Event IP industry poised for positive growth in India: Deepak Choudhary

Deepak Choudhary, Founder & Director, Event Capital, traces the rise of event management in India. As a serial entrepreneur, Choudhary has seen the changing face of the events industry, and has been an intrinsic part of the overhaul in just a span of 15 years. Today, he has successfully diversified business opportunities for flourishing start-ups and created bankable live event IPs across genres.

The excitement we witness during a cricket match is something a lot of Indians can relate to. The thrill of watching something live has its own charm. 

As per an EY-EEMA (Event and Entertainment Management Association) report, the events and activation industry in India is expected to cross Rs 10,000 crore mark by 2020-21. It cannot be ignored that the industry has grown from Rs 2,800 crore in 2012 to a little above Rs 4,300 crore in 2015 (Source: The Economic Times- Events industry to cross Rs 10,000 crore by FY21: Report). The likes of Sunburn, NH7, Enchanted Valley Carnival, Bollywood Music Project and VH1 Supersonic have gained a lot of popularity among people who follow these events and even those who may not necessarily be interested in the genre of music performed here. 

The components of events are not limited to the entertainment industry or cricket. There is a set audience for other components like theatre, talks, interactions along with weddings and family get-togethers as well. The clients that these event management firms work with are varied. These include individuals, families, other organisations, the government or even communities and cities. While there are specialised event managers who cater to only a bunch of any type of clientele, it is not surprising to see most companies managing all of these. 

Understanding the revenue pattern of the event industry can explain this huge sector. The event does not profit from ticket sales alone. Rather, it is a combination of various factors apart from the audience which include sponsorships, brands and advertising as well. Some events are targeted to a particular type of audience. For example, the theatre industry may have a segment of theatre loving audience and may not include others, unless influenced by peers. Hence, apart from the number of tickets sold, a lot also depends on the quality of audience. 

The event industry is a space of constant juggling as people run about to meet deadlines and indulge in a lot of management problems. When an event like a concert takes place, hundreds of people are involved from the ideation to management to logistics to support functions. How do all these coordinate and make it possible? The industry has come a long way from educating the society about the professions with regards to whom are we organising the event for. The challenge here was to convince the client that the event managers can actually organise their event better. The second step was to involve and work together with a plethora of support functions like logistics, media and advertising agencies, even people who offer transport facilities. 

Apart from the client, they also have to understand the changing trend of how people see an event. Today, there is a lot of emphasis on bringing the occasion to life. To create an aura that would leave everyone spell-bound is something the event management companies or individuals compete for. We cannot ignore the financial aspects of the profession. 

Event management as an industry is more than what it was deemed to serve previously. It is not only about planning, but it brings together creativity, ideation, technology and thinking on your feet. It is one of the sectors where one can work as an individual or as a company. 

While the numbers mentioned previously project this profession as one with a lot of scope we have to look into the financial setbacks suffered by countries in the recent past. Many ponder over how the event management industry will shape up in the future. The answer seems to be staring at us every day. Everything – from personal occasions to large scale concerts – is growing in the way it is organised. This will lead to internal organisation in the event management industry as well. While we look at smart cities in the near future, this will only mean a beneficial space for the industry. With the live event business gaining popularity, the EEMAX Global report had predicted a positive growth for the event IP industry in India.


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