2022 State of the Events Industry Survey

We conducted a nationwide survey with event and entertainment production leaders to better understand the current state of the live event industry and share the data, insights, and trends with you.

Thanks to the large participation, we've arrived at some really interesting takeaways.

We hope that these results provide:

a current pulse of the industry
interesting insights into how other industry leaders like you are thinking and feeling
topics we need to discuss more in-depth and openly as a community

📌 Results

59% said their average lead time is less than a month
22% said their average lead time is a month
19% said their average lead time is several months in advance

💡 Takeaway

Getting in front of the demand is key. Have a buttoned-up process to allow for speed, automate what you can, and be laser-focused on execution. Tighter turnaround times strain access to resources that are in high demand. Additionally, cash is squeezed with less lead time, so collecting healthy deposits is important.

📌 Results

~80% don't apply a surcharge for late requests while...
~20% do apply surcharges for late requests

💡 Takeaway

With gear and people in high demand, companies are challenged to find resources that are available. The longer you wait, the more expensive it becomes to find quality people and accessible gear.

The industry has an opportunity to incentivize its clients for earlier decisions by applying a late-request surcharge. Educate your clients on how late decisions affect execution.

📌 Results

23% said they don't require deposits at all
36% said they require deposits of less than 50%
41% said they require deposits of more than 50%

💡 Takeaway

Cash is still king, despite events being back in full swing.

Logistics, gear, and people are all costing you more every single month.

You have an opportunity to increase your cash flow by negotiating healthier deposits upfront.

Take the time to educate your clients, collect more upfront, and then put that money to work by securing your resources earlier.

The good news is 41% of the industry is already collecting deposits of more than 50%.

📌 Results

38% said they get paid on receipt
60% said their payment terms are net 30
1% said their payments terms are net 60
1% said their payment terms are net 90

💡 Takeaway

With 62% offering payment terms to clients, speed to invoice is key. The longer you wait to get the invoice out the door, the longer you wait to collect, the more your cash is squeezed.

If you're going to offer payment terms, make sure you have processes and technology tools in place to speed up your time to invoice.

Collect hours and expenses from the field in real-time. Waiting to collect these things and then invoice can elongate your time to collect.

📌 Results

55% said they're outsourcing less than one-fourth of their event talent
19% said they're outsourcing somewhere between 26-50% of their event talent
15% said they're outsourcing somewhere between 51-75% of their event talent
11% said they're outsourcing more than three-fourths of their event talent

💡 Takeaway

Companies are still choosing to carry a high fixed cost by carrying the additional overhead to hire talent.

Recruiting talent, onboarding them, training them, traveling them and payrolling them carries an added financial expense.

Despite events being back, companies should continue to take advantage of variable costs when they can.

📌 Results

49% said they're in most need of crew lead positions
34% said they're in most need of crew assist positions
17% said they're in most need of crew stagehand and general AV positions

💡 Takeaway

The success of events rests heavily on your lead positions. It is no surprise these talented people are in high demand.

The majority of those that left the industry though are the Assists and Stagehand/Gen AV positions. These also make up the majority of most rosters.

The bottom line is our industry needs more talent across all categories.

📌 Results

59% said less than one-fourth of their contracted events still have a virtual component
33% said somewhere between 26%-50% of their contracted events still have a virtual component
5% said somewhere between 51%-75% of their contracted events still have a virtual component
4% said more than three-fourths of their contracted events will still have a virtual component

💡 Takeaway

Event owners are placing a higher value on human connection and what that means for their companies. Zoom fatigue is a real thing as companies are removing the virtual attendance option to encourage in-person engagements.

There is a lot to gain by getting audiences back together live and in person.

2022 State of the Events Industry

📎 Background

📖 Table of Contents

What role best describes you?

What type of event best represents the majority of your business?

What are the top 3 markets where your events will be held over the next 12 months?

How have your bill rates to your clients changed over the last two years?

How have your pay rates to your crew changed over the last two years?

What is the average lead time you receive for your events?

How has your lead time changed in the last two years?

Do you apply any surcharges for late requests?

Does your sales team quote multi-year agreements or per job?

What type of deposit do you collect from your client?

What payment terms do you most often offer to your clients?

What percentage of your event talent are you outsourcing to third parties?

What positions are you in most need of?

In what areas is your company making the greatest investments?

What percent of your contracted future events still have a virtual component?

How does your company attract great people?

What is one thing you wish your client understood about how things have changed?

What does the industry need that it doesn’t have?

📰Where do you go to stay in the know as it pertains to our industry?

Is there something industry-related you would like to know, but are too afraid to ask?

What keeps you up at night?

📬 Q3 Survey: Billing

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