Event Industry in 2024: Experiential Before Material
It can be said that the economic crisis and artificial intelligence will have the greatest impact on the event industry in 2024, one mostly negative, and the other mostly positive. However, it's far from certain that our creatives won't be able to overcome challenges and turn them to their advantage. We discussed how we will approach planning and organizing events in the coming months with Uroš Mitić, Event & Production Team Leader at the Smartpoint Adria Agency.
In which direction will the event industry develop in 2024? Can we expect any significant changes compared to the previous period?
As we know, the COVID-19 pandemic has accelerated the trend of digitization in the event industry, leading to a greater number of virtual events and the use of online platforms for organizing conferences, festivals, and other events. These elements are expected to remain present in various forms. The combination of physical and virtual presence at events is becoming increasingly popular and completely normal. Event organizers can expect "pressure" to offer participation options to both people who want to attend physically and those who prefer an online format.
In fact, it's about a new era of hybrid formats that will gain momentum after 2020, with a constant and thoughtful upgrade with innovative elements. Certainly, content is something that will define the event industry itself in the coming period, with a wide range of new possibilities with the application of AI technology and smart use of data.
Artificial intelligence has become a part of almost every (creative) industry. How can this technological trend be used constructively in planning and organizing events?
Artificial intelligence can be a very valuable tool for event organizers themselves to improve the experience of participants and optimize processes. This can be especially applied to event personalization, which is now very easy to implement.
AI can analyze data about event attendees (such as their interests, previous experiences, demographics, etc.) to tailor event content on an individual level. For example, AI can recommend specific sessions, workshops, or activities based on the preferences of each attendee or guest of the event itself. The possibilities are truly immeasurable; it's only necessary to use them efficiently and effectively.
Also, at this moment, in the event industry, it is understood that AI takes over all processes related to the registration of the participants themselves at the event, sending personalized messages, invitations, which gives more room to focus on the more creative aspects of event planning.
What other trends can we say will be leading this year?
Interest in sustainability and responsible business is increasing among consumers and the business sector. The event industry could experience changes in terms of reducing the environmental impact of events and adopting sustainable practices. This is a trend that has generally been more prevalent on a global level in recent years, and I expect that this change will also be seen in our region during 2024, although this topic is still seen by many as merely a decorative PR tool.
Events that take environmental responsibility seriously are becoming more common. There are already trends in the event industry that imply the least possible use of printed materials (agendas, accreditations...) which have been replaced by digital solutions. Also, in the production of scenography and branding, digital solutions dominate, from LED screens to info displays and hologram solutions. All of this affects the replacement of traditional solutions that have been used for years and also facilitates the process of preparing the event itself since all creative solutions can be changed and updated very easily and quickly even during the duration of the event itself.
In 2024, will the content or theme of the event be more important, or the networking and experiences that the event provides? What will be the focus?
The trend of valuing the experience itself at the event as well as networking started last year, and I can say with certainty that it will continue in 2024. We live in a time where, more than ever before, only the experience is valued in all spheres of life, so this trend does not bypass the event industry either. Even events that are oriented towards "pure" business are not immune to these trends, so, I am quite sure, everyone will strive to create unique and new experiences during the event, such as interactive workshops, events within the event, multisensory experiences... The goal is certainly to provide participants with additional value for their invested time or money.
Considering all this, as well as the trends that are already clearly visible, it is not surprising that most millennials value experience more than material things. This is exactly why the event industry itself must adapt to new trends.
What could be the biggest challenges in the event industry in 2024?
Like in all other industries and in the event industry, incredible opportunities have appeared in recent years, especially with the arrival of artificial intelligence. creating experiences for event visitors themselves. In addition, we are all currently going through accelerated digitization and introduction to AI technology that gives us a wide range of possibilities and experiences, so what I see as the main challenge in 2024 is "standing out from the competition" and finding ways to make something unique, how to intrigue the participants and do something different. Some kind of solution to these challenges is certainly the creation of "tailor-made" events that will stand out in the sea of the same or very similar events that we see in our region.
Some research indicates that brands worldwide are allocating increasingly less budget for event organization. How can we achieve more with less?
Unfortunately, this 'trend' is not exclusive to the event industry; it has also impacted us. Due to reduced budgets for marketing campaigns, some brands believe that events are 'unprofitable' and that more can be achieved through digital channels. It falls upon us to challenge this notion by organizing creative and tailor-made events. We must also remind brands that no digital campaign, workshop, or webinar can replace the unique experience and networking opportunities provided by traditional events.
Moreover, facing budget cuts requires us to turn to digital solutions as tools to facilitate project realization. The digital solutions we employ in creating event scenographies, invitations, and space decorations significantly help optimize budgets. Despite initial prejudices against these solutions, they offer greater creative possibilities, reduce production time compared to traditional methods, and are more budget-friendly, especially when compared to elaborate printed materials.
While budget reductions have significantly affected the event industry, they have also sparked new perspectives and innovative solutions. These solutions, despite being less recognized, present brands with fantastic opportunities to achieve impactful results with smaller budgets.
It is said that 2024 will not be a year of recovery from crises but a year of revolution. In this regard, which traditional beliefs regarding event organization should we discard this year, and which modern beliefs should we embrace?
When discussing the 'year of revolution' instead of the 'year of recovery from crises' in the context of event organization, it clearly signifies the need for changes and adaptation to new realities and trends in the industry.
What has become evident in recent years is that we must no longer view only physical gatherings as events but must acknowledge the existence of different networking forms such as online or hybrid events.
In addition to this clear fact, some traditional beliefs that oppose or limit the use of technological innovations can significantly impede the enhancement of participants' experience and the overall quality of an event. It is crucial to strike a balance and collaborate with technological solutions and artificial intelligence to create a unique experience for attendees. Moreover, traditional communication and participant registration methods can restrict personalization and effective engagement.
In an era of revolution, event organizers must be receptive to innovation and experimentation with new ideas, technologies, and event formats to capture and retain attendees' attention.
In summary, we must be prepared to reject traditional beliefs that stifle innovation and instead embrace modern solutions that promote flexibility, innovation, personalization, and sustainability to effectively address challenges and provide attendees with the best possible experience, which is undoubtedly the most important goal of any event.
Source: Marketing mreža