What is the impact of Events, entertainment industry ?

Events, entertainment industry says Covid-19 hit 60 million livelihoods

TheEvents and Entertainment Management Association has sent out an SOS signal to the government seeking urgent intervention as the industry that employs 60 million people has come to a standstill following the national lockdown.

The association claims that of the 60 million staff, 10 million have been directly impacted, and their livelihood is at risk as all major national events are postponed or cancelled due to the Covid-19 pandemic.

Losses for the first two months are already over Rs 3,000 crore, the association said.

“Since the outbreak of the Covid-19 pandemic, the impact to their business has been unprecedented with multiple global and national events having been postponed or simply cancelled."

“The adverse impact of this crisis on the events and experiential industry is expected to last for months while the impact in the first two months alone is pegged at over Rs 3,000-5,000 crore, at a minimum, as projected in a survey of 100 units in the sector,” the association said.

The pandemic has led to cancellations of conferences, both public and private, national/international meetings, incentives, conferencing, exhibitions (MICE) events, choking the lifeline of the industry.

Besides the 10 million it employs directly, the events and entertainment industry indirectly provides jobs to another 50 million through allied sectors like food and beverages, hospitality, tourism, advertising and marketing industry.