-19 Changing The Business Events Industry?

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Following the outbreak of COVID-19 across the globe, quarantine laws have been passed in almost every country to stop the spread of Coronavirus. This has affected all businesses globally.

It’s no secret that aviation, sports, tourism, entertainment, and events are some of the sectors that are groveling under the pandemic. The business events industry, in particular, is amongst the worst affected.

The Rise of New Challenges

In a matter of weeks, hundreds of events have been either postponed or cancelled. And it is clear that organizers and planners are now being faced with new challenges. They have to find means to recover the losses caused by the pandemic. At the same time, the safety of the workers, attendees, and sponsors cannot be compromised.

How Is COVID-19 Changing The Business Events Industry?

At this critical junction, the gravity of the situation must be acknowledged. But the value of events cannot be ignored. This has led the events industry to rely on technology to meet some of their needs. The need to fast adapt to the changing times has led many to realize that virtual events is perhaps the only possible means to keep the show running.

In this regard, Microsoft  has announced its plans to make their upcoming events digital. The company is even preparing for making their events online for the first half of 2021. Similarly, some have been successfully organizing hybrid events where a few important people gather at a physical location, while the audience participates in the event remotely.

In the last few weeks, there have been a good number of conferences and meetings that was held online. The events sector seemed to have found a perfect alternative in a disruptive and challenging situation, but it’s not.

Before the outbreak of the virus, very less people used technology to conduct a meeting or other similar events. And therefore, not everyone have access to the right devices or technology. In many ways, they were not prepared for a time like this.

Technology is incredibly helpful, there’s no doubt about it. But it does not solve the problem. In a survey conducted by the Professional Convention Management Association, more than 1700 business events professionals participated. Based on their response, about 75% of events that was scheduled for March and April were either canceled or postponed. The statistics alone should give you an idea of how the pandemic is affecting the business events industry.