The Impact of Covid-19 on the Events Industry

20 Apr 2020

The onset of the COVID-19 pandemic has caused chaos and decimation to the UK and global events industry. From F1 and the Olympics to local sportives and triathlons there isn’t an event, venue or sport that has not been impacted by the urgency and priority to protect lives.

But buried below the headlines of Tokyo2020 and EURO2020 postponements exists a litany of cancellations of small to medium size events. Events often owned and operated by small organisations and passionate individuals, few of whom can afford the luxury of a postponement. For many events the cost impact of cancellation will be terminal.

When this is all over, we’ll do amazing things again.

At Cube Management we are inviting event owners, operators and venues, as well as individual event professionals, who have been impacted by event cancellations, to contact us. We are seeking to build a partnership through collaboration and the pooling of resources and ideas, to help keep events alive and to share in the financial support and risk.

covid-19 event impact

Events Industry Contribution

Since London 2012 the UK events industry has enjoyed huge growth after establishing both the market demand and expertise needed to build it into a major contributor to the UK economy. Outdoor sporting and cultural events account for £2.2 billion of GDP whilst professional sports events account for an additional £2.3 billion.

The industry employs over 570,000 individuals and attracts in excess of 80 million visitors and participants per year. Many of whom do so to raise much needed funds for the charity sector that relies so heavily on the events industry.

Whilst the requirements of GDPR compliance and long-term downward trends in high street footfall have impacted revenues from voluntary donations to charity shop income, many of the UK’s 168,000 registered charities have grown ever more reliant on the events industry as a source of revenue generation. Fundraising events now contribute to almost 23% of the sector’s income – that’s £3.9 billion. These much-needed funds help to employ over 760,000 charity employees and enable much needed frontline services to operate and improve the lives of countless others.

Therefore, the cancelling of even a small-scale mass participation here, or a charity corporate event there, has an cumulatively devastating impact on both the individuals involved and the wider social benefits the event industry creates.

cycling event

Our Call To Action

Event owners and organisers frequently work within very tight margins. Margins often carved out through the methodical and forensic application of meticulous budgeting and planning. They also depend on an army of passionate, flexible and highly capable event professionals, crew and ancillary service providers. All of whom are set to be severely impacted by the current void in the events calendar.

At a time when, rightly so, the Government’s focus should be on tackling the virus and mitigating its impact, we feel it’s more important than ever that we take it upon ourselves, as individual event professionals and organisations, to come together as an industry. We need to do what we do best: to plan, devise and empower our sector and generate the energy and opportunities needed to help rebuild and repair the economy as well as our collective mental and physical well-being.

Cube believes avidly in collaboration, partnership and the bringing together of passionate specialists to deliver memorable events. We applaud people and organisations that create something special and it is our focus to engage with them and to work together to ensure that all the hard work and effort in building these events is not wasted or lost.

As a team, we will no doubt achieve amazing things again.

Part of the Cube International group, Cube Management is at the forefront of reimagining and redefining how events, brands and businesses connect and engage with their spectators, fans and visitors across the globe.