Event Industry Is Poised To Grow At A Rate Of 25-30% In 2023: Deepak Choudhary

Mr Deepak Choudhary is magnate of Indian Entertainment, Media and Education eco-system. He has earned the name of Serial Event Entrepreneur. He is a Chief Mentor of Event Capital, EVENTFAQS, Whistling Woods International School of Event Management, Laqshya Live Experiences, Live 101. He has also co-authored the book “Staged”.
In an exclusive chat with Outlook magazine, Mr Choudhary shares his views on the industry which is emerging from the pandemic upheaval. 

Excerpts

Please share your take on the evolution of the event industry in India
During the FY 2019- 2020, we were operating in an Rs. 10,000 crore industry which primarily included the events hosted by the corporate world, award functions, concerts, and likewise. The industry was experiencing a steady growth rate of 12 to 15%. However, post the pandemic, the entire ecosystem has changed. Over the last two years, owing to the pandemic, the size of the event industry has shrunk to a mere 20 percent of the original size. We will be back to normal by the year 2022 or even 2023 where the events industry is expected to witness a growth rate of 25-30% in an ideal scenario. 

The events industry has been hard-hit by the pandemic? In your opinion, what are the ways by which the industry can overcome the losses?
Unfortunately, many professionals have lost their jobs during the pandemic, as many companies reduced the size of the workforce to overcome the losses. With physical events being reduced, the companies started hosting virtual events to connect with their target audience. However, I am optimistic, considering the changing requirements and the new forms of events have aroused, growth in the coming years will help people to reduce the losses of the past. 

How is the curriculum offered at Whistling Woods School Event Management and Experiential Marketing different?
While a lot of other event schools focus on production, operation and logistics, Whistling Woods brings in the expertise of the overall media ecosystem for the students to benefit from. The infrastructure and the world-renowned technology offered to the students give our school an edge over others. The academic ecosystem is positively reinforced as it is run by accomplished industry professionals, so much so that every senior industry professional is involved in the curriculum-making process. In addition, the Whistling Woods advisory board adds value that has helped us design the correct blend of theoretical and practical knowledge for the students. The curriculum is designed in the four areas of specialization which are business development, creative concepts, production operations, and technical knowhow. The blend of these makes the students brand solution experts.

How do the students benefit post-completion of the degrees?
The courses are developed in such a way that the mentors ensure that our students get appropriate jobs in their respective domains. They are offered internships that give them a fair understanding of the industry. As the students graduate from the institute as professionals, they are inducted by various advertising agencies, event management companies and media conglomerates. Professionals are always in demand as organizations are on the lookout for extraordinary talent.

Any parting thoughts?
There is no doubt that the industry has been adversely impacted, however, it is important to highlight that the consumer desperation of being in the physical event is high. For example, the hospitality industry has shown growth and people have started traveling owing to which the demand for hotel rooms has gone up, Similarly, the demand for the event industry is expecting a higher growth.

Students who are keen to make a career the Event Management will be a great choice. Parting thought would be to advise the aspirants to be passionate about their career choice and be part of the ever-evolving Events industry ecosystem.