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How The Events Industry Is Impacted By The COVID-19 Pandemic

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How The Events Industry Is Impacted By The COVID-19 Pandemic


The COVID-19 pandemic has undoubtedly changed the way businesses will operate in the future once the world recovers from the aftermath of the virus.  The demand across various sectors went haywire and in some cases has completely dried up, which means these are the industries which are the worst affected.  These are industries which rely on mass gatherings of people and in the current scenario governments across the world are cracking down heavily on large gatherings.  Aviation, Tourism, Movies, Malls, Hospitality, Transportation, sports and events are the worst hit amongst all the sectors.  Events industry in particular falls under the bracket of Meetings-Incentives-Conventions-Exhibitions (MICE) and is a Trillion dollar industry worldwide.  The COVID-19 pandemic is responsible for impacting almost 25 millions jobs across the world.  This is just the tip of the iceberg and the actual impact could be much higher when we consider indirect jobs and sporting events.

Multiple large scale events across the globe have been cancelled or deferred until further notice.  The cancellations began in February when the world is waking up to the fact that the virus is highly contagious and is spreading across borders with ease.  The first major cancellation was the Mobile World Congress 2020 edition, which takes place in Barcelona and is an event to exhibit mobile communication technologies.  This was just a premise for what was to follow in the coming months.  

In a survey done by Events and Entertainment Management Association (EEMA) and which was shared with Ernst & Young the events and exhibitions sector in India is expected to take a one trillion rupees hit.  According to the report, in India alone it is estimated that 60 million people are unemployed and another 10 million directly affected by the crisis.

Business events like Annual General Meets (AGM,) corporate retreats, product launches, partner meets, conferences and seminars have been cancelled and have instead shifted online to Zoom, Google Meets, Skype and YouTube.  The best example would be the much anticipated OnePlus product launch of their OnePlus 8 series of smartphones.  The event was live telecasted on YouTube and the smartphone is now available for purchasing on e-commerce platform Amazon.

Exhibitions and trade fairs have been cancelled all over the world.  One of the biggest trade fairs which is the Dubai Expo 2020, has cancelled in light of the pandemic.  Some of the largest sporting events in the world like Tokyo Olympics, Football’s Premier League, National Basketball Association (NBA) and the much anticipated Indian Premier League in India stands cancelled at the moment.  

Corporates have been using video conference facilities for conducting internal meetings already, mostly with the intention of trying to run the operations effectively with due consideration to the ‘work from home’ initiative.  Video conferencing solutions by Go-to-Webinar, Kaltura and Zoom have seen an unprecedented surge in demand.  In India Event and Entertainment Management Association (EEMA) have urged the government to extend processes such as tax refunds, loan facilities for the Ministry of Micro, Small and Medium Enterprises (MSME) sector and artistes to help reduce the negative impact on the livelihood of people involved in the entertainment and event space.  The Indian Government has responded with initiatives for the MSME sector with its Atma Nirbhar Package.

At present, technology applications such as video-conferences, webinars, virtual (events, meetings) and others are playing their individual parts to try and keep the operations running, especially for the corporate segment.  In the future however, we can see a hybrid approach to hosting events by integrating both virtual and physical components.  However, we will have a better understanding once the industry resumes its operations in three to four months down the line.

 

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Storage For Rent: This Startup Idea Is Seeing A Huge Demand During COVID-19 Pandemic

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Storage For Rent: This Startup Idea Is Seeing A Huge Demand During COVID-19 Pandemic

If you could travel six months back in time and tell yourself how the world would look now, you might have dismissed it as a hoax.  The world changed suddenly when the COVID-19 virus broke out and started spreading across the world.  The virus which manifests in the form of a flu before attacking the respiratory system currently has no vaccine.  This forced governments across the world and India included, to enforce a strict mandatory nationwide lockdown.  

