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How does the events industry boost the economy?

In a young democracy, equal opportunity for all is measured especially by economic welfare. Many of us might be aware of the trading prices of crude oil and gold, but we also need to take into account the role that independent entrepreneurial enterprises, filling a requisite niche, play in the development of financial prosperity for South Africans.

We spoke to J.P. Prinsloo, owner of productions support company Prifactor, to shed some light on the matter.

Skills development 

Nelson Mandela, key architect of the new South Africa, said that education is “the most powerful weapon which you can use to change the world.”

“To build an economy that is able to flourish through sustainable growth, we need to arm people with the tools and knowledge necessary to cultivate a worthy vocation. The platitude of giving a man a fish, versus teaching him how to fish, comes to mind.” Says Prinsloo.

“Events companies are able to school employees in a number of fields, including sound and lighting engineering, stage construction and project management.” 

Tourism and international productions 

“It is no secret that South Africa is a sought-after travel destination. Besides an abundance of spectacular natural beauty, the country has seen a surge in a large performances by both international artists, as well as South African performers that are attaining global acclaim,” Prinsloo continues.

It should also be noted that these events are not limited to the performing arts; foreign filmmakers have long favoured South Africa as a prime target for location shooting, creating a demand for the expertise and assistance of local events and production companies. 

Creating trade and investment opportunities 

By creating the means to professionally showcase a multitude of events, be it for the mining, banking or art sector, the economy is able to grab the attention of international investors. 

“By presenting events exhibiting investment opportunities in a polished, professional light – through the assistance of a production assistance company – we open up global monetary interest in the South African economy,” Prinsloo says. 

According to the Outlook, a report by PricewaterhouseCooper:

“South Africa’s entertainment and media industry is expected to grow from R112.7 billion in 2014 to R176.3 billion in 2019, at a compound annual growth rate (CAGR) of 9.4%.” 

Events are not merely an opportunity for crowds to be entertained, but crucial for placing South Africa on the worldwide economic map.  

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