Weekly Newsletter
Sydney, 17th October: Business Events Sydney (BESydney) unveiled its new Change Starts campaign. It is aimed to share the “depth of possibilities for global change when hosting business events in Sydney.”
The campaign highlights industries in Sydney which have the power to influence global changes for good – focusing on health & life science, technology & innovation, finance & professional services.
Singapore, 16th October: Singapore has recorded an increase in direct-selling companies opting to hold their large-scale corporate events and incentive trips in the Lion City.
Criteria for companies choosing Singapore included well-connected geographical location, world-class infrastructure and modern meeting amenities, reputation for safety and cleanliness, and leisure offerings. Interestingly, it seems that rising costs in Singapore – especially accommodation, F&B and flights have not deterred these incentive groups.
These mid- to large-scale events generate significant economic benefits for the local tourism industry, especially in the retail, attractions, hotels, and dining sectors. In addition, local DMCs and event organisers were also tasked with executing and coordinating the events.
Good news from RELX in its trading update for the first half. Exhibitions, which currently account for 12% of revenues, are up. Event revenue across the portfolio are ahead of 2019 levels. And in China, which represents about 10% of event revenues, is also generating revenues above 2019 levels.
This is not an Asian story, but worth reading. One tweet from Web Summit founder sharing his take on the Israeli-Hamas war has caused sponsors and speakers to pull out of the next edition of the event. Cosgrave subsequently published a 600-word apology and explanation of his views.
Messe Frankfurt partners with HITB Limited to launch a new edition of its cybersecurity event. The first edition will be held in May 2024 in the Etihad Arena. The difficult to type event is named HITB+in{:cyber}.
Singapore-based Jublia has joined forces with MICECarbon to help the business events industry to reduce the effects of fossil-fuel emissions. The two companies aim to raise awareness of genuine carbon-offset projects that they can support via a platform that offers ease and transparency.
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 2023)
Paris, 10th October: It is less than three weeks until the 90th UFI Global Congress. Registration and full programme details are available on the UFI website. The programme has been finalised and final preparations are underway for this event which will run from 1st to 4th November.
It is largest annual gathering of global exhibition industry professionals. This year it will be hosted by the Las Vegas Convention and Visitors Authority (LVCVA) and will take place at the ARIA Resort & Casino. The congress will feature more than 50 speakers. Hundreds of exhibition industry professionals will attend from more than 50 countries. This year, the UFI congress returns to North America for the first time since 1972 when it was held in Toronto.
Beijing, 10th October: GainingEdge continues to add to its team. Mark Schloesser joined GainingEdge’s venue consulting team on 1st October 2023. He has 25 years of experience focused on real estate and exhibition venues – including over ten years with Deutsche Messe Venue Operations.
Schloesser’s first project will be as the lead operations consultant during the development of the new China National Convention Center – Phase 2 in Beijing (CNCC2), which is scheduled to open in the fourth quarter of 2024. CNCC2 served as the Main Media Center for the Beijing 2022 Winter Olympics and Paralympics. It will be converted into an international convention and exhibition centre.
Bangkok, 5th October: Over the past year (TCEB’s financial year runs from October to September), Thailand has won 23 bids to host international conferences which will be held up to 2028. Of the 23 winning bids, 14 of them are medical conferences. Other sectors covered include finance, healthcare and sports, education, digital marketing, and business management.
Thailand Convention and Exhibition Bureau (TCEB) was responsible for planning and presenting the bids. TCEB also secured the backing of the relevant government ministries through the TCEB’s One Ministry, One Convention (OMOC) programme. Under the programme, TCEB is allowed to utilise resources and support of a government ministry, and the relevant ministry will subsequently be designated host of the event.
Seoul, 11th October: The Mohegan Inspire Entertainment Resort is set to open before the end of 2023. Located on Incheon’s Yeongjong Island, the multi-billion-dollar, multi-phase project occupies a site of 4.3 million m2 and it is officially located in “Incheon International Airport’s International Business District” – adjacent to Terminal 2 at the Incheon International Airport. It is approximately one hour from downtown Seoul.
The Mohegan property development will feature three five-star hotels with over 1,200 rooms; a 15,000-seat indoor arena; and a variety of MICE facilities. There will also be shopping, dining and entertainment options and an indoor water park.
India, 9th October: Informa Markets has hosted the inaugural edition of The Battery Show India, running from 4th to 6th October 2023 at the India Expo Centre in Greater Noida. The new show was co-located with the 16th edition of Renewable Energy India 2023. Over 900 brands were showcased at the Battery Show, attracting some 40,000 visitors.
Yogesh Mudras, managing director, Informa Markets India, remarked, “The Battery Show India alongside Renewable Energy India 2023 Expo are comprehensive catalysts for innovation and collaboration in the renewable energy, energy storage, and EV sectors. India’s leadership in renewables and EVs, driven by ambitious targets and government support, has surged battery demand. The events’ role in convening stakeholders, discussing trends, and forging partnerships is instrumental in advancing these sectors and supporting India’s shift towards a clean energy future. India, the world’s fourth-largest renewable energy producer, aims to achieve 500 GW of renewable capacity by 2030, with battery demand projected to grow at a remarkable CAGR of over 25%.”
