Events
Software will eat the events industry as it ate music, news and films
COVID–19 has accelerated the disruption of events industry. Zoom is for events what Netflix was for movies, internet for news, and Napster for music.
In 2000 Apple’s iTunes started the music download and streaming boom. It took 15 years for the music industry to grow again with Spotify. In the early 2000s internet changed the newspaper industry forever. In 2010 Netflix changed the video rental industry and then it went after movies, documentaries and TV series. In the same way 2020 will be the pivotal year for events industries. Physical events are not taking place. Technologies such as Zoom have stepped in. Though, they are clunky, and it will take time. At the same time, it has increased the reach of the events, and decreased the cost.
Rafat, founder of Skift wrote, “All types of business events are in danger of their revenue streams of tickets, sponsorships, memberships, and other types of fees being eroded. This is happening as the world gets used to digital formats and alternatives emerge to physical networking, matchmaking, and other tasks we get out of these events. The threat sounds familiar?”
Indian events industry may face the loss upto 1 lakh crore. It employs 6 crore people. The crisis will affect 1 crore people. There is an opportunity for new businesses to build virtual offerings for events across sectors such as corporate, sports, social and exhibitions.
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