Martin Fullard, editorial director, Conference News, says the true value of the events industry is in the creation, not the consumption.
Ever since the pandemic took hold, the events industry’s value narrative has been focused on creating an awareness of value consumption. There is no problem with this in a pure ‘events industry business’ discussion as it matters a great deal.
How many people an event brings to a destination is an important metric. A large event will fill thousands of hotel bedrooms, it will book-out restaurants, pubs will need more kegs and extra
staff, taxi drivers will earn decent fares, exhibition stand builders will build more stands. An event coming to town creates jobs and grows businesses in a tangible, measurable way.
Indeed, the famous figure of £84bn, the so-called ‘value of the entire events industry’, is a figure based on direct spend…but this is only half the story.
The value creation is where the industry’s true magic is found, but measuring something like this, something so intangible, is incredibly difficult; and even harder to put into words.
The value of events
The value created by both the content of a conference and the serendipity it enables is unrivalled, no two-dimensional virtual environment can replicate the experience. In a medical and science context alone, history is replete with example of doctors and professors who have found each other and shared knowledge and research, ultimately leading to expedited advancements in medical innovation.
Look at the good work done by One Young World, and don’t forget COP26 (or any COP for that matter). For hundreds of years, peace treaties and accords have been named after the places in which their signatory events have taken place. The output of these events is vital for wider society, and for the true power of knowledge to be unleashed, it requires Government attention. This is no call for support – no two people can agree what ‘support’ the events industry needs, or even wants – but rather a call for acknowledgement.
While having the Standardised Industrial Classification (SIC) codes reviewed to better cover
the industry will give the Government a better idea of the sector value, we must not be shy in pointing towards legacy – and indeed Government policy – on how events can make the world a better place.
We can put a price on our direct spend value, but we can’t put a price on human value.
