RISE Spotlight: Live Events Experiences, Reinvented kicked off with Sean Wargo, Senior Director of Market Intelligence at AVIXA, sharing the association’s latest research into the live events market.
The sector continues to be one of the hardest hit by COVID-19, with a 25% decline in revenue compared with the 2019 forecast in initial research. Final analysis, however, may show this decline to be as much as 40%.
Recovery is also expected to be slow, with revenues not forecast to surpass the peak of 2019 until 2024. North America has been hardest hit and will be slowest to recover, with revenue of $8.7bn forecast in 2021, compared with $10.5bn in 2019. EMEA is showing some signs of improvement and growth of around 11% is expected between 2020 and 2021. APAC, meanwhile, looks set to fare better with possible growth of 15-16% in 2021 compared with 2020.
Watch the full session here
Despite lockdowns and restrictions throughout 2020, there have still been opportunities in the live events sector, with the switch to hybrid events prompting investment in IT infrastructures. This is shown in the fact that 32% of spend went on streaming media, storage and distribution in 2020. Services also performed relatively well, accounting for 21.9%, while audio equipment was the third biggest revenue generator.