Business News

New Vaccine Optimism Boosts the Event Industry

Skift Take

The massacred event industry has been in need of some good news for a while. The news came this morning with the announcement of a 90% effective vaccine.

Eventprofs are convinced that only a vaccine can bring them back to business. Recent research from EventMB sees 40 percent of planners ranking a vaccine as the number one factor out of eight that would impact an event comeback.

With so much consensus, the joy is palpable as Pfizer announced that its vaccine candidate has 90 percent effectiveness.

The widespread optimism was notable on the markets:

Viad, which owns GES, is currently up 7 percent
Eventbrite is currently up 27 percent
Informa is currently up 21 percent

These are only some of the hospitality and event companies hyped by the news.

On the industry side, Kai Hattendorf, UFI Managing Director / CEO commented:

“While we in our sector are convinced that people are eager to return to the show floors, and our research shows the same, today’s reactions of the stock markets show the investors’ confidence that people are eager to resume face-to-face events.”

On the other hand, Zoom is experiencing the most significant drop in the past few months — down 12 percent. Though the session lows are being quickly offset as trading progresses. This may be a signal that virtual event platforms will have an impact from positive news on the face-to-face front.

While euphoria may pervade the industry and event professionals may well celebrate such great news, the industry must play a long game in which virtual will still play a role for the foreseeable future.