CEDIA Expo Owner Emerald to Test New Pricing Models, Bundles
Emerald Holding, owner of the CEDIA Expo, narrowed its Q4 net loss to $7.3 million in 2021 from $33.9 million in 2020, due to the revenue increase from the return of live events in second half 2021, plus event cancellation…
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insurance claims proceeds, said the company Thursday. Revenue was $41.1 million vs. $12.2 million in the year-earlier quarter. CEO Herve Sedky complained of a “disconnect” between media reports and “what I see in our business” about the public's readiness to return to physical shows. Acknowledging the "very real impact" of the COVID-19 pandemic, Sedky said Emerald’s customers value in-person, face-to-face events “in the most efficient and productive medium possible.” Emerald remains an “integral part" of customers' marketing budgets, he said. Attendee declines since the start of the pandemic improved to 35%-45% in Q4 from 50%-60% in the summer and fall. Emerald staged 63 live events last year with 129,000 attendees and 7,500 exhibitors; it canceled 132 events in 2020-2021 due to the pandemic. Sedky referenced the company’s purchase of PlumRiver’s Elastic business-to-business e-commerce platform in December 2020 as one of the company’s moves into “new verticals.” A customer centricity initiative will include short post-show surveys for all events and “experimentation with new pricing models and bundles,” Sedky said. In Q&A, Chief Financial Officer David Doft said Emerald has been able to “improve yield” at events “based on the value that the events are providing.” Throughout the pandemic, Emerald has added offerings, including “matchmaking,” which adds "incremental value" to its offering, he said.The company benefited from $21.7 million in revenue from live events that were held in Q4 but were canceled in the prior-year quarter. To date, Emerald has received $184.4 million in insurance claim payments due to canceled events out of $249 million submitted, said Doft. Shares closed 8.6% higher Friday at $3.55.