Eventful: Rising downstream demand is forecast to promote new firms entering the industry
The Event Promotion and Management Services industry endured significant setbacks with the onset of the COVID-19 pandemic. Government-mandated lockdowns and social distancing measures heavily cut down the number of conferences and events, leading to a sharp decline in industry revenue in 2019-20 and 2021-22. As restrictions began to ease, the market displayed promising signs of recovery. Companies gradually resumed organising gatherings and households started repurchasing event tickets. Higher household discretionary income has supported consumer spending on event management services and tickets. The opportunity to once again host social events, and attend sports matches and concerts led to this uptick. Consequently, despite the impact of the pandemic, revenue is expected to grow at an annualised 3.2% over the five years through 2023-24, reaching $12.3 billion. This includes an anticipated jump of 12.0% in 2023-24.
Industry participants primarily provide event management, event promotion and ticketing services. The industry also includes tourist information centre operations, fundraising on a commission or fee basis, and a range of other events-related administration services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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