Big Year Ahead For The Experiential Sector
In this comprehensive year-end recap, we journey through the significant milestones that shaped 2023, reflecting India's prowess on the global stage. The G20 Summit, hosted by India, gives way to boosting India’s business and conference tourism. On the sports front, while Team India missed the ICC Men's Cricket World Cup, the anticipation for the 2024 T20 World Cup and IPL remains high. The entertainment landscape witnessed the return of iconic events like Sunburn Music Festival, and BACARDÍ NH7 Weekender, marking a vibrant resurgence post-covid. The year also saw the MotoGP tournament being hosted in India for the first time. E-Factor Experiences made headlines with a successful IPO, underlining industry potential. Furthermore, Indian talent shone on the global stage as Zakir Khan headlined the Royal Albert Hall, symbolising the widening horizon for diverse talents beyond Bollywood.
Hosting G20 & Setting the Stage for Tapping India’s MICE Potential
With India at the helm, the G20 Summit transformed into a celebration of diversity, a showcase of technological excellence, and the nation's dedication to promoting global collaborations.
The summit's success was not just limited to its execution but also its outcome. Leaders engaged in productive discussions on various global challenges, from climate change to economic cooperation.
During the G20 Summit, Bharat Mandapam, often called the "culture corridor", showcased the diverse traditions of 29 countries, including India, to the special invitees to the G20. Moreover, the convention centre can host up to 7,000 attendees in the multi-purpose hall and plenary hall collectively and is India's largest MICE destination.
Also, in 2023, Yashobhoomi, formerly known as India International Convention Centre (IICC) revealed that more than 200 events are lined up for the next two years, including over 100 exhibitions and over 100 conventions. Crafted adequately, the venue is equipped with a state-of-the-art wastewater treatment system that enables the centre to achieve 100 per cent reuse of wastewater, rainwater harvesting facilities and rooftop solar panels.
Witnessing the current scenario, Bharat Mandapam and Yashobhoomi will help India capture more share in the sector by attracting more visitors and encouraging the growth of ancillary industries such as hospitality, transportation, and entertainment.
ICC Men’s Cricket World Cup 2023 Loss or a Win?
Team India failed to win the cup at the ICC Men’s Cricket World Cup 2023. However, hope is not lost as 2024 will witness the T20 Cricket World Cup as well as the Indian Premier League.
The 2024 ICC Men's T20 World Cup will be the ninth edition of the T20 World Cup, organised by the International Cricket Council (ICC) is expected to refuel the excitement for the upcoming cricket mega-events in 2024.
Additionally, Coca-Cola has partnered with ICC for an eight-year global partnership until 2031. Coca-Cola's brands will feature prominently in top-tier men's and women's cricket events, including ICC Cricket World Cups, T20 World Cups, and ICC Champions Trophies
Big IPs are Back After Covid
The inaugural MotoGP Bharat event was hosted for the first time in India at Buddh International Circuit, drawing over one lakh attendees and generating a business of Rs 933.76 crore.
2023 also witnessed the return of popular IPs such as the Sunburn Music Festival which made a return for its 17th edition. Over its three days, the event welcomed over 1,50,000 people as the year ended.
The festival site spanning 40 acres welcomed attendees with a carnival-like experience including fireworks, pyrotechnics, stilt-walkers, smoke, confetti, lasers, LEDs, SFX, art installations, pop-coloured streamers and the personalised themes displayed on the jumbotrons behind each performer. The venue features food courts, camping zones, flea markets, interactive gaming zones, adventure rides and much more.
Sunburn Goa 2023 entertained over 120 artists in four stages.
BACARDÍ NH7 Weekender returned to Pune for another edition. With a billing comprising of over 45 international and homegrown artists across five stages, the 14th edition of the music festival was hosted at Teerth Fields from 1- 3 December and was headlined by YG, M.I.A. and Monuments.
This year, Ezra Collective, Priya Ragu, Romare, MEMBA, I Built The Sky, BEAR and Arch Echo made their India debuts. An all-female artist led the main stage line-up on day two was a highlight of the event. MIST LGBTQ Foundation was onboarded as an inclusivity partner. MC Stan, Daler Mehndi, Lisa Mishra and more than 20 indie artists made their NH7 debuts.
IPs including Jaipur Literature Festival, Kerala Literature Festival and Mahindra Kabira Festival returned for their 16th, 6th and 7th editions respectively.
Moreover, BookMyShow hosted the maiden edition of Bandlands in Bengaluru. The 24th edition of the Hornbill Festival concluded on 10 December and saw a partnership of the organisers with Durex The Birds and Bees Talk (TBBT) as Health and Hygiene Partner. Echoes of Earth hosted its 6th edition on 2 and 3 December 2023.
E-Factor IPO
E-Factor Experiences made history with its maiden Initial Public Offering, marking a resounding success that reflected both investor confidence and the industry's untapped potential. 50 per cent of the issue was reserved for qualified institutional buyers and about seven financial institutions invested in the company. Samit Garg, Managing Director & Co-founder, E-Factor hopes to achieve a market cap of about Rs 200 crore by next year. The aim for 2025 to 2028 is to reach a market cap of Rs 500 crore.
Indian Talent on the Global Stage
On 8 October 2023, Zakir Khan and his talent management agency, Only Much Louder (OML), made history at the Royal Albert Hall in London. Khan became the first Asian comedian in the world to headline the Royal Albert Hall with his show “Mannpasand". This show was Zakir’s first biggest single indoor show with a turnout of over 5000 fans.
Khan has performed at more than 120 shows having sold over 3,00,000 tickets in India and over 1,00,000 tickets internationally. His achievement goes to show that the international gateways are opening for increasingly diverse talents apart from India’s film fraternity.
Going Ahead, 2024
As we enter 2024, the live events sector is poised for a remarkable leap forward after facing the massive challenge posed by Covid. 2023 has strengthened the industry's resilience, paving the way for a more dynamic, inclusive, and promising future. Looking forward to 2024, the stage is set for another year of unforgettable experiences, global collaborations, and groundbreaking achievements. Notably, renowned IPs like the Mahindra Blues Festival in Mumbai and Vh1 Supersonic in Pune will make a return.
