India’s Experience Economy set to reach $59.2 billion by 2030: EEMA president

The entertainment and live events sector in India is projected to grow to $59.2 billion by 2030, from its current value of $32.2 billion, according to Samit Garg, the president of the Events and Entertainment Management Association (EEMA) and the managing director and co-founder of E-Factor Experiences Limited. Garg highlighted the impressive growth of the industry over the past five years, with an annual growth rate of 16% to 18%.

He further emphasized that specific sectors such as weddings, sports, and ticketed events are experiencing even higher growth rates of 18%-20%, 20%-23%, and 26%, respectively. Garg pointed out that Tamil Nadu plays a significant role in contributing to the overall GDP, suggesting that this state's influence could provide a clear indication of the potential size of the experience economy in India.

Garg also presented a report titled 'Socio-Economic Impact of the Indian Events and Experiences Industry,' which was prepared with the support of KPMG and insights from Mastercard on consumer spending behavior. The report advocates for a unified approach from both central and state governments, focusing on simplified regulatory processes for event permissions, extending social protection coverage to the workforce, investing in event and hospitality infrastructure in tier-2 and tier-3 cities, and providing clear guidance on crowd safety and cancellation risks.

The report utilized a Direct-Indirect-Induced (DII) framework to evaluate the economic contribution of various event categories across the industry, considering data from government sources, industry bodies, academic research, global benchmarks, primary survey data from attendees, and primary research from over 108 events with more than 18 lakh participants.