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harks back to the multi-media model which existed into the 1990s before the implosion of so many business magazines . “ I think people said media was dead , for which they meant magazines ,” Foster suggests . “ And a lot of people interpreted that as meaning content was dead . And that ’ s never been the case .” It really isn ’ t all just about selling space , he says , “ It ’ s about helping people do business , connecting people . We ’ re trying to help buyers and sellers do business , yes , by introducing them to each other , but then also by guiding them through the process and introducing them to new ideas . People need multi touch points .”
Foster is , like everyone in the industry now , very focused on enhancing how we collect and manage data . He is , though , sceptical about how big a business selling the data itself will become . He is more focused at the moment on how data can be used to deepen understanding of the buyer / seller relationships and improve the quality of the interactions at events .
And where in the world is looking attractive ? “ In the short term ,” Foster says , “ we ’ re very much focused on businesses headquartered in Northern Europe and then North America , primarily the US .” He notes that there is also a lot of opportunity in both China and southeast Asia although he also points out that “ Informa , Clarion , and Tarsus would all list those geographies as well .”
Going back to the M & A market , I wonder whether the prime target for Foster is going to be a post-Covid clean-up of the larger companies ’ portfolios . “ It ’ s not that simple ,” he says . “ It ’ s all about good products .”
When asked what constitutes a good product , he says , an event “ is a good product if it ’ s embedded in its community , if it has the opportunity to create those connection points , if it ’ s important , and not just because it ’ s the show that everybody feels they have to go to and feel held hostage .” He acknowledges that the
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‘ We ’ ve been too lazy , too backward thinking . We ’ ve been very good at selling square metres but not looking at new models ’ |
large ‘ strategic ’ players have plenty of those shows and some may come available . However , he sees the field as far wider than that . “ I ’ ve had conversations with associations , with venues , with private owners , and with the big , big players ,” he says .
With M & A a key focus of discussion , talk inevitably focuses on valuations . Immediately prior to Covid striking they were , Foster says , as high as he could ever remember . He admits to being uncertain about exactly where they will settle as markets reopen .
Businesses have obviously been damaged but there is a lot of money in the market chasing deals . He doesn ’ t see this as a time when there will be a lot of bargains although he ’ s clear that “ we ’ re not at pre-Covid multiples .” He doesn ’ t think that multiples have halved “ but our plan doesn ’ t assume that they ’ ll go back to the frothy teens .”
In some ways , Foster says he feels lucky . “ You wouldn ’ t want to have made your first investment just before Covid struck .” Of those who did , he says , “ they ’ re probably going to be okay . It ’ s just going to take them a bit longer to get where they want to be .”
It ’ s not just those in the industry who are feeling reasonably upbeat about the future , Foster says . “ I ’ m always conscious of believing our own hype . We ’ re in the industry and
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we want to believe that it ’ s coming back and everything ’ s going to be alright . But it ’ s been interesting talking to lots and lots of hard-nosed financial people who also believe that this is a good opportunity , and that things will come back .” They ’ re prepared to invest to back that belief , he says “ and that ’ s why I ’ m an optimist .”
Heroes of the industry “ Travel is the thing that makes me most nervous ,” Foster says . He talks of risk-assessment meetings in the past where a complete shutdown of global business travel was considered too far-fetched a scenario . But , despite having to re-assess all our risk scenarios , he remains optimistic , based on evidence from China , the US and the Middle East about how keen people are to get back to business once it ’ s possible .
Finally , and launching a heroes of the industry series , we asked Foster who in the exhibition world he most admires . He feels it ’ s a tough question but , after some thought settles on Clarion ’ s Simon Kimble . “ Not just because of what he ’ s achieved ,” he says , “ but the way he ’ s achieved it . They are constantly growing and reinventing that business . And , at the same time , I admire how attentive he is , how dedicated , and how approachable .”
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