More the communities get built, more the economies will boom: Rajesh Varma, Founder, CRI Events
At the summit, the stalwarts agreed that the amalgamation of private and government ideologies is the need of the hour in order to take the potential of entertainment economy ahead.
Economic impact measurement pertains to be inevitable as well as a persuasive tool in determining the financial benefits of hosting a major event. It is appropriate to point that measuring the economic impact not only allows the event organisers, sponsors and partners determine the return on investment but also gives the organisers ideas to leverage and maximise these benefits.
To discuss the power of event economy, a power-packed session was held at the 3rd edition of BW Applause Experiential Marketing Summit and Awards. The session was moderated by Brian Tellis, Co-Founder and Group CEO, Fountainhead MKTG. The panelists were Deepesh Salgia, Shapoorji Pallonji Real Estate & Strategic Vision, Rajesh Varma, CRI Events, Ankur Kalra, Vibgyor Brand Services, Sharad Mathur, EMG Entertainment.
Highlighting the event economy, Rajesh Varma, Founder of CRI Events believes that “economy is impacted by every event, and small events create a fair amount of economic impact on the city or state [per say]”.
Contributing to the discussion, the Director of Shapoorji Pallonji Real Estate & Strategic Vision, Deepesh Salgia opines, “Event gives entertainment and entertainment is about 3 E’s: Engagement, Emotions, and Energy” and according to him, these three help in persuading the consumers to invest in events, which ultimately lead to the economic growth. Ankur Kalra, CEO, Vibgyor Brand Services affirms that, “Events create infrastructure, jobs, networking, and also help in bringing tourism”, and with this notion, Mr. Kalra appreciates the nature of events in providing alternate options in the industry.
On the contrary, Sharad Mathur, Director, EMG Entertainment subdued that how the event industry is underestimated and “is not recognised as an industry as a whole”.
However, the elephant in the room called a discussion on how to increase the scope of ‘entertainment economy’, to which Rajesh Varma stated, “More the communities get built, more the economies will bloom and also the role of engaging content is an important utility for the entertainment economy".
While one knows events as a mode of curating a story and experience, Brian Tellis, Co-Founder & Group CEO of Fountainhead MKTG substantiates that “every experience has a pivot” and people need to look at a larger picture while discussing events.
All the event stalwarts agreed on the need of building infrastructure for hosting big events. Ankur Kalra seeks proper maintenance of government infrastructure, which can ultimately help the event organisers cater to a larger audience. However, Deepesh Salgia hit the nail with a hammer that “ROI is very less in private infrastructures” and on the other hand, “Government infrastructure is less maintained”. Thus, adding to his point, Sharad Mathur substantiated “the lack of Government’s interest” in private infrastructures such as Kingdom of Dreams in Gurugram, a property running successfully with decent audience every time.
In conclusion, the amalgamation of private and government ideologies is the need of the hour in order to take the potential of entertainment economy ahead.
These experiential stalwarts were presenting their views at BW Applause Experiential Marketing Summit and Awards 2020, which took place in New Delhi on February 5,2020.
(The article is contributed by Anjali Hans)
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