MUMBAI: 2018 was a major milestone for the Indian event industry, a year that saw further consolidation of the remarkable progress the sector has made over the last decade. This period was characterised by insatiable growth, both with regard to scale and revenue, the adoption of revolutionary new technologies, the implementation of ground-breaking ideas, and perhaps most importantly – a stronger shift towards customer-centrism. According to a report by Ernst & Young, the event industry, in India, is projected to grow to INR 10,000 crore by 2020, from just INR 5,600 in 2016. This has resulted in a 16% CAGR, greatly surpassing the growth of most other industries, including the Media and Entertainment sector. Such a phenomenal growth can largely be attributed to the radical new changes that event planners, a breed of individuals famous for their risk-taking penchant, have implemented across all stages of the process i.e. pre-event, event, and post-event.
Dome Entertainment Managing Director Mazhar Nadiadwala shares his sentiments and observations on the changes in the event industry in the past year, “The events industry is one of the most dynamic industries. There are changes, which have been gradual as well as ones, which have revolutionised the industry either from the technical perspective or from the perspective of changing the dynamics of the way events are looked at.
Continuing further, he says, “The main and the most effective change is that the events have now turned into an effective, economical way for companies to interact directly with their target audience. It is the interactive and personal nature of this medium that exerts a much more noticeable effect on target audiences at an individual level. Brands are now looking at this platform from an IP perspective, which has given their brands a strong standing with an amazing ROI.”
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He also shares his insights about positive and negative impacts and changes in the event industry as he says, “The changes so far have been the kind, which has steadily and gradually changed the face of the industry in our country. With more and more events companies joining and expanding the industry, it still stands to remain an unorganized sector with much standardization with innovation required.”
He also thinks the biggest change was ‘Consumer centrism’, “While this period was characterized by insatiable growth, both with regard to scale and revenue, the adoption of revolutionary new technologies, the implementation of ground-breaking ideas, and perhaps most importantly – a stronger shift towards customer-centrism. As positive as this change is, experience and the actual on the ground requirement of the client is primarily based on requirements.”
Mazhar defines the parameters of a successful event, “Today, with people’s greatly increased expectations as a result of exposure to global level events, a high standard of living, and a social-media driven culture, mediocrity and complacency is no longer an option. Event planners are continuously being pushed towards churning out more creative and radical work, resulting in some genuine masterpieces such as the Broadway-style production of Beauty and the Beast and the One Republic concert earlier last year. Many planners even offer customers, the chance to choose the theme to their own event, especially in the case of weddings and other private events. This has resulted in an entirely new generation of indoor- weddings, parties, and gatherings that have a unique personal touch for those who commission them, often exploring thoroughly original themes and ideas. The pressure on events companies to explore new avenues has resulted in the rapid expansion of e-sports tournaments, resulting in competitions for games like PUBG, CS, and DOTA, becoming commonplace.”
He also insists on basics, “In today’s day and age, the event starts the moment there’s a ‘Save the Date’ shared to the point the audience leaves in their vehicles from the venue. The entire experience comes as a package and every detail makes a difference and makes it either an event to remember or a complete failure. Every detail of the event today needs to be customized to the exact requirement of the customers, whether it is the parking situation or the FnB or the set up required that can be either outdoor or an indoor setup.”
The Managing Director specifies the differentiating factor that sets Dome apart, “This extravagant venue stands at the heart of Mumbai facing the beautiful Worli Sea face and Haji Ali Dargah. There are many indoor venues in Mumbai City, but none have more personality than the DOME. The Dome provides a spectacular experience to their audience, providing an opportunity to live each and every experience to the fullest. The Dome @NSCI SVP Stadium truly is a magnet, drawing both the best performing talent and the most passionate audience.”
On the last note, he concludes, “Overall, 2018 was a good year for the Indian event industry and a strong indicator of what the future holds. We can expect to see technology and new ideas change the sector like never before as well as an increasing niche set of events with their fair share of loyal audiences like stand-up comedy gigs, e-sports tournaments, comic book conventions, and indie music concerts. Innovation and risk will drive the industry, as they always have, and customers can be assured that their experiences will only get better from here on in.”
