Shyam Chhabria, Event Capital Recommends Disruptive Innovation to Drive Success Amidst Pandemic!

by  EVENTFAQS Bureau Industry Watch | April 23, 2020 | Guest Article

Shyam Chhabria Event Capital

The coronavirus is changing how we live our daily lives. The global pandemic has affected various aspects of life and has us bound to our homes. The positive side to the grey clouds over our heads is that it has made us adapt to the Social / Digital ecosystem. It has made everyone across the strata of society learn the know how’s of the Digital ecosystem. Consumption is at a new high and the consumer is hungry for new and more and has enough and more time to consume various content formats thrown to him. 

In this guest article, Shyam Chhabria, COO, Event Capital shares insights on bringing disruptive innovation to drive success amidst the coronavirus outbreak.

Our role as Event stakeholders is to entertain audiences across the board and all of us in various capacities cater through our businesses to the end consumer. While the industry is facing a situation where our cumulative efforts across our businesses have come to a standstill, it has given us all a chance to Pause, Reflect, Realign & Innovate. 

In this state of confusion, we are sitting in a highly digitized consumer ecosystem flooded with content choices and multiple social media platforms backed by the acceleration in mobile consumption. We are amidst an environment displaying consumption growth and a spread of platforms hungry for new content models to engage the end consumer. This gives an opportunity to pause and realign and take entertainment in a new form back to the ecosystem of brands & consumers. 

Our addressable market is far more extensive than the base we were targeting earlier, brands are far more receptive to lower costed models with engagement measurables in place. Digitization of our events through well-curated content that can travel across platforms both - create engagement and build revenue, that will help us generate a calendar of offerings for consumers and brands. 

Another barometer to understand value is the number of paying consumers, because it is a critical component of financial sustainability in the industry. And here, there is room for improvement. On average, under half of the consumers pay for media – 44% for entertainment and only 16% for news. 

 It’s time to innovate and think different to extend our offerings remodeled digitally to engage the audiences. We need to wear different hats from Event Creators to Content Creators and extend our event ideas through content across Entertainment, News, Sports, music platforms and create a library that can help create new longterm sustainable business models. 

It’s a new pathway and new rise of Content Creators, with proven experience in building experiential engagement models. Disruptive innovation has always been a double-edged sword but in this case, I clearly see it emerging as a winner, as when mainstream customers start adopting our offerings in volume, disruption has occurred.