YapStudy - Way Forward For
The Hospitality & Entertainment Industry

As we venture into the second half of the most unexpected and unpredictable year that 2020 has been, we thought it would be momentous to release our bi-annual data through our YapStudy which could be highly beneficial for every entity that calls the hospitality & entertainment (H&E) industry their home ground. 

Our YapStudy is replete with multi-faceted dimensions of industry challenges, swift resolutions, insights to match your attendee expectations, strategies for brand marketing & operations, evolving your retention plans, and creating brand loyalty on the road to recovery.

1. Business Challenges: Navigating From LIVE To Virtual

The COVID-19 pandemic can only be described as an unstoppable force that spelled disaster for human lives and livelihoods across the globe

A. Industry Challenges

A chain reaction that packed a punch for many industries such as travel, tourism, and airlines first which directly had an impact on the live events industry. Without any public gathering to look forward to, it was a bad dream for many during the months of February to June.  No flights, no hotel booking, and no event gatherings meant a lack of jobs, pay cuts, and a complete standstill to revenue generation all over.

B. Revenue Stabilization Strategy

Some of the venues that suffered a major jolt include casinos, theaters, restaurants, hotels, resorts & pubs. Many other event organizers who used to plan live music concerts, fairs, festivals, conferences, and expos were also stuck in a rut as to what comes next. With sudden event cancellations taking place due to social distancing protocols and lockdowns in full effect, many businesses had no option but to start initiating ticket refunds from their event investments. We are in the process of launching a swift solution in the form of a Gift Card feature which will assist entities to stabilize their cash flow.

C. The Virtual Route For Event Planning

In our decades worth of industry experience, we’ve never witnessed such an overnight change in business strategies many venues and presenters took to adapt to the situation. Hats off to those who took this up as a challenge to switch over to the virtual landscape of organizing events with cost-effective practices and pricing policies. 

“COVID-19 has provided every hospitality & entertainment enterprise the opportunity to rejuvenate the event experience for their guests. Those who innovate with their event planning like setting up drive-in concerts, dinner theater shows or any kind of an exclusive premium experience for their guests will turn in to WINNERS”

Abhinav Sridhar, Head – Business Planning & Strategy (Yapsody)

2. Solving Challenges: Turning Breakdowns Into Breakthroughs

Like a phoenix rising from the ashes, many event venues and companies symbolized this to rise out of the problem of unexpected shutdowns.

A. Event Postponement Strategy

We witnessed many organizers taking the virtual route for organizing their web events on our ticketing platform with great success. Event attendees were on the lookout for a way of connecting online through virtual events and many organizers delivered on that front. Not only did they switch to the online landscape, but they also postponed their upcoming events to a future date as a safe bet.

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B. Surveys To The Rescue

The pandemic pulled out an unexpected card on the entire entertainment & hospitality industry, however, those who were quick to pull out an ace were able to handle the situation better. Using logic-based surveys and questionnaires sent through timely emails, many event organizers gauged what was expected of them and enhanced their event offering further. We, at Yapsody also conducted a quick market survey that gave us a broader picture. Glance through these stats that will help you strategize better.

Yapsody Concert Survey
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