Event industry has been long playing in the field, and it is estimated to still going on for a long time. Despite being hit by the pandemic within these years, the industry still has its way to conduct events. One of them is through the use of online event platforms whose growth is also escalating within these two years. If you are curious about market events, and how the industry is predicted for its long run, make sure to read this article below.
Event Industry Definition
What is event industry? For some, it may be an alien phrase despite it running for a long time already. Event industry is described as a professional service that is responsible in conducting an event. The industry’s player will mainly include event organizers—be it small or big one.
That said, party planners, wedding organizers, event organizers, or any other kinds of services alike are the people who work in the events industry.
Why the Industry is Still Going Strong?
The industry of event organizing is still going strong since there are companies and people who want to make an event that builds an emotional engagement from their audiences. That said, as long as the desire to entertain people still there, the industry will be go strong still.
There are lots of events which require planner, such as music concerts, wedding, birthday party, to a brand launching. All of these can be pretty wholesome if there are only a few people who work on such type of events. Hence, people should hire a professional team which can allow the hirer to save their time and focusing on the bigger piece for the D-day.
According to event marketing report sources, in 2020 event industry is the home of more than 1 million workers. In UK alone, such event management industry is consisted of 25,000 businesses. The industry is just another source of money for these people—and people do need their help to organize their events, be it small or a big one.
Type of Events
There are various events which will employ these self-employed or organized event organizers. Some of them will include these as follows:
- Music concerts,
- Sports events,
- Other celebratory events.
There will be still various kinds of event that we didn’t mention earlier.
You might wonder why these people hold an event. Some of them may even make it in ‘chapters’-meaning that they don’t only do the event once, but two or more times as the venue switches, for example music concerts, sports events, and exhibitions.
Knowing what lies behind the intention to conduct such event will be important in understanding why it is estimated that the event planning industry to surge up in revenue in 2028 by 40%. So, here are the reasons why people are holding events:
- Events are people gatherer. Hence, for some non-profit organization, it can help them to reach more people for their program faster.
- It is also about profit. Let’s say a brand is conducting a music concert. It is not about getting the people to purchase the product. Instead, it is mainly to promote the name first—which later will guide the participants into purchase.
- Events are also conducted in order to celebrate important events. Be it a personal event or a public event, event organizers are who they will call when it comes to the talk of making an event.
- Purely about fun. Sometimes people are throwing parties without any particular reasons. They want some fun, and to make a great event, party planner is called to make the scene.
Events which are the Most Profitable
With all those hard works being said, you may wonder what kind of events will bring the best profits for the event organizer. According to event marketing statistics, the profitability of an event depends on several factors, such as revenue source, age group of the target participant, and regions.
According to those data, before the music segment gives the highest profit for the event organizer. Wondering why? Here are some reasons why music concert becomes the most profitable events to organize:
- It is often conducted by large companies to gain interest from people. Hence, as long as the event organizer is trustable, they are willing to pay a big sum of money.
- The enthusiasts are many—and they come from various age range. From school-age kids to grandmas love music! Not to talk about the millennial and gen Z who are currently the highest in number. Music seems to be an inseparable part of their life.
- It often comes as a ‘sequel’, meaning that it is not conducted in one city only. The performer may be the same, but the place is different. And that will call another event organizer to help the company conduct such event.
- People are willing to pay more for some good music. After all, people think that everyday life is already a burden. Paying high for such event will be a stress-reliever for them.
So, that’s the information regarding event industry and what events are the most profitable in the industry. Hope this article is beneficial for you to learn about event industry.