The Massive Size Of The Live Events Industry
The live events industry is huge. There is massive opportunity in the booming events and entertainment industry from concerts and festivals to conferences and sporting events.
According to various reports and studies including Verified Market Research® , the global live event market size was estimated to be around $1.1 trillion (yes, you read that right!) in 2019. And it’s expected to grow even more in the coming years.
Live Nation, one of the world’s biggest event organizers, has posted record profits in recent quarters pointing to an even bigger opportunity than was anticipated.
In this post, we’ll cover some of the most profitable kinds of businesses in the event industry and adjacent to it. Whether you’re inclined towards the organization side, designing experiences, creative marketing, or even software development, there’s opportunity for you.
There’s continuous growth and a diverse range of events in the industry which makes it an exciting space to work in.
Kinds of Businesses That Are Profitable In Live Events
There’s a bit of a joke among venue owners where there are three types of venues: non-profits, for profits, and for profits that don’t make a profit.
That doesn’t have to be the case. There are lots of incredibly community-minded and creative-minded venue owners that would rather not push for profits. That’s okay. But venues and other event businesses absolutely can be profitable.
Some of the most common businesses in the live events industry are event planning and production companies. These companies play a pivotal role in creating memorable experiences for attendees and are generally hired and brought in by the event organizers. There is an international buzz around facilitating world-beating events, from personal parties in New York to corporate events in London.
Venue ownership is another common business in the event industry. Live events need a space and these businesses focus on creating spaces for events to happen. They generally will plan some of their own events but also rent out their venue to others like weddings, corporate parties, and promoters.
Promoters pull many of the strings together. The name can be a bit deceiving, as the job of a promoter goes far beyond promoting an event. They are typically in charge of booking entertainers, working out arrangements with the venue, and marketing the event. They aim to make a profit from ticket sales after paying for the booking and marketing costs for the event. It’s a hard job and takes a lot of risk tolerance but many successful companies started out as promoters, including Live Nation.
Software companies spring up all around event businesses to make these jobs easier. Every portion of the event industry is a massive logistical undertaking. People often think of the creativity on display, but don’t think about how much logistics go into pulling off an event. Within the software portion of the event industry there are ticking companies, marketing automation, operations management platforms, and booking marketplaces just to name a few.
With the event industry worth billions of dollars, these companies have ample room for growth and expansion. organizers and attendees. Event technology providers have also carved out their space in this thriving industry.
With advancements in technology such as augmented reality (AR), virtual reality (VR), and interactive displays becoming increasingly prevalent at live events, businesses that specialize in providing these technologies are reaping the benefits. They offer innovative solutions like interactive booths or immersive experiences that enhance engagement levels among attendees.
The current issues in the events market create further opportunities for profitable businesses. For instance, some venues struggle with optimizing their space utilization or lack efficient management systems to handle bookings effectively.
Therefore, venturing into the event venue industry by offering consulting services or creating software solutions tailored to venue management can be highly lucrative. Various types of businesses thrive within the live events industry due to its tremendous market potential and constant growth trajectory.
Event planning companies orchestrate seamless experiences while ticketing platforms simplify access to sought-after events. Innovators who embrace emerging technologies also find success by enhancing engagement levels through immersive offerings.
Addressing the challenges faced by event venues presents an avenue for profitable ventures. With a rich array of opportunities available, aspiring entrepreneurs can find their niche and flourish in this exciting industry.
Best Backgrounds To Succeed In a Live Event Business
When it comes to succeeding in the live event business, having a background in certain fields can give you a competitive edge. It’s not necessarily a requirement, but having experience or knowledge in event planning and management will give you an advantage.
A common entrepreneurial path is to become a promoter, planner, or work in production first. Use that experience to find problems that could be solved and transition into a software solution or consulting.
Another background that can easily find space in the event industry is marketing. Marketing can be advantageous for promoting events and attracting attendees.
Knowing how to create effective advertising campaigns and utilize social media platforms to generate buzz can greatly contribute to the success of your live event venture.
Having excellent organizational skills is another important aspect of succeeding in the live event business. Events involve numerous moving parts that need to be coordinated seamlessly, from securing venues and equipment to managing registrations and ticket sales. Being able to keep track of all these details and ensure everything runs smoothly is essential for a successful live event business.
Strong interpersonal skills are crucial in this industry. Building relationships with clients, vendors, sponsors, and attendees is vital for networking purposes and establishing a positive reputation within the events market. The events industry, like many others, is very relationship-driven. Without being able to make personal connections, even the best ventures will struggle.
Being able to communicate effectively, negotiate contracts, resolve conflicts diplomatically, and provide exceptional customer service will set you apart from competitors. There are a surprising amount of rude and off putting entrepreneurs in the events space that can give it a bad reputation. However, most others in the space and even attendees start to catch wind of these characters and there is opportunity in being the honest and well-liked other option.
Staying updated on changes in technology that may impact event experiences or learning about emerging preferences among attendees is key to building a great career in the events industry. Keeping an eye on market research reports regarding the growth of the live events market or analyzing industry statistics can help you make strategic decisions for your business.
Reading blogs and magazines about technology in other sectors can help you identify trends that could be applied to the event industry as it continues to grow.
Keys To Success In A Live Event Business
These are some of the keys to success in a live events industry business:
- Build strong relationships. Having a network of reliable contacts who can provide services such as catering, sound systems, or event venues is invaluable. A great place to start is by going to events (or event industry conferences… which are also events) and meeting the organizers. Connect with them afterwards online and see where you can start helping.
- Keep up to date with technology. There is always a new wave of entrepreneurs making waves in the event industry as new technology comes along. Being part of one of those waves can create your wedge in the industry, but you need to stay on top of trends in order to stay competitive.
- Brush up on your project management skills. A lot of the events industry is project management. In many roles you’ll need to juggle multiple events at once in order to be profitable. Doing so in an organized and systematic way can give you an edge (and keep you from going crazy).
- Obsess over customer experiences. At the end of the day, events are all about experiences. They are the ultimate customer experience when done right. Ensuring attendees and partners have their expectations met and exceeded is a key to success.
If you can check these boxes, you’re likely to find an opportunity that fits your skills in the live events industry.
Conclusion
The live events industry is a vibrant and lucrative field that offers a wide range of opportunities for aspiring entrepreneurs and professionals. With the massive size of the industry and its continual growth, there is no shortage of potential for success in the dynamic market.
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