COVID-19 Prompted 60 Emerald Cancellations Through Sept.

Emerald canceled 60 events through Q3 due to the COVID-19 pandemic, and some beyond this year, with $197 million in 2019 revenue, said interim CEO Brian Field on a Q2 call Monday. The company postponed 14 events to second-half 2020 that had $8 million in 2019 revenue. Its shows include CEDIA Expo, canceled as a physical show next month in Denver and rescheduled as a virtual show Sept. 15-17 (see 2007090070). Emerald plans to reinstate the Expo as a physical show in September 2021 in Indianapolis. Its $7 million in Q2 revenue compared with $103 million in the 2019 quarter, the result of 20 cancellations, said Chief Financial Officer David Doft. Insurers paid $48.2 million. The show producer owed $45 million in refunds June 30, said Doft. On upcoming conferences, Field noted varying approaches cities and states are taking toward reopening. It’s looking over the next few months to see “where there's still a viable show that can take place safely and working with the local venue management.” Webinars and virtual events “have many of the same features” of live events, including keynotes, awards and virtual booths, said Field, “allowing our exhibitors to load their products and host virtual meetings with buyers.” Customers say this won’t replace the value of in-person shows, he noted: Emerald believes in an emerging hybrid model where virtual components will complement live events “once the medium is safe."