Deepak Choudhary, a veteran in the events space, says that the industry will not only see a 100% growth YoY but also that its revenues will scale up to about Rs 15,000 crore by the year 2020.
Event Capital, a company founded by Choudhary, is a division of the Laqshya Media Group and an Intellectual Property Event-Centric Business Venture. Laqshya Media is one of the leading OOH media companies in India. Prior to Event Capital, Choudhary was into building education institutions after which he co-founded EventFAQs, another giant in the events industry. Edited excerpts from a conversation with Deepak Choudhary:
What is Event Capital and who are its competitors?
Event Capital is not an event company. It is a company which creates, supports and acquires IPs in the events and experiential marketing space. Its services include the creation and support of Event IPs through research, funding, planning, marketing and sales expertise. We largely operate in four spaces. One is Bollywood music, second is children, third is the exhibition space and fourth is sports. The company will be completing its fourth year this month. We have very less competition in this field. One of them is OML.
What are your future plans for the company?
We want to acquire new IPs. We want to explore multiple areas and add more cities in all categories. We’re also launching a new department called ‘Branded content in the event and IP space,’ where we will now create IPs for clients. Moving ahead, we will be doubling up our current IPs into a larger space so there will be double growth this year. Last three years were spent in creating and acquiring them. This year we plan to grow them and make them larger. Our major one is going to be the Bollywood Music Festival. There was no festival in the Bollywood space as such and now this festival is going to be larger than some major festivals in this field and we created this in the last year.
How has EEMA been shaping up under the leadership of Sabbas Joseph?
I think he is an extraordinary visionary. As an industry, we are growing under his leadership. We are getting into larger cities and all this is extraordinary. I don’t see EEMA getting a better President than him.
With digital being the big picture, how is the event industry evolving around it?
Our marketing is now going digital. Secondly, why people come to our event now, that is being influenced by technology and digital even more so. All our digital spends and budgets have now increased. As digital increases, the event industry grows simultaneously.
GST has come into effect this month. How has it impacted the events industry?
I think it was needed. Today, it is a little confusing on how events are turning up and how they are doing in multiple cities. It might be a little difficult for them to understand on how many bills they’ve raised, etc. but if you see, largely, it is not that effective. The benefits on entertainment and more have been abolished. Thus, there are a lot of benefits. We were paying a lot of taxes and now a lot of them are getting restructured. In the long run, it’s a fantastic thing to happen to the events management industry. Earlier we were giving VAT, service tax and paying for hotel bookings, but now it all sums up under GST, which is a boon to this industry.
Where do you see Event Capital and the events management industry a couple of years down the line?
I would like to see Event Capital as the number one IP Company in the country. We will be acquiring more IPs. Speaking of the event management industry, it will grow much larger in the days to come. According to some reports, the event management industry sums up to revenue of about Rs 4, 600 crore but I think it is a lot more than that right now. It will have a 100% growth YoY for sure. I think by 2020, this industry will be making a revenue of about Rs 15, 000 crore.