How does the Covid 19 pandemic affect the event industry?

The Covid 19 pandemic has made a long-term impact on the world economy in general and hit the event organization hard in particular.

The Covid 19 pandemic has made a long-term impact on the world economy in general and hit the event organization hard in particular. Many planned events were subsequently canceled due to the implementation of a social quarantine to protect public health. Facing these challenges, many businesses have quickly adapted and "paved the way" by means of online events.

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How will the 2020 pandemic impact the event industry?

The danger level of the Covid 19 pandemic has been repeated many times in the media from major domestic and foreign newspapers. Reality has shown us that the immediate difficulties are not as small as hundreds of thousands of people died, the closure of the borders of nations, the economic stagnation, demand and purchasing power decreasing, and more.

Particularly for the event industry, a series of programs, concerts, conferences, and more have been planned but still canceled or converted worldwide. Therefore, is there any direction for the event industry this year and next time? The trend of transforming the organizational model from direct to online is a "savior" for many businesses. This is an effective method to help businesses adapt to the real situation and reduce the pressure from the difficulties caused by the pandemic.

As of June 2020, event planners still put online events on top priority.

This approach helps to deal with the disadvantages of a live event and increases the reach of potential customers conveniently and quickly.

The best example of this is the One World: Together At Home show co-organized by WHO and Lady Gaga in April 2020, which has attracted nearly 14 million participants globally and earned 50 million USD.

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What are the advantages and disadvantages of online event hosting?

In fact, online events have been around for a long time and are part of event planning. However, the Covid 19 pandemic unintentionally became a springboard to push this organizational model to develop. Furthermore, as online platforms develop, the conditions for successful online event hosting become greater.

The biggest benefit of this type of event is the removal of the geographic boundaries of the event participant. More specifically, live streams, webinars, and online seminars can reach a wide range of customers from different countries as long as there is a stable internet system and participants have connected technology equipment.

Thus, both reaching the right customers and saving costs are the advantages of online events.

However, concerns about security gaps of online tools, interactive connection rates, and a drop in ad conversions and profitability are still issues that have not been fully addressed in this category. this event.

In short, if there are enough flexibility and adaptability, then through the application of technology to the event, business units will seize more chances of success, becoming pioneers in the event. this field.