The largest venue in Thailand, IMPACT, has launched a “Green Meeting Package.” It includes: avoiding using tablecloths, chair covers, straws, and plastic bottled water at meetings, using green air conditioners, separating waste; and using environmentally friendly paper bags, etc. The package also includes a carbon footprint report.
The Cairns Convention Centre expansion is complete. It cost A$176 million and added 10,500 m2. Facilities are now across four-levels, including a 410-seat function room, three 120-seat meeting rooms and a small exhibition space.
The Italian Exhibition Group (IEG) has appointed Maurizio Renzo Ermeti as the new president of the group. He has been a non-executive board member since 1997 and he was vice-chairman from 2008 to 2016. IEG recently opened an Asian office in Singapore and completed a small Asian acquisition.
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 2023)
London/Hong Kong, 3rd October: UK-based, Nineteen Group announced that it has acquired Oliver Kinross, a London and Hong Kong-based conference and trade show organiser. No financial details of the deal were announced. After the acquisition, Nineteen Group will maintain headquarters in both London and Hong Kong.
Founded in 2008, Oliver Kinross owns a series of Build Expos with editions in New York, Chicago, Sydney and London. After the acquisition, Oliver Kinross’ founders, Neil McKenzie and James McKenzie and the senior management team, including Barry Saysell and Adam Jaffe, will continue to lead the business.
Singapore, 4th October: The Asia CEO Summit (ACS) was held from 3rd to 5th October 2023 at the JW Marriott Singapore South Beach. The event is designed to be a gathering executives from international business event organisers as well as regional, independent exhibition organisers.
The summit is co-organised by UK-based Association of Event Organisers (AEO), the Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS), the US-based Society for Independent Show Organisers (SISO) and UFI, The Global Association of the Exhibition Industry.
This year, ACS featured sessions on sustainability, recover and growth in Asia, the outlook for M&A in Asia and the role of tech and AI in future events. There were close to 100 senior executives in attendance at the ACS and the mood was strongly optimistic as business events move towards pre-pandemic levels and beyond in Southeast Asia.
Thailand, 26th September: Following the Thai government’s visa exemption policy for tourists from China (and Kazakhstan), the Thailand Convention and Exhibition Bureau (TCEB) is preparing to increase its “MICE Lane” services at five airports in the Kingdom in anticipation of increased demand.
The MICE Lane service is now available at two major airports: Suvarnabhumi Airport and Don Mueang International Airport. TCEB plans to extend the service to five major airports: Suvarnabhumi Airport, Don Mueang International Airport, Chiang Mai International Airport, Phuket International Airport and Udonthani Airport.
Hong Kong, 29th 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 2023. The company reported total revenues of US$5.3 million, a decrease of 63% compared with the previous year. The company’s loss widened to a rather large US$65 million, compared with a loss of US$16 million last year.
The company did not generate revenues from its exhibitions & events business. The company has not organised any exhibitions since 2020 due to COVID-19 and the travel restrictions which effectively closed Hong Kong during that period.
Michael Kreitzer explains that AI is not going to take our jobs. It will allow organisers to collect more data, improve marketing and personalise events for visitors and exhibitors alike.
Next month, Hong Kong will host the Global Financial Summit organised by the Hong Kong Monetary Authority (HKMA). Interestingly, HKMA chief executive, Eddie Yue Wai-man, told the South China Morning Post the event had almost hit its limit for guests due to limited conference capacity in the city.
The SMX Convention Center Cebu is now scheduled to open in 2025 and it will be larger than SMX property in Manila. The Cebu convention centre will feature a floor area of 52,000 m2, compared with 35,000 m2 in Manila.
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 2023)
Hong Kong, 26th September: China’s leading e-commerce company, the Alibaba Group, announced that the company intends to spin-off Cainiao as a separate listing on the main board of the Hong Kong Stock Exchange (HKEx).
Alibaba has submitted a spin-off proposal to HKEx and the exchange has confirmed that the company may proceed with the proposed spin-off. After the new listing is complete, Alibaba will continue to own more than 50% Cainiao, and as a result, Cainiao will remain a subsidiary of Alibaba.
Worldwide, 20th September: IBTM World’s 2023 Incentive Travel Report showed a strong recovery in incentive travel with companies eager to reward employees with incentive travel benefits. IBTM World’s report forecasts that global market value of the sector will reach US$217 billion by 2031 if current annual growth rate continues.
The report stated that the incentive travel industry is currently growing at an annual rate of 12%, and its predicts that the number of people participating in incentive travel programmes worldwide will grow 61% in 2024 compared to the same figure in 2019.
USA, 25th September: The International Association of Exhibitions and Events (IAEE) has appointed long-time Executive Vice President and COO, Cathy Breden, to step into the role of Interim CEO, effective 1st October 2023 until a permanent replacement for ex-President and CEO, David DuBois can be hired.
Breden will return to her current role when new President and CEO is hired, but she is schedule to retire in June 2024. Breden is also the CEO of the Center for Exhibition Industry Research (CEIR), and has served as a member of several boards of directors, as key staff contact, chief staff executive volunteer leader and as a consultant.
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