After hours of working on a client’s website and total rebranding of their digital presence, I decided to take a walk down a few blocks from my office. While I strolled, I saw this massive decor and well-arranged arena, the atmosphere was so lovely. Upon inquiry, I was told that one guy was hosting an engagement party for his girlfriend.
Somebody shout aww🥰😍
And then it hit me, just a few years back, in 2021, the global event industry was estimated at a cool $736.8 billion. Fast forward to today, the party has gotten bigger!
Current estimates for 2024/2025 place the global market size between a staggering $1.02 trillion and $1.5 trillion. And that is not all, because projections suggest this could blow up to a whopping $2.1 trillion by 2032 and potentially $2.5 trillion by 2035, growing at an impressive annual rate of 6.4% to 13.5%. That’s a lot of jollof rice and small chops budgets!😊
Now you might be wondering why I am bugging you with these numbers right? I just want to point you to the direction of where this money is spent and how big the event industry is.
If you are an event vendor, take a look at these areas:
📌Venue: From hotel halls to open-air arenas, location costs are significant.
📌Food and Drinks: Catering is always a big slice of the pie especially when rice and beans is in the menu😋.
📌Sound and Media: Photo/Video coverage, Audiovisual equipment, lighting, and stage production.
📌Rentals: Chair, table décor, red carpets etc
📌Entertainment: from DJs to live bands and, of course, engaging MCs!
📌Marketing and promotion to get the crowds in.
📌The Tech Revolution: Event management software, Websites, virtual platforms (because who knew we’d have parties in our pajamas?), and data analytics.
📌Sponsorships: Brands throwing in cash to be part of the action.
Which of the above services do you provide and how good are you at it?
While the above conventional event services continue to command significant spending, some exciting areas are ripe for further exploration and growth which I will list in my next post.
In a crowded marketplace, simply being good isn’t enough. Building a strong personal brand is your strategic advantage, your unique selling proposition, and your golden ticket to consistent gigs and higher fees. Think of it this way: waiting for the next gig is like waiting for rain in the Sahara. Building a brand is like digging your own well, sustainable and rewarding.
#MCOB
#kingofsauceandstyle
#africano1eventmc
