Having worked in the events industry and witnessed first hand the influence of in-person events, it's hard to consider a future where concerts, tradeshows and conferences are conducted in the virtual world (or even worse- cease to exist).
But now, in 2022, we find ourselves questioning where the events industry is heading next. Is now the time to fully embrace digital? Will there still be in-person events in the future? Will we soon be able to attend live shows from our sofa?
What does the industry look like now?
Following on from the obvious decrease in event activity, attendance and revenue generated from the industry over the last few years, we have seen a return to the event scene that has given promise to a prosperous future, whilst also presenting areas of opportunity.
Although some events have had to adapt to the current climate, there is still uncertainty surrounding consumer motivations and desires for attending in-person events- especially with the increased discussions around the metaverse and the evolving digital landscape.
Larger shows may also have reduced in size due to the side-effects of COVID, and to shift the focus from content to creating improved event experiences.
So what about the future?
If you couldn't tell, the world has already undergone drastic changes towards digitalisation. In the UK, the DCMS (Department for Digital, Culture, Media & Sport) shared their governmental plan with a heavy reliance on:
📲 The improvement of the current digital infrastructure
🧑💻 Better use of technology and data
🤖 Improved utilisation of AI (Artificial Intelligence)
With the nationwide implementation of 5G, we could start to see an improved integration of technology within exhibitions and conferences. This will have a beneficial impact on event security, speed of planning and the overall event experience (to name a few).
"Communities will interact through . . . virtual and face to face experiences . . . this trend will facilitate and accelerate hybrid events and a new generation of face to face event experiences." Marco Gilberti in Forbes (Events Specialist, Writer & Entrepreneur)
On a depressing side note, there are many industries that are going to feel the strain of rising energy prices, and events are no different. Although this may sound promising for event suppliers; it may deter organisers, or lead to decreased spend on event delivery.
Moving the Industry Forwards
Take steps towards making the industry more 'tech-smart' Linking into my previous post (disgraceful plug); a group that may be able to harness the positive impact of technology are Gen Zers. I'm not just talking processes either, there are many technological advances that the industry still struggles to embrace (i.e. Virtual/Augmented Reality (VR/AR), digital engagement, and artificial intelligence). Digitalising the planning process by better utilising AI-powered workflows could decrease the time spent on manual processes and make better predictions on event-related supply orders. Exploiting the predictive power of AI can lead to a more effective planning process and remove unnecessary friction with the client.
Introduce more hybrid events Building on from the previous point, there is a real gap between the capabilities of technology and its application into the industry. Having hybrid events (a blend of virtual and in-person) is probably the most realistic move when considering the transformative state of the industry. From a virtual perspective, it doesn't even have to involve headsets and expensive set ups- just utilising the power of online streaming. There is a short life span attached to in-person events, whilst this isn't a bad thing for generating repeat visits, this does limit income generation. There is the opportunity for events to charge for both digital attendance and for recorded content from speakers at conferences or exhibitions. This library of content can also be used to generate marketing material for events, and as a source of income when shows are in the planning stage.
Be more creative with space The 2020 Tokyo Olympics and 2022 Commonwealth Games both reimagined regular public spaces into temporary sporting venues to great effect. This, almost disruptive event placement, gives rise to reaching audiences in suburbs that may not usually be exposed to event marketing. The venues that have a heavy reliance on exhibitors or conferences may find that sacrificing event space/size in exchange for more memorable experiences, may attract a larger audience. Event venues may even have to rethink their event spaces and create 'micro-events', which transform spaces into digital spaces for virtual reality event experiences. These types of digital shows can still benefit from the networking aspect of in-person events and can even be more immersive (if done correctly).
Concluding thoughts
It's obvious that the industry struggled to regain momentum post-pandemic, but as event attendees and organisers become more confident, we should start to see the industry grow once again. However, we will have to see what that growth looks like. With the improvement in the digital event infrastructure, we may start to see virtual/hybrid events sooner than we think, which could welcome a new, exciting era of events.
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