GL events revenue up 84%

Lyon, 19th October: GL events released its financial results for the nine months ended 30th September 2022. It reported revenue growth of 84%, reaching €805 million (US$789 million), which represents a very strong recovery in business – approaching pre-pandemic levels.

In terms of business sectors, GL events Live generated revenues of €486 million (US$476 million), up 91% year-on-year. The second largest sector was GL events Venues, with revenues of €220 million (US$216 million), representing year-on-year growth of 179%. The remaining revenues were generated by GL events Exhibitions, which dropped 6% year-on-year.

TCEB launches new campaign to boost domestic exhibitions

Thailand, 20th October: Thailand Convention & Exhibition Bureau (TCEB) has partnered with 11 organisations in public and private sectors to launch the “SPIRE Thailand” campaign, aimed at expediting the organisation of domestic exhibitions. It is expected that the campaign will generate more than THB7.8 billion (US$207 million) for the Thai economy.

TCEB has unveiled its growth development implementation plan for domestic exhibitions in 2023, working with 11 partners including the Ministry of Higher Education, Science, Research and Innovation, Community Development Department (CDD), Department of International Trade Promotion (DITP), Cooperative Promotion Department (CPD), Department of Industrial Promotion (DIP), Digital Economy Promotion Agency (DEPA), The Board of Investment of Thailand (BOI), The Office of Small and Medium Enterprise Promotion (OSMEP), The Federation of Thai Industries (FTI), The Thai Chamber of Commerce, and the Thai Exhibition Association (TEA).

Share price movement in B2B media companies involved in Asia

Figure 1: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement over past 12 months)

Figure 2: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement since January 2022)

Quick takes

Foreign arrivals back on track in Philippines

The Philippine Department of Tourism (DoT) has surpassed its 2022 arrival target as of mid-October with 1,767,791 foreign visitors on record. The DoT’s target for the full year was 1.7 million.

MCEC announces new CEO

Natalie O’Brien has been named as the new chief executive of Melbourne Convention and Exhibition Centre (MCEC). She will start in the role in January 2023. O’Brien was previously the CEO of Food and Wine Victoria. She replaces outgoing chief executive Peter King who finishes with the business at the end of the year after 11 years at MCEC.

Singapore FinTech Festival to run as stand-alone event

The Singapore FinTech Festival (SFF) and Singapore Week of Innovation and Technology (SWITCH), co-located since 2019, will be running as two separate events this year. SFF will be held from 2-4 November at Singapore EXPO, while SWITCH is from 25-28 October at Resorts World Sentosa (RWS) Convention Centre.

Taiwan reopens without quarantine

Taiwan, 13th October: The government in Taiwan announced that it will re-open its borders to overseas travellers by lifting its compulsory quarantine for COVID-free arrivals.

In September, Taiwan resumed visa-free entry with a cap on the number of arrivals and a “3+4” arrangement: three nights in a designated hotel, followed by four days of self-monitoring and testing. Now, arrivals in Taiwan are required to conduct seven days of self-health management and advised to avoid crowded areas.

RELX releases trading update

London, 20th October: This week, London-listed RELX released its latest trade update, reporting its underlying revenue growth for the first nine months of 2022 as well as updating the full year outlook.

RELX’s exhibition business posted revenue growth of 85% in the period. According to the company, the growth was driven largely by a return to face-to-face activity across most of its key geographies. Management also noted that its digital tools have been effectively supporting physical events. RELX expects strong growth throughout the financial year as markets recover from the global pandemic.

9,800+ buyers attend HKTDC autumn technology fairs

Hong Kong, 13th October: The Hong Kong Trade Development Council (HKTDC) concluded the physical editions of the five autumn technology fairs, attracting more than 9,800 buyers from 13th to 16th October, to the Hong Kong Convention and Exhibition Centre (HKCEC).

The five fairs are Hong Kong Electronics Fair (Autumn Edition), electronicAsia, International ICT Expo, Hong Kong International Lighting Fair (Autumn Edition) and Hong Kong International Outdoor and Tech Light Expo. electronicAsia is organised by the HKTDC and MMI Asia, and the others are organised by the HKTDC. This time, the events adopted the EXHIBITION+ hybrid model. The online platform will run until 23rd October. Over 1,100 exhibitors showcased information and communication technology products, electronic and lighting products, and new smart city solutions.

