The event industry was already confronting slowdown grieves and along came Corona outbreak, which doubled the impact on it. It has been more than 2 months since the Event Industry started its plummeting phase. Coronavirus prevention by cutting public events including marriages has been taken as precautionary measures to stop the spread of virus.
Event Management, Event Organizers and Event Ticketing Systems have all come to cessation. Currently, there are no platforms left selling tickets online and for obvious reasons. This applies to the movie industry too! Event ticketing platforms are all left with no events to list at all.
Corona virus has appallingly terminated performances happening at movie theatres, stadiums, podiums, halls, auditoriums and such other platforms.
According to trustable sources, the event industry was expected to cross RS.10000 Cr mark by the year 2020-21. This expectancy will now have a 90% drop due to coronavirus. Every single event starting from weddings, festivals to product launches and high priority corporate forums have been dismissed in the midst of the corona chaos.
How can the event Industry Recover from the corona Virus Aftermath?
The professionals in the event industry will now be more conscious about shielding their profession with proper insurance, contract clauses and other contingency plans. Proposals of government backed-up plans are also circulating.
Even though events are about people coming together sharing experiences, people have started preferring events to be Virtual which is a good stop-gap method.
Another important factor is the confidence that is gained eventually with time. People need to build their confidence in going out in the public overcoming their fear of getting infected with corona. This is a highly variant contributing factor of overcoming the coronavirus fear for the event industry.
Event Industry after CoronaVirus: The Misery!
What are the highlights to mention in the corona-hit event industry?
There will be large applications flowing in for loans to run the event industry business in the next 6 months. Also, the companies will have to rely on the working capital to balance their future. Many of the companies are expected to raise capital or debt from institutions or shareholders, VC funding etc.
The daily wage workers and the small and medium industries in the event management spectrum are the most suffering proportions. The brunt magnitude of the crisis for these sections is turning agonizing with each day passing.
There was a live music show streamed online called ‘Live in Your Living Room’ on March 29. The show that lasted all evening was performed by Ankur Tiwari, Armann Malik. Naezy, Monica Dogra among others which were viewed by over two lakh people. This is the perfect example of how gracefully you can tackle some really tough situations.
In the current situation, virtual events are becoming a soothing idea for the event enthusiasts. IndiaEve has never failed to master the trends, we are here to promote your virtual events. IndiaEve to register, payment manage and broadcast your virtual events..