Event Industry Latest News - June 27, 2023
Eager to find out what are the news in the event industry that took place this June? Check out our June's edition of Event Industry Latest News.
CEOs expect a short and shallow recession in the U.S., but they anticipate maintaining a competitive labor market and are even planning to hire in some cases. They support the Federal Reserve's anti-inflationary measures and prioritize inflation as the driving force behind monetary policy decisions. Labor shortages are seen as a key factor contributing to the expectation of a mild recession.
Apple unveiled several new products at its Worldwide Developers Conference (WWDC23) that are expected to have a significant impact on business events. The Vision Pro headset combines virtual reality and augmented reality, providing a new era of spatial computing. The iOS 17 release introduces NameDrop, allowing easy sharing of contact information between iPhones and Apple Watches. Additionally, Apple introduced video conferencing upgrades, including screen sharing and presenter overlay features, as well as new video reactions. The check-in feature and new accessibility tools in the next iPhone software version further enhance the capabilities for meeting and event planners.
The proposed Midway Crossing development near Long Island MacArthur Airport plans to build a convention center, which is expected to inject over $4 billion into the local economy annually. The development aims to solidify Long Island's position as a leader in health, science, and innovation, with a focus on attracting life sciences companies. Funding for the convention center and increased tourism promotion will be supported by an increase in the hotel tax, from 3 to 5.5 percent, in Suffolk County.
Las Vegas is gearing up for an eventful year with the opening of the MSG Sphere, the hosting of the first-ever Formula 1 Grand Prix, and a $600 million renovation of the Las Vegas Convention Center (LVCC). The LVCC renovation aims to enhance its design and accommodate more conventions and tradeshows, while the new Fontainebleau Las Vegas hotel will offer extensive meeting and convention space. Additionally, Caesars Entertainment plans to integrate Horseshoe's Jubilee Tower into Paris Las Vegas, adding luxury rooms and expanding their room count in Vegas.
The latest report from event agency Freeman highlights a disconnect between exhibitor objectives and attendee needs in the post-Covid era. While attendance numbers for business events have reached 103 percent of pre-pandemic levels, exhibitors' satisfaction with meeting new customers lags behind their expectations. Budgets have remained the same or increased, but high inflation reduces the value exhibitors get for their money. To address these gaps, the report suggests focusing on the quality of leads and aligning exhibitor strategies with attendees' return on objectives.
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Global DMC Partners successfully concluded its annual Connection conference in Dubai, bringing together industry professionals and experts. The event celebrated the rebound and growth of the meetings and events industry, with attendees experiencing unique offerings in Dubai. Key themes discussed during the conference included budget challenges, talent acquisition and training, sustainability, technology integration, and the importance of partnerships in delivering successful programs. Additionally, meeting planners face obstacles such as rising costs, limited availability, and difficulties in securing approvals and negotiating contracts.
The shift towards experience creation in meetings and events is emphasized, with planners aiming to provide compelling reasons for in-person attendance, especially in the era of remote and hybrid work. The IACC Meeting Room of the Future Barometer highlights the preferences of planners, including conveniently located hotels with flexible meeting spaces and strong IT infrastructure. The lasting impacts of the Covid pandemic are evident, with considerations such as larger spaces, outdoor areas, technological capabilities, and sustainability becoming key factors in venue selection. Additionally, the report reveals different geographical priorities for sustainable sourcing and highlights evolving expectations driven by younger generations.
A survey conducted by PwC and The Conference Board reveals that most C-suite executives rate the overall effectiveness of their boards of directors as fair, with only a small percentage considering it good or excellent. While boards are commended for their understanding of corporate strategy, business risks, and the competitive landscape, there are concerns about board composition, knowledge gaps in areas such as digital technologies and climate strategy, and limited engagement in the boardroom. The report recommends closer collaboration between boards and the C-suite to enhance board effectiveness and suggests the involvement of other C-suite executives in board evaluations.
San Francisco's recovery in the meetings and convention industry is slower compared to other major U.S. cities due to rising crime, homelessness, and high prices. Real estate investment companies are pulling out of the city, citing reduced convention-driven demand as a reason for dropping hotels. While convention room nights are projected to grow steadily from 2025, they are expected to remain significantly lower than the record-high numbers of 2019. San Francisco Travel is implementing strategies to drive tourism recovery, including securing more corporate events and launching a global marketing campaign. The city aims to combat the negative narrative and address its challenges while highlighting its safety and appeal to visitors.
Cvent Holding Corp., a global technology provider for meetings, events, and hospitality, has been acquired by an affiliate of private equity funds managed by Blackstone for approximately $4.6 billion. The transaction includes a minority investment from the Abu Dhabi Investment Authority and the participation of existing stockholder Vista Equity Partners. Cvent aims to continue leading the market in event technology and investing in innovative solutions to enhance customer engagement and success, with the support and resources of Blackstone.
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