The lockdown was initially announced in India for just three weeks and many businesses and startups never expected it to go beyond a month.  However, the lockdown is still continuing albeit with a few relaxations, but many industries continue to be badly affected by it as they saw zero revenue in the last three months.  Many organisations and businesses have made the shift to remote work as their offices remain to be closed for fear of contracting the COVID-19 virus.  

As software companies continue to declare work from home for the foreseeable future, many employees are looking to return back home from technology hubs like Bengaluru and Hyderabad so as to save money on huge rents in the metropolitan cities considering their offices are not opening anytime soon.

ALSO READ: How The Events Industry Is Impacted By The COVID-19 Pandemic

This is where a unique concept where companies offering storage spaces for long term rent is seeing a huge spurt in demand.  As software employees in Bengaluru are slowly vacating their accommodations to move back home in order to save on rental expenses, they have no place to store their personal belongings.  Firms like SafeStorage, Storagians, StowNest Storage and MyRaksha, which provide the service (storage for rent,) have seen a spike in clients and quotation requests.  Even some gyms and restaurants, both of which are yet to reopen completely, are offering their facilities for storage in order to reduce their own rental expenses.

ALSO READ: How The COVID-19 Pandemic Affected Startup Investments And  IPOs In 2020

These storage firms offer facilities like pickup services, CCTV monitoring and individual locker facilities apart from providing insurance coverage against theft, natural calamities and fire.  Ramesh Madisetty, co founder of SafeStorage, says “We have 13 warehouses with 1.16 lakh sq ft space in Bengaluru.  We have signed up for another 27,000 sq ft facility near Whitefield.  There is a 10x jump in enquiries due to Covid-19 , from 30 to 300 now (sic.)”

Another company named Storagians, which offers storage for rent in Bengaluru has already run out of storage space and are having to turn away customer requests.  Prasanna Kumar, founder of Storagians says “Unfortunately, we are turning down customers’ requests due to the non availability of slots sic.)”

The average monthly rent is based on the volume of goods.  While goods accommodated in 1BHK are charged a monthly rental of Rs. 2,500-3,500 and it will be Rs. 4,500-5,000 for 2BHK.  As more and more enterprising people are embracing this concept, many others are racing against time to get their own facilities up so they can offer storage space for rent.  This concept will continue to see a huge demand as long as companies keep working remotely.

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4 Things To Know About Instagram Reels

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4 Things To Know About Instagram Reels

Instagram Reels is the latest offering from the photo sharing platform Instagram and was launched as a replacement for the video sharing application TikTok.  Instagram Reels was launched only last year and was being tested in Brazil where it was called Cenas.  TikTok was enjoying an unrivalled popularity in India as it became a means to keep boredom at bay during the nationwide lockdown which was imposed in light of the COVID-19 virus.  TikTok amassed more than 200 million users in India and this is mostly due to the cheap internet plans rolled out by Jio Telecommunications, which made the internet accessible to every person even in the remote corners of India.

However, the Indian government announced that it would ban 59 Chinese applications in which TikTok was one, along with WeChat, Helo, Cam Scanner and many others.  This left a sudden void in video making applications, and Instagram realised the need for urgency to capitalize on this void.  Therefore, Instagram immediately pushed their latest feature Instagram Reels which lets its users create 15 second videos with music from Instagram’s database.  These videos look very similar to the ones made on TikTok and therefore Instagram is hoping to entice TikTok users to come onboard their platform.

Instagram users can open the explore tab on their mobile app and can see videos made from Reels.  These videos are displayed on the top of the explore tab and take up half the screen space to ensure more visibility for the feature.

Here are 4 things you need to know about Instagram Reels:

1) Create 15 second videos:

A user can use Reels after updating their Instagram application which is available for both Android and iOS users.  The Reels option is displayed when a user swipes right on their Instagram home screen.  A user can record upto 15 seconds of video and can string multiple 15 second videos to make a Reel.  

