If we learned anything from the past two years, it’s that we never know what the future of events holds. This year gave us grounds for optimism, as live events returned in full force. Here are 10 event production industry figures that give us even greater hope for the year ahead.
#1: 42% of event and entertainment production leaders are choosing to invest in their people.
Every event experience is only as good as the people who make it happen. No surprise here.
Good people want to work with companies that have good processes and good tools to help them succeed. Results show that 26% are choosing to invest in gear, 22% in processes and 10% in software.
Find ways to attract the talent you need and then invest in them.
Curious on ways you can choose to invest in your employees or crew? Check out this video from Nancy Shaffer, President of the Live Events Coalition.
How did an industry of 12 million people got overlooked? See what the Live Events Coalition is doing so that never happens again.
#2: The Top 5 markets for event industry growth in 2023 will be Las Vegas, New York, Orlando, Atlanta, and Dallas.
Nearly every corner of the country is seeing the live events industry rebound. Whether you’re on the east coast, the west coast, or somewhere in between, the demand for live events - and the workforce needed to revive our industry - is back and growing fast. Chicago, Nashville and Los Angeles are other predicted hot markets for 2023.
#3: 59% of industry leaders said their average lead time they receive for an event is less than a month.
Tighter turnaround times strain access to resources that are in high demand. Additionally, cash is squeezed with less lead time, so collecting healthy deposits is important. With so much uncertainty over the last two years, event owners struggle to plan in advance, thus creating a collapsed timeframe to pull off great events.
Getting in front of the demand is key. Have a buttoned-up process to allow for speed, automate what you can, and be laser-focused on execution.
#4: In 2022, 75% said their bill rates have not changed or have only gone up moderately.
2022 closed with an inflation rate of 7.1%. This means that it’s the time more than ever to increase rates for 2023. Margins are suffering. Costs are rising across the board, but only 22% have applied a more than moderate price increase. The time is now to protect your margins. The industry has an opportunity to educate its clients on rising costs to produce events and apply appropriate pricing.
Check out these 5 opportunities that event companies should not ignore in 2023:
#5: 59% of event production companies collect a deposit of less than half or none at all.
- 23% said they don't require deposits at all
- 36% said they require deposits of less than 50%
- 41% said that they require deposits of more than 50%
Cash is still king, despite events being back in full swing.
Logistics, gear, and people are all costing you more every single month.
You have an opportunity to increase your cash flow by negotiating healthier deposits upfront.
Take the time to educate your clients, collect more upfront, and then put that money to work by securing your resources earlier.
Related: Planning for Success: How to Achieve your Live Event Goals feat. Tom Stimson
#6: In 2022, 68% said their crew pay rates have either stayed the same or included a moderate increase.
Companies have to compete for talent. They are our most valuable asset, yet only 29% of companies have applied a more than moderate pay increase to the people who make these events happen.
The best way to attract great people is to pay them a competitive rate and pay them quickly.
Related: 5 Tips from AV Techs for Companies Looking to Hire (and Keep) Good Talent
#7: 59% of event and industry leaders said that less than 1/4 of their contracted events still have a virtual component.
- 33% said somewhere between 26%-50% of their contracted events still have a virtual component
- 5% said somewhere between 51%-75% of their contracted events still have a virtual component
- 4% said more than 75% of their contracted events will still have a virtual component
Event owners are placing a higher value on human connection and what that means for their companies. Zoom fatigue is a real thing as companies are removing the virtual attendance option to encourage in-person engagements.
There is a lot to gain by getting audiences back together live and in person.
#8: The most needed positions to fill are crew leaders.
- 49% said they're in most need of crew lead positions
- 34% said they're in most need of crew assist positions
- 17% said they're in most need of crew stagehand and general AV positions
The success of events rests heavily on your lead positions. It is no surprise these talented people are in high demand.
The majority of those that left the industry though are the Assists and Stagehand/Gen AV positions. These also make up the majority of most rosters.
The bottom line is our industry needs more talent across all categories.
👀 Are you searching for skilled crew leads? Explore how Crew Marketplace can help.
#9: 60% of event project managers say that their greatest struggle is having multiple sources of truth.
Using multiple platforms for projects can cause the issue of having multiple sources of truth. This can happen when different teams or individuals are using different systems to track and manage different aspects of the project, or when different systems are not properly integrated or synchronized.
It’s clear the events industry is in need a tailored solution that can help streamline communication and project success.
#10: 50% of event production companies use two project management systems. 25% are using four or more.
There are both advantages and disadvantages to using multiple systems to manage projects. It’s important to think of the need and goal of the project along the 3 C’s:
Complexity: Managing multiple systems can be more complex and time-consuming than using a single system. It may require more effort to ensure that all systems are properly integrated and synchronized, and to ensure that everyone is using the correct tools and processes.
Confusion: Using multiple systems can create confusion, as different teams or individuals may not be aware of or have access to all of the systems being used. This can lead to miscommunication, inconsistencies, and duplicated effort.
Cost: Using multiple systems can also be more expensive, as you may need to pay for multiple licenses or subscriptions.
Are you in need of a tool to help manage your projects and crew? If so, you'll want to join our sneak peek event to learn more about our project management tool. It's a great centralized source for keeping everything organized.
Related: The 3 Biggest Live Event Project Management Mistakes and How to Avoid Them
The Future of Event Production for 2023
The live events industry is remaining positive and looking forward to the future. With new technology, products and services being developed all the time, there’s no telling what amazing things we will see next. We can’t wait to see what the next year has in store for us!
*A quick note on the numbers: Unless otherwise cited, this data was pulled from the 2022 State of the Events Industry nationwide survey with event and entertainment production leaders.
What could be better than a centralized solution to managing projects and crew?
Perhaps a project management tool designed specifically for the events industry.