“GROWTH OF THE EVENTS INDUSTRY IN INDIA”

An industry synonymous with media, activation and corporate is growing exponentially as compared to other industry sectors in India. The multi – core industry which includes events, IP and others (exhibitions, celebrity management, etc.) promises to show a bigger and brighter future by its evolved size and stature. According to leading research agencies, the event industry size and projections have grown from 2010 at least by 16% CAGR and is estimated to reach Rs. 10,000 Crores mark by 2020-21. Today in India, the growth of a surge of meetings, exhibitions, seminars to special family functions requires professionally handled management. Also from any product launch to global performer shows requires event management. Thus we see the need of event management has increased from past few decades. This is the reason why more than 2000 companies are into the big business of events.

According to Quartz | quiz.com, Indians would ideally spend on first is education and then comes to “personal family functions”. For planning a big fat wedding or a birthday party, people pay from Rs. 5 Lakh to Rs. 5 crores to event planners. Early in 90s, for any two-three day business event maximum of 20 crores were been used up but today for a two hour program, Rs 10 crores are spent. The present scenario shows that the event industry which was Rs.5,631 crores in 2016-17 has reached up and it has even overshadowed the Indian media and entertainment industry , which is growing at 11-13% CAGR( According to the report called ‘Experience_Next’ report). Also a survey states that approximately 15% of organization’s collective time is spent in a meeting which requires event planners. The following figures explain the tremendous proliferation of event industry.

This industry has been utilized by other sectors also. Majorly telecom, FMCG, technology, auto and media and entertainment industries are the contributors to event industry. As well as 75% respondents of this industry are corporate. The biggest profit of this industry is more than 35% of employees are women and the digital integration works well for this industry (Facts from a report based on 64 event management companies and 31 marketers). Thus we see that this industry can never be a dying industry where it plays a major role in marketing and communication mix. Today no one wants to make their “big days of life” as an ordinary day. So we need to hire a professional to make it special. Event industry has a great potential for not only growth but also for employment. One can be a part of this slavish industry and earn well . Ultimately the goal is “earn well and live well.”