Event Companies Who Won’t Change With Times Will Be Dead

Industry Watch | June 6, 2017 | Guest Article

Time is the biggest enemy of anyone who can’t keep up with change. The world is changing faster than ever before. A few years ago people went to travel agents to book tickets that business was wiped out by online portals. A few years ago people used to use the telex and fax, that was wiped out by emails and instant messaging. A while ago people used Nokia and Blackberry, they lost market share to the iPhone and Android.

My vast experience in business has shown something similar is going to happen in the events industry. There is going to be a massive revolution where new technology will wipe out old players who are not ready to change. In the beginning old players would not believe such a change can happen, and once they realize it is happening, it will be too late.

At the same time, the new technology will open up opportunities much bigger than ever before for people and companies ready to adopt these changes. These are billion dollar opportunities ready to be exploited which have never been seen before.

Imagine what happened in e-commerce and online space where teenagers and twenty year olds became billionaires – something similar is going to happen in the events space.

This is why it is so important to be prepared for this new wave and instead of fearing it, be a part of it and create it.

While there are several changes that will be coming, I will be sharing one of them and that is Virtual Reality.

Imagine in the near future. A concert with someone like Justin Bieber – today event companies are restricted by the number of passes they can sell depending on the physical space available at the event.

Imagine, what if people could experience the concert through Virtual Reality? What if the stage could be hooked up with Virtual Reality cameras that beam out content live? Suddenly a lot more people can experience the concert and feel as if they have the front row seats.  They will be more than happy to pay a fee to experience the concert and also have sponsors beam messages to them.

The event company can sell a lot more VR passes now as there are no restrictions on the number of viewers. In fact the same concert can be beamed to other cities where people gather to experience the concert through VR while at the same time having the energy of the crowds. It can probably be also beamed all over the world at the same time.

Companies, who don’t adapt to such changes, will surely die out. I’m sure though that you and your company will thrive, because you have invested valuable time reading this and learning how to move up to the next level and benefit from change.

As they say change is the only constant!

Yogesh Chabria is a world-renowned leader and success strategist. He is a #1 bestselling author, successful entrepreneur, one of the best motivational speakers in India, and founder of The Happionaire Way. 

Twitter: YChabria

In this exclusive feature Yogesh Chabria, Author and Strategist, shares of a future where technology becomes the biggest threat and at the same time biggest opportunity for event companies.

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