Cover Feature
PHILIP SOAR
ORSON FRANCESCONE
TIM BORTHEN
ready.
We can protect our businesses by
putting the measures in place now for
a long-haul, just in case. Unfortunately,
we are at the tail-whip of this crisis,
exhibitions. Thus, as they ‘ease’
restrictions, it could be we are last out
the traps with big shows. We have a
range of scenarios that we’ve drilled
many times of running shows from this
September, through to getting going at
various points next year. Work to the
best but plan for the worst.
Meanwhile, we are also using this
period to hone new ways we can bring
leads to our customers, whilst we wait
for the big day. In wasn’t until 2012 that there was a
real uptick. In terms of total revenues, it
took until 2011 or 2012 to return to the
2008 base. History doesn’t repeat but
it does rhyme. I have no more idea than
anyone else, but these numbers are the
closest guidelines we have got.
I think the same may apply to venues -
this is a body blow to their conservative
and predictable model. I wonder
whether smaller venues, which will be
hit harder and are usually owned by
the local authority, might decide that
this is not a business they should be
in - and seek to sell their exhibition and
conference venues off. This could be
true in the UK and in the rest of Europe.
Philip Soar, Chairman,
CloserStill Media Group
Firstly, a cliché, but it is all about cash.
And that is why the whole events world
has been hit so hard. The deposits
fund the costs until final payments
come in - and even then, almost all
event companies have excess deferred
revenues. But if an event is cancelled -
bang goes the model.
This isn’t a matter of size either. A
small supplier with a reasonably well-
off owner will survive. Some very big
groups (I can think of at least two) will
probably end up being broken up.
Travel, hospitality, food, media - all
of the obvious areas which will be hit
hardest. Areas which should cope are
anything featuring eCommerce or
eLearning, healthcare in all its forms,
security, online gaming etc.
Over 2008 and 2009, visitors to trade
shows, the best available statistics
suggest, fell by 16 percent - but,
critically, they didn’t bounce right back. Orson Francescone, MD, FT
Live, Financial Times
FT Live was the very first of the B2B
event organisers to say ‘stop’, and to
move all Q1 and Q2 events (over 60)
into the autumn.
Moving 60 global live events with
revenues attached to them was a huge
undertaking. Renegotiating all the
venues, finding suitable dates and
space, minimizing cancellation costs
while trying to roll over sponsors
and delegates to the new dates all in
a matter of days, was one of the most
impressive tasks I have ever seen an
event team perform.
Live events will be back. Don’t let
anyone tell you otherwise. There will
be huge pent up demand for business
development, lead generations and
brand alignment.
However, the digital event solutions
we are all racing to launch will become
enduring in the long term even when
live events are back. The effect they will
22 — May
have is twofold:
A - a new revenue stream, what’s not
to like?
B - an acceleration of the digital
enhancements and sophistication to our
live events, finally!
Out of every inflection point you get
new bursts of creativity. The famous
Austrian economist Schumpeter called
it “creative destruction”.
Tom Borthen, Group MD, Prysm
Media Group
We've learned that in every 100 people
there's 20 that truly drive the business
forward and 80 making up the numbers,
we have cut back to just the core ‘rock
stars’ of the business, many of whom
will become directors and shareholders
within 12 months.
They are currently working extremely
hard from home with incredible levels
of camaraderie, and it's exhilarating
to think what this group of people
will be able to achieve when we are
through this situation and they start
expanding the business into all sorts of
marketplaces and locations around the
world.
In addition, many of the younger
people (who make up most of the firm)
have never experienced a recession in
their careers. It's been a rapid learning
curve for them, it feels like they've
gained two years’ experience in two
months, which has benefitted them
individually and the whole business
going forward. These genuinely are
career-defining times and lessons that
will stay with them for the rest of their
lives.
We were already internationalising
the business (we opened offices in
Las Vegas and Hong Kong in early
2019), but this has been the catalyst to
seriously accelerating our international
expansion. It's highlighted the benefits
of being able to take advantage of
different markets being open when
others are still locked. For instance,
sales in our Hong Kong office started
exploding again as China moved out of
lockdown.