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.

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)

Jakarta government offers support to MICE

Jakarta, 26th September: The Jakarta city government has launched a new initiative to support its business events industry. Jakarta will create a bid fund aimed at bringing events to the city.

The government has earmarked a budget of 10 billion rupiah (US$675,000) to support event organisers bidding for and hosting major events. The level of support will need to be approved by an independent board which includes the Creative Economic & Jakarta Art Council committees

Fiera Milano launches new show in Singapore

Singapore, 22nd September: The inaugural edition of FIND – Design Fair Asia (an acronym of Furniture, Interiors and Design) opened at Marina Bay Sands Expo and Convention Center in Singapore running from 22nd to 24th September 2022. More than 250 brands from all over the world showcased their design creations for the home, lighting, bathroom, textiles and interior décor sectors.

Organised by Fiera Milano through a joint venture with dmg events, the new show targets audiences including architects, interior designers, retailers, experts and design enthusiasts from across Asia. The new event was the highlight of Singapore Design Week, a large design festival in Singapore which brings together 50 events and 200 designers over 10 days in multiple venues.

NOVA’s revenues down 51% in FY2022

Hong Kong, 23rd September: Last week, Hong Kong-based exhibition and event organiser, NOVA Group (formerly known as Mega Expo) announced its financial results for the year ended 30th June 2022. The company reported total revenues of US$14.3 million, a decrease of 51% compared with the previous year. The company’s loss widened substantially to US$16 million, compared with a loss of just US$700,000 last year.

NOVA Group’s revenues were entirely generated from its key two non-event business segments: cultural entertainment segment (US$7.2 million) and financing segment (US$7.1 million). The cultural entertainment segment dropped 68%, while the revenues from the financing segment were up slightly by 5.1%. The company did not generate revenues from its exhibitions & events business.

TCEB wins three energy industry conferences

Thailand, 22nd September: Thailand Convention and Exhibition Bureau (TCEB) and IEEE PES – Thailand join forces to host three power and energy industry conferences in a variety of Thai cities over the next several years.

The three conferences are the 15th Annual Asia-Pacific Power & Energy Engineering Conference (IEEE PES APPEEC 2023) in Chiang Mai, the IEEE International Smart Cities Conference (ISC2) 2024 in Pattaya and the IEEE PES GTD Grand International Conference and Exposition Asia (GTD Asia 2025) in Bangkok. More than 10,000 participants from around the world will attend these conferences which are expected to generate more than 837 million baht (US$22.5 million) in economic impact.

Quick takes

Stephen Brooks back in B2B

This is not an Asian development, but still interesting. Stephen Brooks, the former owner of Mack Brooks is stepping back into B2B events three years after selling his company to Reed Exhibitions. Co-investors are Clarion’s Simon Kimble and George Rockett, the founder of the investee company, DCD International.

Japan, Korea and Taiwan ease COVID restrictions

Following Hong Kong’s move to effectively end hotel quarantine, Japan removes its visa and arrival caps. Korea ends (its rather silly) outdoor mask mandate and Taiwan drops its “quarantine on arrival” rule as of 13th October.

Singapore hosts Hong Kong’s jewellery expo

Informa’s massive flagship jewellery expo opened in Singapore this week. This represents another one of Hong Kong’s missed opportunities. Usually, that event is held in Hong Kong and it fills Hong Kong’s two key venues, AWE and HKCEC. The event should return to Hong Kong in 2023, but nothing is certain these days.

White paper highlights Hong Kong’s event opportunities

It will take a lot more than white papers to reverse the damage to Hong Kong’s events industry reputation, but nonetheless, this paper offers interesting suggestions and insights.

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)

Koelnmesse and Messe Düsseldorf launch new shows in Japan

Japan, 14th September: International exhibition organisers, Koelnmesse and Messe Düsseldorf announced plans to launch new gourmet food and wine & spirits events in Japan.

Koelnmesse will launch its ISM Japan in 2023, covering a range of products including sweets and snacks. Messe Düsseldorf will expand its wine & spirits portfolio by organising ProWine Tokyo beginning in 2024. These events will be co-located with The World Food And Beverage Great Expo (FABEX) organised by Japan Food Journal. Prior to launching ProWine Tokyo in 2024, Messe Düsseldorf will organise Wine & Gourmet – powered by ProWein.

