Summary
The global event industry is forecasted to reach $2.194 trillion by 2028, up from $887 billion in 20201. Initially, COVID-19 appeared to possess the ability to single-handedly cause the downfall of the industry. The pandemic decimated earnings in the event sector, costing the industry an estimated $30 billion in lost revenue. Instead of going under, some companies took matters into their own hands. This decision resulted in hybrid and virtual events experiencing unprecedented levels of use. The need for entirely virtual events has declined as in-person gatherings return to pre-pandemic levels. However, hybrid events continue to increase in popularity, providing massive growth opportunities across the industry. Oddly enough, the thing that originally appeared to be an enemy of the industry could end up being its greatest ally. Companies of all sizes need to adjust accordingly to prevent being left in the wake of industry change.
