Events firm regained 50% of lost revenue with hybrid model

After the coronavirus pandemic hit, about 70 per cent of the contracted projects managed by events company MICE Depot had to be either reworked, delayed or cancelled.

Of this number, one in five was an event involving overseas visitors, said company director Francis Tan.

To adapt to Covid-19 restrictions, MICE Depot adopted a hybrid model for its events - allowing the on-site attendance of up to 50 people since July, while others attended the event virtually. Some events were also fully virtual.

Describing the move as an "intensive pivot", Mr Tan said this helped his firm regain about 50 per cent of revenue lost from events delayed or cancelled after the alert was raised to Dorscon Orange in February.

The company also managed to avoid retrenching any of its employees, added Mr Tan.

"The resource demands for hybrid projects are pretty similar to physical events in terms of numbers, with the key difference being the evolutionary progress of digital and broadcast skill sets, internal training programmes and the adoption of positive mindsets," he said.

However, he added that the situation will continue to be challenging for Mice companies, and the industry will need to continually think of creative and efficient solutions to keep businesses going.

Charmaine Ng

A version of this article appeared in the print edition of The Straits Times on September 08, 2020, with the headline 'Events firm regained 50% of lost revenue with hybrid model'. Print Edition | Subscribe