WHILE the number of events globally will continue to grow by a dramatic 75 per cent year-on-year, the average size of these events will shrink by half, predicted MCI Group COO for Asia-Pacific, Oscar Cerezales at the Singapore MICE Forum last week.
“There is nothing wrong with that because events are becoming more market- and niche-driven, (which has implications on) the traditional business model,” he added.
Speaking to TTGmice e-Weekly on the sidelines of the forum last Friday, Cerezales explained: “One of the reasons for the growth in smaller events is the diversity of people present in an event, (which makes it) hard to meet their exact needs.”
Attendance for each event has to be controlled in order for content to be “compelling” and “cohesive”, he continued.
Cerezales forecasted that associations, which traditionally hold events for up to thousands, will go on to do smaller events. He explained: “Associations need new revenue channels and they need tonew events. When you , you will start small.”
In light of this trend which he said is “already happening”, he cautioned the industry to “be prepared with the right business model”.
Anticipating the rise of small events, he said: “There would perhaps be (the need) for more technology and more outsourcing, and for (organisers) to relook at services we are doing today that are not adding value.”