ES. Can you share with us your journey and how it led to the establishment of Paul Woodward Advisory?
Paul Woodward. The company was established in 2016 after I had stepped down from my role as CEO of UFI. The objective was to use my global network to assist companies in the exhibition and events industry to expand their international activities. It complements Business Strategies Group, BSG, the company I had established in Hong Kong in 2010 and which remains the only consultancy in the Asia Pacific region with a dedicated focus on the industry. Originally a journalist and magazine publisher, I had been based in Hong Kong since 1985 and was lucky enough to work as part of a business which was a pioneer of conferences and trade fairs in the region, eventually becoming the heart of the business which is now Informa Markets Asia.
ES. As someone with over 30 years of experience in the industry, what do you see as the primary drivers shaping the future of the global events and B2B media business, particularly in terms of globalization, technology, and research?
Paul Woodward. In many ways, the key drivers of global business events remain as they have always been: trade fairs remain far and away the most effective way for companies to demonstrate their products and services and to meet current and potential customers face-to-face. The rush to relaunch after covid shut-downs was an incredibly clear demonstration of just how important our events are to business. Of course, the exact nature and location of these events changes, depending on new and emerging technologies, new industries, and where business is growing fastest. Over the past 30 years, this has meant a lot of focus and lot of growth in Asia, particularly East Asia. As China matures and growth slows there, other fast-growing markets in the region, and elsewhere, will come into the spotlight.
ES. From your vantage point, what are your thoughts on the global perspective of the exhibition industry? Are there any emerging trends or shifts in the industry landscape that you find particularly noteworthy?
Paul Woodward. As I already mentioned, I am confident that Asia will remain a driver of growth for the Industry although probably with less of that growth coming from China at least int he medium term. We are also seeing some very interesting developments in the Middle East, particularly Saudi Arabia which is giving a big push into major events including trade fairs. The country sees this as an important component of its ambitious plans to diversify the economy away from its dependence on hydrocarbons. We’re seeing a huge change in the balance of power in our industry in that region and the rapid emergence of a major player.
ES. In your opinion, how can industry stakeholders leverage technology and research to adapt and thrive in an increasingly globalized marketplace for exhibitions and B2B media?
Paul Woodward. Although a number of the technological experiments which were tried during covid appear to have
failed and been shelved, the large companies in the events industry are still heavily focused on data generated by events and how that can be developed. They see it as a potentially profitable service in its own right but also as a powerful tool to improve the efficiency and attractiveness of the events they organise. There’s no doubt that the more forward thinking are now working hard to integrate AI tools into this process.
Although probably over-hyped by in a lot of media coverage, there is no doubt that big changes are coming which will have a significant impact on how data from our events is collected, collated, and analysed. As always with new technology trends, big mistakes will be made and money wasted. But, who have a nostalgic view of the “simple life” and choose to ignore these trends will almost certainly be left behind or gobbled up by the more sophisticated players.
ES. The pandemic significantly impacted the event industry. How do you see the industry recovering, and what adaptations do you believe will be necessary for future events?
Paul Woodward. I would say that the industry has recovered remarkably well. In many parts of the world, 2024 will see it exceed business levels from 2019 before the pandemic closed things down. The financial markets certainly think so and the pace of transactions is racing forward. Those in the know tell me that there will be a number of very big deals announced in the coming months. The smart money is very interested in events businesses again.
ES. What are your aspirations or goals for the future of Paul Woodward Advisory, and how do you envision contributing to the continued growth and evolution of the exhibition industry on a global scale?
Paul Woodward. There are a lot of exciting opportunities for companies in the events business around the world, for new companies trying out new event formats and for the existing players as they choose to expand to new markets. We look forward to working with those companies and helping to facilitate their growth. Our basic approach to business is simple: we take on interesting projects for people we like.
