Live events grew 20% in 2023 to exceed pre-COVID levels, all you need to know

India’s live industry: India's live events industry in 2023 emerged as a year of resounding growth and innovation. bolstered by a robust 20 per cent surge, the organized live events segment soared to Rs 88 billion, surpassing its pre-COVID heights. This upward trajectory was propelled by a dynamic mix of government galas, personal celebrations, and an array of ticketed spectacles, including captivating international formats.

While traditional event formats retained their allure, a notable surge in premium experiences underscored a shifting consumer appetite. Corporate gatherings, however, faced a period of stagnation as marketers embraced hybrid models and diverted resources towards influencer campaigns and digital platforms.

Driving the momentum

Key sectors driving this momentum included retail, BFSI, electronics, and PSUs, with their strategic investments contributing significantly to the sector's growth. Looking ahead, optimism reigns supreme as 63 per cent of surveyed marketers express intentions to ramp up event expenditures over the next two years. With a projected CAGR of 18 per cent by 2026, reaching a formidable Rs 143 billion, the future seems ripe with promise for India's live events landscape.

Anticipated drivers of this growth include the burgeoning premium and international event properties, alongside untapped opportunities in tier-II markets. Noteworthy events such as sports extravaganzas, comedy showcases, educational forums, and wellness expos captured the imagination of audiences, signalling a diverse and evolving market.

Area driving the growth

The governmental sphere witnessed a surge in spending, particularly on election-related activities and high-profile international summits, showcasing a keen focus on public engagement and diplomacy. Additionally, the flourishing wedding and personal events sector underscored India's emergence as a destination of choice for global nuptials, fueled by a burgeoning affluent class.

In parallel, festivals celebrating India's rich cultural tapestry and a flourishing live entertainment scene further enriched the landscape. A notable spotlight on sustainability underscores an industry poised for transformation, as stakeholders increasingly prioritize eco-conscious practices in event planning and execution.