UK – PLASA, the lead association for the entertainment technology industry and #WeMakeEvents, the global campaign to save live events, have published a detailed global survey report on the current position and future recovery of the live events industry.
The survey ran from 1 November 2021 to 21 December 2021 and was completed by 1,948 respondents in over 40 countries in five different languages. The data provides strong and clear evidence of the challenges currently facing the sector, with the vast majority currently reporting delays, shortages and cost increases.
Looking ahead, confidence is mixed, with the majority of respondents lacking confidence in industry recovery within the next six months. This is even more startling considering the survey was conducted before the Omicron variant threatened the lucrative winter holiday season. However, there is cautious optimism from seven to 18 months, which mirrors the progress made when the Live Events industry re-opened in 2021.
But for now, companies and organisations are carrying a heavy financial burden, reporting a huge decrease in annual turnover. To increase the pressure further, 45% took on additional debt to survive the lockdowns. Freelancers are fairing no better, with low earners growing in number and top earners dropping by 78%.
The supply chain is in complete disarray, with shortages and delays across the board. A shocking 94% of manufacturers are experiencing delays in components, resulting in many being forced to source new suppliers and redesign products. The knock-on effects are felt by rental companies, venues, installers and distributors, with the vast majority facing delays in finished goods, cost increases, and unavoidable complications.
[ET News – original article]
[Plasa Survey Report – click here]
[Picture – ET Now/Plasa/#WeMakeEvents]
