As the nation grapples with the mayhem caused by the novel Coronavirus, not only is the physical and mental well-being of individuals that is getting affected but the economy is also facing the brunt of this menace.
The event industry is no stranger to this trend, with the announcement of the lockdown, the sphere of outdoor entertainment came to an absolute standstill. As per a recent report published by the Event and Entertainment Management Association (EEMA), the Indian event and exhibition market is bound to experience an Rs 1 lakh crore hit this quarter. The prevailing scenario put everyone, right from the artists to the organizers in a baffled state of mind.
However, it is rightly said, “when the going gets tough, the tough gets going.” Similarly, the event sector made space for numerous innovative ideas such as hosting events in such a way that viewers can enjoy the performance of their favorite artist right from the comfort of their homes. As per an analysis presented by Ernst and Young (EY), 94% brands aim at exploring the sector of digital IPs for the purpose of improved consumer attraction and retention in the new normal. Further, around 85% of these companies are taking active interest in developing the digital IPs, while 90% have identified alliances which will help them provide the same.
With these figures in mind, one must note that the dynamic sphere of events will not always have a digital orientation. Several experts have suggested that a gradual transition will be witnessed, which will entail three primary phases – phase 1 will be the initial 3-5 months, boasting about online events, followed by phase 2 for the next 6 months, marking the slow as well as contained start of physical experience with limited attendees.
Virtual events
The myriad technological disruptions have enabled the seamless online conduction of events, seminars, conclaves, meetings and conferences, involving a large number of participants. There are several platforms, used for hosting such activities, which offer features such as live as well as pre-recorded content, simultaneous running of varied breakout sessions, space for sponsors to showcase their products and services amongst others. Further, the ability to access the information later, even though the event is over, tends to be a great delight for the audience. Additionally, the user interface of these events is so robust that it provides the viewer with a very realistic experience.
Increased personalization
The conventional events could be characterized by multitudes of people, a large arena and a stage where the artist is performing his/her act. However, on being asked, numerous individuals mentioned that they could not enjoy to the fullest as they felt disconnected or uncomfortable by the overcrowding of the venue.
