As per Event and Entertainment Management Association, the event industry lost not less than INR 3000 crores due to fears of coronavirus. From time to time various events like IIFA2020, India Gaming Expo, FDCI India Fashion Week, GoaFest, PU Tech, ITB-India, India Fintech Festival, Ultra Festival, and META Theatre Awards got canceled.
And mind you, these events were to happen in India. If we talk about the global scenario, the number of events got canceled and money lost by the global even industry gets huge!
Big-ticket events like Trevor Noah’s Loud & Clear and Khalid’s Free Spirit Tour were also postponed. Product launches of both Indian foreign companies and their promotional activities get being canceled or postponed for an unstipulated period of time.
“There is a huge impact on the even industry. In first 2 month alone, the events industry has lost 3000 crores and the number is likely to reach INR 6000 crores in 2 more months. It’s a major crises” – Sabbas Joseph co-founder of -Wizcraft International Entertainment – A leading events management company.
Here is another bummer – malls, shopping complexes, and movie halls are being shut down due to which Bollywood industry is suffering. After seeing the fears of coronavirus spreading like a forest fire, the government went strict on the Bollywood industry as well.
TV Producer and VP of IFTPC (Indian Film and TV Producers Council) JD Majethia said: “In the interest of the country, society and film workers, all association of Indian film industry have taken the decision to shut shooting of films, TV Series and web shows across India from March 19 to 31st 2020.”
Eastern India Motion Association (EIMPA), the top body of producers, distributors, and exhibitions asked all its members to stop screening the films. The decision comes after chief minister Mamta Banarjee urged cinema halls, stadium and auditoriums to remain shut as a precautionary measure
Shutting down of malls and cinema halls will definitely reduce the risk of spreading the COVID-19 virus.
From Bollywood to events industry, losses and delays have been occurring more often. Let’s just hope to see the virus goes away as soon as possible and we are able to rush to our nearest cinema halls to see our favorite stars in action, comedy, and romance.