Hong Kong government extends support for events

Hong Kong, 19th October: Earlier this week, during his 2022 policy address, John Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region (HKSAR) announced plans to extend support for the Hong Kong events industry.

The government will extend the Convention and Exhibition Industry Subsidy Scheme to 30th June 2023. A new HK$1.4 billion (US$178 million) scheme will be launched to subsidise over 200 exhibitions to be held in Hong Kong over a total of three years.

Share price movement in B2B media companies involved in Asia

Figure 1: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement over past 12 months)

Figure 2: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement since January 2022)

Quick takes

AIME returns to Melbourne next year

Celebrating its 30th anniversary next year, the Asia Pacific Incentives and Meetings Event (AIME) will be returning to the Melbourne Convention and Exhibition Centre (MCEC) from 13-15 February 2023.  The show is expected to attract 400 hosted buyers, 2,000 visitor buyers and over 300 exhibitors from around the world.

Festivals inspire new trends in events

Creative digital technology and the social purpose showcased at festivals like Glastonbury and Coachella are being applied to brand activation and business events, creating more engaging and impactful experiences tied to social responsibility.

Government and industry leaders focus on MICE

Global industry leaders and government representatives agreed on five key areas of collaboration at the Joint Leadership Summit held in Singapore on 5th October, pledging to define business events as “controlled gatherings”, establish business events as both economic and tourism tools, and collaborate on accessibility, talent & capability development and sustainability.

Pico and Founders Factory jointly help start-ups in Asia

Hong Kong, 6th October: Hong Kong-listed Pico Group announced it is joining hands with Founders Factory, a leading start-up accelerator and venture studio, to launch a new venture-building initiative in Asia.

The two companies will cultivate technology start-ups in Web3, martech and event activation. The initiative will target “start-up accelerators” – focusing on assisting pre-seed and seed stage start-ups looking to build scale, and “venture studios” – helping them identify and grow new start-ups.

Constellar to launch Singapore’s first agri-tech exhibition

Singapore, 11th October: Singapore-based exhibition organiser, Constellar, will open Singapore’s first agri-food technology exhibition, Agri-Food Tech Expo Asia (AFTEA). It will be held as a participating event of Singapore International Agri-Food Week.

With international partner DLG (the German Agricultural Society), the inaugural AFTEA will run from 26th to 28th October 2022 at Sands Expo and Convention Centre. The show will highlight knowledge sharing and technology solutions to address farming and food supply challenges, aiming to improve quality, efficiency and output of agricultural processes, increase crop yield and self-reliance. More than 200 exhibitors from 15 countries will be showcased.

Inaugural Asia CEO Summit concludes in Singapore

Singapore, 7th October: The inaugural Asia CEO Summit was held from 5th to 7th October 2022 at The Fullerton Hotel in Singapore, bringing together leaders of major business events organisers. They reaffirmed their commitment to the sustainable growth of business events and the MICE sector in Asia.

During the summit, participants exchanged insights on the resumption of physical business events in their respective markets, and built momentum for further business events in the region.

STB inks new MICE partnerships

Singapore, 5th October: Following the Memoranda of Understanding (MoU) between Singapore Tourism Board (STB) and Italian Exhibition Group (IEG), STB has signed two other partnerships with key MICE industry players to grow the industry in Singapore, aiming to reinforce Singapore’s position as a Global-Asia Node for business events.

The first MoU is a seven-party MoU involving STB, Informa Markets, Constellar Venues, PICO World (Singapore), Cityneon Holdings, Kingsmen Exhibits and Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS). The other MoU was signed between STB and Comexposium, a leading global event organizer.

Share price movement in B2B media companies involved in Asia

Figure 1: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement over past 12 months)

Figure 2: BSG B2B Media Index vs. All Tracked B2B Stocks (price movement since January 2022)

Quick takes

Singapore Grand Prix 2022 sets record-high attendance

After a two-year hiatus due to COVID-19, Formula 1 has returned to Singapore. Excited fans from around the world flocked to the Singapore Airlines Singapore Grand Prix 2022, setting a new attendance record of 302,000 for the three-day event – the highest in its 13-year history.

