The past decade has witnessed a phenomenal growth in the event industry in India.
With an estimated growth rate of 25 per cent annually, the industry is advancing by leaps and bounds. The industry too has seen a steady increase in demand for investments in the entertainment sector. Not just the entertainment sectors, other events which contribute to Indiaβs booming event management industry are the wedding industry, corporate events, social events, educational events, exhibitions, fairs and other events.
Credits: El Comercio PerΓΊ
One of the main challenges faced by the events industry in India is constantly innovating and offering the masses something different and new. Experiential marketing in the events industry that was earlier at a nascent stage has evolved to create a closer bond between consumers and brands to allow them an entertaining and memorable experience that leaves them enthralled. Technological advancements have made it important to stay one step ahead at all times. By staying connected we can ensure that we donβt face disruptions and operations are as streamlined as possible. Constant improvisation and planning helps attract more footfalls. Organizers can thereby turn around their events in a shorter time to optimize their engaged time window as much as possible and deliver memorable experiences.
Credits: Insider.in
The event industry in India is constantly challenged, with space crunch being one of the biggest problems faced. Apart from this, labour, cash crunches post demonetization, permissions and licenses are some other problems the industry constantly faces.
Despite numerous complications, the event industry has matured. Events no longer focus on one brand but now collaborate with multiple brands to generate additional noise and consumer attention. With India hosting their own major sporting IPs, opportunities for brand tie ups along with events are on the rise and a significant contributor to the growth and opportunities for the events market.
The number of weddings, concerts and exhibitions has also seen an exponential rise with more international artistes keen on performing in India and brands looking to enter the market with a bang. Here is also where the need for fully equipped venues across cities in India has risen to cater to the increasing demands. In Mumbai, there are very few venues which are equipped to conduct events of an international scale, one of which is Dome at NSCI, armed with a team of in-house experts.
Dome At NSCI
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With constant planning and investment from private as well as government bodies, as an industry, we should aim to soon match, if not overtake, bigger event markets. Β A recent report by EEMAX Global estimates the event and experiential market is worth close to INR 6,250 Cr. The report also predicts an estimated industry growth rate of 16% to 17%, amounting to INR 7281 Cr in the current fiscal year.
The events industry is constantly evolving, in keeping with the expectations of the new-age globe-trotting world citizens. By bringing in and curating new formats, we need to create world class venues which can host events that are more global in nature and bring the world to India.
Mr.Β MazharΒ Nadiadwala,Β MD of Dome @ NSCI SVP Stadium
Article Courtesy:Β Β Mr.Β MazharΒ Nadiadwala