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How Questex Is Preparing for the Future of Live Events
No one can say with certainty when conferences, trade shows and other large gatherings will resume. What is certain is that when they do, they're going to feel very different.But new guidance from Questex—a B2B publisher which, until three months ago, drove 70% of its revenues from live events—provides a glimpse into what large-scale conferences might look like in the near future, ranging from temporary measures like socially distanced theaters and exhibit halls or frequent disinfecting of high-traffic areas, to more permanent changes, such as contactless registration, eliminating waste by phasing out welcome bags and contracting medical professionals to be available on-site.
"We’ve got to build trust that we’re listening and are going to do whatever it takes to make events as safe as possible, and that we’re going to invest in these precautions," Questex CEO Paul Miller tells Folio:. "It’s not just the exhibitors and the attendees, it’s my own staff as well. They need to feel safe and see that we’re not just ignoring this awful situation."
The safety guidelines, which Questex released last week, are meant to be a living document, Miller says, subject to change amid ongoing discussions with attendees, exhibitors, venues and local governments around the world. But the pause has also provided an opportunity to reevaluate every aspect of the business, from minute details to bigger questions, like whether events, as previously conceived, are truly the most efficient way to connect buyers and sellers.
"Coronavirus or not, I think it was time probably for a change," Miller says. "Is a one-location, three-day event really the future? Or is it 12 locations, with a keynote broadcast live and a breakaway for local programming? Are these the things that people might appreciate, not having to get on a plane or give up five days of their week? We’re in a crisis, let’s not waste it. Let’s rethink everything."
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Paul Miller[/caption]Miller says he was never a big believer in an "events-only model," but concedes that a total shutdown of face-to-face events, obviously, has hurt Questex considerably. And while the company had the skillsets and technology necessary to pivot to virtual events, it takes a lot of webinars to make up for the revenue lost when a single conference is cancelled, especially because attendees aren't accustomed to paying for access to online editions of physical events.
"At the moment, the fastest and easiest way to revenue is through sponsorship. There’s no doubt about it," Miller says. "And that’s not great, because there is value to this content."
Spending much of their professional time on Zoom meetings as it is, attendees are forgiving of technical glitches, appreciating authenticity over "full-on production value," he says. People will pay to attend online events, but when they do they're rightfully expecting a higher quality experience, which in turn requires greater investment and more lead time in preparation.
As for physical events, Miller says Questex is looking at September as a potential reopening, but that it's also modeled out scenarios in which there are no live events in 2020 at all. Making matters more difficult is the anticipation that when events do return, it's likely that attendance will be down from previous years.
"What we’re looking at is less revenue and more cost—never a good business formula. Fewer exhibitors, just through sheer space issues or ability to travel, and fewer paying attendees for the same reasons," Miller says.
Conference organizers of all sizes, he says, need to embrace the reality that when events return, the wide EBITDA margins they once generated will almost certainly lag behind.
"Events will be less profitable. Then you’ve got to go back to the question of why we do these things in the first place. We do them because they are very efficient ways for audiences and sellers to connect," he continues. "We are here to bring buyers and sellers together, irrespective of the medium, and there are various ways to do that. The event-only model is not really doing a service to the industry."
For exhibitors, who are going to see fewer attendees and thus fewer leads, the idea of exposing them to a much wider audience with events that span multiple locations becomes all the more attractive.
"Not every single potential buyer is going to attend an event, so if we can expose them to folks around the world by using hybrid-type models, I think it becomes potentially really exciting. Maybe a brand-new industry emerges from that," Miller says. "Is a live event relevant anymore in certain industries and in certain places? I think it’s going to have to be a really relevant place for people to get on a plane and sit in a hotel. It better be darn valuable for people to do that. I think we all have to get out of our comfort zones a little bit."
The post How Questex Is Preparing for the Future of Live Events appeared first on Folio:.
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28 May 2020 | 1:56 pm EDT -
Time Out Is All “In” on Rebuilding Its Business Post-Pandemic
The COVID-19 pandemic has been devastating to several industries, and publishing has been no exception. Among those hardest hit have been titles serving local markets.With public spaces temporarily shutting down, regional titles have little leverage to sell advertising, and readers have little interest in learning about activities they can no longer partake in. This has led to print suspensions (temporary and permanent) , furloughs, layoffs and left some on the brink of bankruptcy or closure.
