Summary of The Event Industry Is Being Confronted By Its Napster Moment

Rafat Ali

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The Event Industry Is Being Confronted By Its Napster Moment summary

Editorial Rating

The rating – what does it mean?

At getAbstract, we summarize books* that help people understand the world and make it better. Whatever we select for our library has to excel in one or the other of these two core criteria:

Enlightening – You’ll learn things that will inform and improve your decisions.

Helpful – You’ll take-away practical advice that will help you get better at what you do.

We rate each piece of content on a scale of 1–10 with regard to these two core criteria. Our rating helps you sort the titles on your reading list from solid (5) to brilliant (10). Books we rate below 5 won’t be summarized. Here's what the ratings mean:

10 – Brilliant. A helpful and/or enlightening book that, in addition to meeting the highest standards in all pertinent aspects, stands out even among the best. Often an instant classic and must-read for everyone.
9 – Superb. A helpful and/or enlightening book that is extremely well rounded, has many strengths and no shortcomings worth mentioning.
8 – Very good. A helpful and/or enlightening book that has a substantial number of outstanding qualities without excelling across the board, e.g. presents the latest findings in a topical field and is written by a renowned expert but lacks a bit in style.
7 – Good. A helpful and/or enlightening book that combines two or more noteworthy strengths, e.g. contains uncommonly novel ideas and presents them in an engaging manner.
6 – Notable. A helpful and/or enlightening book that stands out by at least one aspect, e.g. is particularly well structured.
5 – Solid. A helpful and/or enlightening book, in spite of its obvious shortcomings. For instance, it may offer decent advice in some areas while being repetitive or unremarkable in others.

*getAbstract is summarizing much more than books. We look at every kind of content that may matter to our audience: books, but also articles, reports, videos and podcasts. What we say here about books applies to all formats we cover.

Qualities

Eye Opening
Background
Hot Topic

While the rating tells you how good a book is according to our two core criteria, it says nothing about its particular defining features. Therefore, we use a set of 20 qualities to characterize each book by its strengths:

Applicable – You’ll get advice that can be directly applied in the workplace or in everyday situations.
Analytical – You’ll understand the inner workings of the subject matter.
Background – You’ll get contextual knowledge as a frame for informed action or analysis.
Bold – You’ll find arguments that may break with predominant views.
Comprehensive – You’ll find every aspect of the subject matter covered.
Concrete Examples – You’ll get practical advice illustrated with examples of real-world applications or anecdotes.
Controversial – You’ll be confronted with strongly debated opinions.
Eloquent – You’ll enjoy a masterfully written or presented text.
Engaging – You’ll read or watch this all the way through the end.
Eye opening – You’ll be offered highly surprising insights.
For beginners – You’ll find this to be a good primer if you’re a learner with little or no prior experience/knowledge.
For experts – You’ll get the higher-level knowledge/instructions you need as an expert.
Hot Topic – You’ll find yourself in the middle of a highly debated issue.
Innovative – You can expect some truly fresh ideas and insights on brand-new products or trends.
Insider’s take – You’ll have the privilege of learning from someone who knows her or his topic inside-out.
Inspiring – You’ll want to put into practice what you’ve read immediately.
Overview – You’ll get a broad treatment of the subject matter, mentioning all its major aspects.
Scientific – You’ll get facts and figures grounded in scientific research.
Visionary – You’ll get a glimpse of the future and what it might mean for you.
Well structured – You’ll find this to be particularly well organized to support its reception or application.

Recommendation

Rafat Ali was a cub reporter when the music industry underwent a permanent shift from albums and physical products to singles and digital products. He later watched the newspaper industry get decimated by the internet, wondering why they hadn’t learned from the music industry. Now, he’s calling the next digital revolution. Aided by COVID-19 and the work-from-home revolution, Ali predicts that the lucrative event industry will suffer a number of painful changes as Zoom, and related virtual technologies, replace expensive, in-person meetings, conferences and exhibitions.

About the Author

Rafat Ali is the founder of Skift, which offers news, data and other services to business travelers and the wider travel industry.

Summary

The event industry probably saw its all-time peak in 2019.

Putting on a physical event costs money and requires expertise. Companies like RELX, Comexposium, Clarion and Informa have made a tidy profit for decades figuring out event logistics. With the onset of the COVID-19 pandemic, however, the event industry is seeing a sharp downturn as ticket sales, membership, sponsorship and other traditional revenue sources vanish.

The world is adjusting to a new normal – one where virtual meetings and events play a far greater role. In light of the changes wrought by the pandemic, it may come as no surprise that the event industry has taken a financial hit; but it’s important to recognize that the slump is, likely, not temporary. The music and publishing industries provide relevant cautionary tales.