South Korea drops PCR testing requirements

Following the removal of pre-departure PCR testing requirement for inbound travellers earlier this month, South Korea has now removed the on-arrival PCR testing requirement in light of a recent gradual decline in infections. However, restrictions on foreign entrants may return if high-risk virus variants emerge.

Indonesia focuses on building domestic tourism

Indonesia’s Ministry of Tourism and Creative Economy (MoTCE) will prioritise growth of domestic travel with the goal of 1.4 billion movements in 2023, and work to bolster quality and sustainability for the international market. Facilitating these efforts, Minister of Tourism and Creative Economy Sandiaga Uno inaugurated Ni Made Ayu Marthini as Deputy for Tourism, Nia Niscaya as Deputy for Strategic Policies, and Diah Martini Mohammad Paham as Deputy for Resources and Institutional Affairs.

Hong Kong’s new “0+3” policy receives mixed reactions

From 26th September, visitors to Hong Kong will no longer have to undergo hotel quarantine, and will only be required to self-monitor for three days upon arrival – however they will not be able to access high-risk areas such as restaurants during that time.  While travel and hospitality industry representatives welcomed the move, the market is still looking for the complete removal of pandemic-related restrictions… or at least a clear roadmap to get there.

IEG expands in Singapore

Singapore, 5th October: Exhibition organiser Italian Exhibition Group (IEG) have signed a Memorandum of Understanding (MoU) with Singapore Tourism Board (STB). In addition, the company has also acquired trade shows from CEMS – Conference & Exhibition Management Services.

IEG, a leading company of organising trade show and conference events in Italy, has strengthened its presence in Asia, by signing a MoU with STB to support the development and organisation of new events in Singapore, and also strengthen its MICE business in Singapore. The company has also signed a letter of intent (LOI) with CEMS to acquire two strategic trade shows in the luxury and food segments: SIJE – Singapore International Jewelry Expo and Café Asia, Sweet and Bakes Asia, Restaurant Asia. No financial details of the acquisition were disclosed. After the expansion, IEG will open its own regional headquarters in Singapore.

Hyve recovers 85% of FY2019

London, 3rd October: International exhibition organiser, Hyve Group plc, released the latest trading update for the year ended 30th September 2022, showing a full revenue recovery during the second half of the financial year and projecting a strong trading trajectory for upcoming year.

The London-listed company posted revenues for FY2022 to be £122 million (US$136 million). Excluding revenues from discontinued operations in Russia, Ukraine and Turkey, and having successfully run a full schedule of events outside China during the year, the company was 85% recovery on a pro-forma basis when compared to FY2019, before the pandemic. Due to speedy recovery, reliance on insurance proceeds reduced to £19 million (US$21 million), compared with £65 million (US$73 million) last year.

Eco Expo Asia 2022 looks good

Hong Kong, 3rd October: Following the discontinuous compulsory quarantine in Hong Kong, Eco Expo Asia 2022 will be held from 14th to 17th December at Hong Kong Convention and Exhibition Centre (HKCEC), with an increasingly rosy picture for the event.

Jointly organised by the Hong Kong Trade Development Council (HKTDC) and Messe Frankfurt (HK) Ltd, the event will open to the public on 17th December and online services will run until 24th December. Themed “Green Innovations for Carbon Neutrality”, this year’s events will focus on four main areas: Carbon neutrality, New energy, Green finance and ESG, and Green transportation.

In-person events up 724% on Bizzabo platform

Worldwide, 28th September: According to Bizzabo’s Event Experience Operating System, the number of in-person events increased by 724% during January to September 2022. In addition, most events coming in the second half of the year on the platform will also be in-person.

Hybrid events remain a key marketing platform. About 10% of events held monthly on the Bizzabo platform have been in hybrid format since March 2022. About 70% of event organisers plan to have a virtual component to support their next in-person event. Meanwhile, the number of virtual events held on the Bizzabo platform was almost flat during January to September 2022. Overall, the number of events hosted on the Bizzabo platform posted a 20% increase.