As the world gets vaccinated and live events start to resume, we are relieved and have been waiting to get back to the life we knew. However, challenges will be coming our way as live events return and the full magnitude of the pandemic is realized. So, what are the 4 biggest concerns we can expect with returning to live events?
1. Shutting Down
AV companies, venues, services, technology, and hospitality as a whole, are concerned about shutting down due to another lock down or additional wave of Corona Virus. Companies are spending a lot of money to bring themselves to an operational capacity that will support live events. As such they are concerned about being shut down by government regulation which will directly result in the loss of large initial investments.
2. Event Safety
Safety at every single event is vital for sustaining the return of live events, and a steady stream of revenue. Along with this, the regulations around social distancing, safety, herd immunity and other daily factors are applying pressure on event organizers. Safety measure also cost more with the sourcing of sanitization products, multiple kiosks, pre-planning activities and extra equipment.
3. Profit Margins
Making a profit and keeping clients happy is now harder than before. The cost of event supplies and services has gone up. Venue pricing has increased. The cost of labour has also increased with a reduction in supply and an increase in rates for niche talents. Now we must hire one person who can do more and is available, which comes at a hefty price. Internet and electrical costs are also rising steeply. Event organizers are stuck between clients who want discounts, vendors who charge more and a profit margin that helps keep their own businesses afloat.
4. Venue Costs
Venues are now increasing pricing for event services such as food, servers, support staff, technical staff, internet, lighting and electrical. As venues compete for limited labour, event organizers are now being charged more and sourcing their talent is yet another expensive option. It has become competitive and challenging for everyone involved including clients who want to run a live event or hybrid event.
In order to keep events running and businesses profitable, event organizers are going to have to find the perfect balance of where to use venue services and where to source their own. Developing strong working relationships with partners will help. Also, pre-pandemic working relationships can help or be put to the test. One thing is for sure, every experience will require more effort and more time than it previously did!