Automechanika Shanghai 2022 to be held in Shenzhen

China, 19th September: The 17th edition of Automechanika Shanghai will be moved to the Shenzhen World Exhibition & Convention Center, running from 20th to 23rd December 2022. This special arrangement is a result of China’s ongoing “COVID-Zero” policies and restrictions.

According to the organisers, Messe Frankfurt (Shanghai) and the China National Machinery Industry International Company (Sinomachint), the relocation provides participants with more flexibility in their planning and will allow the show to meet the industry’s expectations for in-person activities. Automechanika Shanghai – Shenzhen edition is expected to attract at least 3,500 exhibitors from 21 countries and regions.

TCEB launches “Product MICE Premium” initiative

Thailand, 15th September: Thailand Convention and Exhibition Bureau (TCEB) has launched a new initiative, the “Product MICE Premium” is designed to engage local SMEs to produce souvenirs for distribution at MICE events. This initiative will provide business opportunities for souvenir producers.

According to TCEB, the selection of community products for MICE events require three criteria: culture, ways of life, and local raw materials. The products include souvenirs and local cuisine that are unique to the community. TCEB has already selected a total of 15 products in collaboration with communities in three regions in Thailand: the southern, northern and northeastern regions.

Quick takes

Hong Kong finally drops hotel quarantine

Last week, the Hong Kong government said it will scrap its mandatory hotel quarantine. This comes after more than two years of isolation. The city currently has a three-day hotel quarantine with four subsequent days of restrictions that ban some activities such as eating in restaurants.

Thailand expects US$46b tourism revenues in 2023

The Thai government has set the tourism revenue target for 2023 more than US$46 billion. More than five million foreign tourists have arrived in Thailand between January and September this year. Thailand, along with Singapore, were the first Asian markets to reopen in 2022.

Damage from China’s COVID-zero policy grows

The Industrial Automation Show (IAS 2022), originally scheduled to be held at the National Convention and Exhibition Center (Shanghai) on 26-30 September 2022, will be postponed to 30th November to 4th December 2022.

Japan further eases entry restrictions

Japan will soon allow visa-free, independent tourism. As of 11th October, Tokyo will also remove the country’s daily entry cap. Under the new system, tourists will still need to show proof of triple-vaccination or a negative Covid-19 test before travel.

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)

BPA acquires VSef

Shelton, CT, 14th September: BPA Worldwide, a global assurance provider of media, technology, events and sustainability standards compliance announced the acquisition of VSef, a company which has developed a global data format for the digital events industry. Financial details of the acquisition were not disclosed.

VSef was launched in early 2021 on the back of the rapid increase in the number of digital events and platforms as a result of the global pandemic. VSef is a “universal data format for hybrid and virtual events.” It was developed through a collaboration between event organisers and virtual event platforms.

Thailand records 60,000+ recent MICE arrivals

Thailand, 8th September: The meetings and incentives travel industry in Thailand continues to rapidly recover. More than 68,000 international MICE arrivals were recorded from April to June 2022.

According to the Thailand Convention and Exhibition Bureau (TCEB), another 4,100 overseas groups are scheduled to arrive in September as part of TCEB’s support programme. In addition, another 30,100 are expected to arrive from October to December. The top three Thai destinations for hosting meetings and incentives are Bangkok, Phuket and Pattaya; while other popular destinations include Hua Hin, Krabi and Khao Lak.

ICC Sydney hosted 470,000 visitors in FY

Sydney, 8th September: International Convention Centre Sydney (ICC Sydney) has recently released its 2021/2022 Annual Performance Review, reporting that the venue’s visitor numbers and visitor spend have doubled compared to the previous financial year.

Managed by ASM Global, ICC Sydney reported that it welcomed more than 470,000 visitors in FY2021/2022, delivering A$190 million (US$131 million) in visitor expenditure across some 300 events. The is more than double the 200,000 visitors and A$80 million (US$60 million) in economic contribution recorded in FY2020/2021.