ALTHOUGH the event industry has endured postponements due to the disruptions of anti-government protests and an economic slowdown, Index Creative Village still believes that it will achieve its target of Bt2 billion revenue this year.
“As far as I am aware, events planned for this month have been postponed, but not be cancelled yet,” co-chief executive officer Kriangkrai Kanjanapokin said yesterday.
Though so far the political demonstrations in Bangkok have been mostly peaceful, local businesses are waiting to see how things develop, and so have decided to postpone their planned events to make sure the situation is calm enough.
To cope with this, Index Creative Village has revised its business plan and strategies for achieving its Bt2-billion revenue target.
Kasikorn Research Centre predicts that the event industry will grow by about 2-5 per cent to between Bt14.3 billion and Bt14.7 billion this year, lower than its previous estimate, because of the sluggish economy and political uncertainty.
The research centre also suggested that the big companies should expand their business into neighbouring countries such as Cambodia, Laos, Myanmar and Vietnam.
Kriangkrai also suggested that competition this year would continue to be fierce because new players keep entering this market, particularly small and medium-sized event organisers that offer lower-budget service.
The company will focus more this year on creating its own events for the domestic market along with more activity in such places as Myanmar and Vietnam.
He added that the Thai event business was saturated, and awaiting mega-events from overseas.
Index Creative Village and its partner Forever Group in Myanmar invested Bt200 million in the Myanmar Event Park on 20,000 square metres in the heart of Yangon’s business district. The venue is built for MICE (meetings, incentives, conferences and exhibitions) events in that city, aiming to capitalise on increasing demand from overseas investors.
Under this project, Index Creative Village manages and operates the new venue and earmarks some money for marketing and promotion of the venue.