The event industry is a $850 BIL + industry, however, its scalability is highly affected by the way it operates. Its inefficiency is due to the lack of innovation in the event organizing process. The coordination, discoverability and doing business between the different parties involved is very tedious, slow & scattered over different platforms, software and means of communication. Event organizers, for instance, continue to use legacy software like excel to keep track of the event project management.
Moreover, trust within the industry is significantly undermined by the lack of transparency which causes uncertainty regarding the payments which need to be made by and between the participants therein. Often, the limited access to the required physical and human resources and contacts leads to the involvement of middlemen that do not add value to the process but incur large referral fees, favoritism to suppliers without guarantee for the best price–quality ratio and in some cases fraud and significant losses.
Here are just a few of the problems that are very real in this industry today and are experienced more often than they need to:
1. Higher prices of tickets due to secondary black markets;
2. Time loss and poor planning, due to scattered event planning process across different platforms, mediums, software etc.;
3. Ticket fraud that can be duplicating & selling the same ticket multiple times;
4. Delayed payments to performers or non-fulfilment of obligations on behalf of the latter;
5. Lack of one niche software to bring the whole organizing process inside; 6. Lack of transparency & Protection for all parties involved; 7. Difficulties finding new venues, gigs, partners and sponsors/sponsorships; 8. Difficulties in finding, organizing, and tracking technical equipment which is rented for the event;