The Time Out Group, which serves 328 cities in 58 countries around the world, was not immune to the impacts of the pandemic. The company took swift action when stay-at-home orders were put in place and temporally halted its print in its cities that still offered it. Further, given immediate and forecasted decreases in revenue, CEO Julio Bruno says the company also made some salary reductions, and furloughed an undisclosed number of employees. The company was also forced to lay off hourly employees at its six Time Out Markets food courts, since they were unable to remain open.
However, despite these difficult times, Time Out has been proactive in pivoting its business, and establishing more secure footing to stabilize and eventually grow once the crisis is behind us.
Its first initiative was to rethink its content strategy.
“Time Out is a brand that people come to explore and experience the best of the city when they go out,” Bruno says. “All of a sudden, our audience was homebound. They were in a state of uncertainty and 24-hour COVID-19 news watch and needed some levity and happiness to get through these tough times.”
In essence, the brand’s ethos didn’t change per se, rather its mission did.
Bruno explains, “[We] pivoted to help people discover all the things they can do while spending time in. The opposite of what we were sharing before! It required us to flex our muscles to be creative, innovative and set a different mindset to meet this new challenge. Our journalists who once focused on curating the best restaurants, theaters, movies and live events that were happening IRL now switched to help our audience discover the best live streaming entertainment, streaming theater shows, the best Netflix movies to watch, at home workouts [and] where to learn new skills.”
Of course, a new editorial strategy about staying home isn’t a sustainable business strategy going forward, which is why Time Out also needed to secure cash to maintain its operation until advertising revenue returns and its Markets can reopen. Rather than borrow, the company instead offered 128,571,428 shares of its company at 35 pence (43 cents USD) per placing, with the intent to raise £45 million (approximately $55 million USD). Bruno says the liquidity earned from this selloff will not only provide more cash flow in general, but will also allow it to repay loans, fund the company’s capex and strengthen its overall balance sheet.
He also expresses clear confidence in the business moving forward.
“We are an iconic brand of 52 years that has evolved and adapted to our audience over time. We strongly believe we will continue to be a relevant part of the cities and people’s lives,” he says. “We will emerge with a stronger brand, larger audience and higher operating, which will allow us to continue Time Out Market’s successful roll-out, which transformed Time Out Group in 2019.”
In regards to the Time Out Markets, Bruno says those businesses lend themselves to a more safe experience for consumers when they are able to reopen.
“We have large open spaces with high ceilings and advanced technology air circulation and filtering systems,” he says. “Given this, complying with social distancing will not be an issue. We have touchless options for ordering and paying through our own app. To accommodate those who choose to stay in, we will also offer delivery. Nearly all our Markets have outdoor seating. All kitchens are open, allowing customers to view their meal as it is prepared and delivered. Furthermore, we will ensure that very strict sanitation policies and systems are in place.”
What’s more, Bruno says he does not foresee any holdup in opening the company’s newest Market locations that are scheduled to open over the next three years in Dubai (2020), London (2021), Porto (2021) and Prague (2023).
The post Time Out Is All “In” on Rebuilding Its Business Post-Pandemic appeared first on Folio:.
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28 May 2020 | 12:08 pm EDT -
Skift to Give Up Physical Office and Go All-Remote, CEO Says | News & Notes
Furloughs and salary cuts come to Outside magazine, Meredith doubles down on podcasts and more.
The post Skift to Give Up Physical Office and Go All-Remote, CEO Says | News & Notes appeared first on Folio:.
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28 May 2020 | 11:50 am EDT -
Cynopsis Special Report: The Power of Premion
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The post Cynopsis Special Report: The Power of Premion appeared first on Cynopsis Media.
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28 May 2020 | 10:00 am EDT -
05/28/20: Robin Roberts to host tribute to women on the front lines
A Cynopsis Message From ION TELEVISION ION Television.BETTER TV IS IN THE AIR. With access to 102 MILLION HOMES, including over the air, ION is delivering largebroadcast audiences across the day. Learn more at iontelevision.com/intheair Thursday May 28, 2020 Tonight’s PremieresDIY: Insane Pools: Off the Deep End at 9 Tonight’s Finale:Freeform: [...]
The post 05/28/20: Robin Roberts to host tribute to women on the front lines appeared first on Cynopsis Media.
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28 May 2020 | 6:17 am EDT
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