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How COVID 19 has affected the Event management Industry?

  • The Events, MICE, Wedding industry is an integral feeder market for both the hospitality and tourism sectors and like everything else has been hard hit by the pandemic and the lockdown.
  • 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 organisers in a puzzled state of mind.
  • The report highlights the loss of business, the revenue impacted, employers affected and the funds required in the long run to attain stability.
  • The event and entertainment industry is going through challenging times since the outbreak of the corona virus and announcement of lockdown.
  • The economic disruption has led businesses across various sectors to see a huge downfall in their growth.
  • The worst affected are the event industry who are witnessing a major dip in their business due to the cancellation of events worldwide.
  • Due to which, there has been a significant spike in the number of webinars, online discussions and live chats to keep the industry active.
  • However, the daily wage workers and the small and medium scale agencies associated with the trade are facing the brunt and need immediate support, both from the events community and the government.
  • Sanjoy K Roy, president, EEMA, said, “The COVID-19 pandemic will impact the entire business community, and our team is focused on ensuring the health and safety of our employees. Industries have already faced.....
  • ...an interlocking set of financial challenges for which we filed a petition to the government of India. The sectors are getting into a financial crisis which might soon result into increasing unemployment ratios....
  • .....We hope that the Government takes the required decision which can help the country to survive with the results of the pandemic.”

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