A recent report published by EE-EEMA (Event and Entertainment Management Association) states that the events and activations industry in India is expected to go beyond US$1.6 million by financial year of 2020 to 2021.
This industry has been expanding by approximately 16% CAGR.
In fact, this sector is also forecast to surpass the Indian media and entertainment industry that is currently growing by 11 to 13% CAGR, according to the report.
Some of the key growth drivers include new product launches, sports leagues, rural expansion, digital activation, government initiatives followed by IPs, personal events, etc. The report findings are based on a survey conducted on 64 event management companies and 31 marketers.
Ashish Pherwani who is the advisory leader of media and entertainment industry said that the events sector of India is scheduled to grow exponentially on account of its ability to adapt and develop with the innovative technology.
He went on to add that they have been ensuring that a greater focus is added to the various growth drivers like government marketing initiatives, digital activations, rural expansion, sports leagues and so on, with an effort to enable the growth of the meetings and events industry of the country.
The biggest segment continues to be involved in managing events with as much as 90% of respondents offering them.
Average IPs and activations every person has doubled ever since 2013 to 2014, as mentioned by the report.
Actually, the main growth is driven by digital activation. The respondents also feel that the marketer’s spend on digital spending would be growing by 20% over the following two years.
This report is exclusive of the unorganized events companies spread all across the nation and also does not include the telecast rights of different kinds of events.
This report mentions that the organized sector is expected to touch 60% in value in about two to three years.
