EXCITING RESULTS are in from Special Events Magazine's subscriber study. Revenue from special events in 1999 was $52.2 billion, up 17 percent from 1998! And 2000 revenue is projected to increase 17 percent from 1999. Now, that's big bucks! The double-digit growth trend continues as subscribers project a 15 percent increase for 2001. superscript *
There has never been a better time to be in the event industry. In 2000, we learned, event professionals are remodeling and renovating their businesses. Seven out of every eight Special Events Magazine subscribers have a facility. Of those who are facility-based, 34 percent are renovating, spending an average of $1.6 million.
Wondering where all the money is coming from to pay for these improvements? Special event revenue comes from each of the following event types: social, 35 percent; corporate, 33 percent; nonprofit/fund-raising, 10 percent; trade shows/conferences, 8 percent; entertainment, 7 percent; other events (not specified), 4 percent; and sporting events, 3 percent. Expect to see the largest growth from, No. 1, corporate events and, No. 2, social events.
To sum it up, subscribers are making more money, improving their businesses and demanding faster productivity.
How do our subscribers track down products and services they see advertised in our magazine? We asked them what methods are used to obtain information from trade publication advertising. Alexander Graham Bell would have been happy to know that the No. 1 response is still the telephone; No. 2 is Web sites.
Times are changing. If you don't have a Web site, you had better get one! Our site - www.specialevents.com - has exciting changes coming in 2001. So get ready to experience new resources, video webcasting and more.
Special Events Magazine is making a change in 2001 to include more corporate event planners in our circulation mix. This will expand our event niche into the largest area of event growth and open doors to new service vendors such as sites and entertainment companies. So stay tuned.
In closing, our staff thanks all the people who participated in Special Events Magazine's 2000 subscriber study. Without your involvement, we couldn't make the changes necessary to improve your industry magazine. And out there somewhere, Jon Falls, president of Le Concierge, Branchville, N.J., is enjoying his new "picture-in-picture" Sony television as the winner of this year's subscriber study drawing. Cheers, Jon!
*Kane Consulting August 2000 Subscriber Study