2) Reels can only be edited in App:

The Reels can only be edited in the Instagram app where users have a plethora of filters, music and video effects at their disposal.  The Reels can be reviewed to see how they look when they are stitched together (if two 15 second Reels are merged.)  The Reels can be deleted and re-recorded if they are not up to the mark.

3) Reels can be shared as a story or made public:

Unlike the normal Instagram Stories which can only be shared with your followers, Reels can be made public so they can be displayed on the explore tab for everyone on the platform to view it.  If you share your Reels to your Stories or in Direct, they will disappear after 24 hours. You can also save Reels to your drafts for posting later.

4) Featured Reels:

According to Instagram, Reels which may be watched by a lot of people depending on the cultural relevance and relativity to the audience will get a featured tag to them.  These featured reels will only be chosen from public accounts.

The chances are high that Instagram Reels feature is rolled out to almost everyone using Instagram in India.  Let us know if you began experimenting with it and created cool videos!

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5 Books For Every Entrepreneur In 2020

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5 Books For Every Entrepreneur In 2020

It is easy to talk about entrepreneurs and look at them with envy for pursuing their passion but what no one knows is the amount of sweat, blood and tears which go into making an entrepreneurial dream come true.  Entrepreneurs are expected to be highly competitive in the cutthroat market and at the same time continually strive to set an example for others to follow.  The sad truth however is that not all entrepreneurs succeed in their mission because some may give up midway through their entrepreneurial journey, or some might run out of cash while some are just not able to scale up their business.

Many successful entrepreneurs have documented their journey and their thoughts in autobiographies or novels for aspiring entrepreneurs seeking inspiration.  These books would manage to scale up your game, improve your business strategy, potential to connect with new people and most importantly would give you courage to persist on your journey.

Here are five books in 2020 which every entrepreneur should read

1) The Lean Startup by Eric Reiss

Published in 2011, this book is still relevant even in 2020 as Eric Reiss outlines a guide to help entrepreneurs to develop methods to manage their startups/businesses.  Entrepreneurs can set their strategies according to their needs and runway cash to optimise their business opportunities.  The Lean Startup offers entrepreneurs, in companies of all sizes, a way to test their vision continuously, to adapt and adjust before it is too late.

2) Zero To One: Notes On Startups Or How To Build The Future by Peter Thiel

Peter Thiel is the co founder of PayPal and an entrepreneur as well as a venture capitalist.  Zero To One tries to teach entrepreneurs about how Peter Thiel thinks , his approach towards business and how one can shape the future of their startup.  WhilePeter Thiel was teaching a class at Stanford University, a student named Blake Masters took notes which led to the book Zero To One released by both Thiel and Masters.

3) The Startup Owner’s Manual: The Step-By-Step Guide for Building a Great Company by Bob Dorf and Steve Blank

This book is touted to be the perfect guide for any entrepreneur to scale their business.  This book has detailed step by step instructions on building successful, scalable, profitable startups.  The Startup Owner’s Manual is so popular that it is taught in university courses at Stanford, Berkeley, Columbia and many other universities.  The Startup Owner’s Manual follows the theory of customer development, agile, and lean engineering.

ALSO READ: Five Steps Entrepreneurs Can Follow To Identify New Business Opportunities

4) The Greatest Salesman In The World by Og Mandino

Although first published in 1968, this book is still a bestseller and widely read by entrepreneurs.  The book aims to serve as a guide to philosophy of salesmanship, and success through the story of Hafid, a poor camel boy who achieves a life of abundance. The Greatest Salesman In The World is written in the form of ten scrolls.

5) Founders at Work: Stories of Startups’ Early Days by Jessica Livingston

This book is a collection of some really unique interviews done by Jessica Livingston with some of the greatest startup founders in Silicon Valley like Apple, PayPal, TiVo, Yahoo, and TripAdvisor.  This book aims to offer wisdom and insights straight from the mouths of some of the most influential entrepreneurs.

Let us know if there are any other books which deserve to be read in 2020.

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