“SHIFTING CONVENTIONS” HOW STATE-OF-THE-ART CONVENTION CENTRES ARE RAMPING UP REVENUE POTENTIAL

Modern convention centres are a vital hub for growth, and an essential gathering place for local, regional, and international communities. 

Across the board – in business, industry, government, and academia – convention centres are the prime platform for meetings, events, conferences and networking opportunities.

 They provide a stimulating and healthy environment for public discourse, cultural events, and entertainment, while an optimally-managed convention centre can be an anchor point for neighbourhood development and growth. They often also represent the essence of what the venue’s city offers in terms of architecture, design, art, and beauty.  

 One such venue is the Oman Convention & Exhibition Centre (OCEC), who on 9 September this year will proudly celebrate its 6th Year Anniversary as the Sultanate of Oman’s premier events destination. 

CONVENTION CENTRES: A WORKING BUSINESS MODEL

Traditionally, the working business model for convention centres has been to lease space to an event organizer for a set period of time. To-date, this model has proved to be reliable and successful.

 However, this is not the only source of revenue for a busy convention centre. Today, state-of-the-art convention centres are shifting conventions in terms of how they diversify revenue streams to increase profit. 

LEVERAGING F&B TO DIVERSIFY REVENUE

Convention centre patrons predictably have a passion for good food. With this in mind, modern convention centres are increasingly looking to lease integrated “food zones” to a multitude of third-party F&B providers in order to diversify their revenue streams.

 This scenario is a win-win for the convention centre and the third-party F&B provider, as event patrons spend additional time and money while availing the opportunity to dine out at the venue’s restaurants, cafés, eateries etc.

For OCEC, this concept has been taken to the next level with their cloud-technology enhanced Cloud Kitchen facility. The multi-use Cloud Kitchen enables OCEC to produce a wide variety of cuisine for sale to on-site and off-site F&B businesses, as well as to local delivery-app service providers.

 As a value-adding addition to the venue’s service infrastructure, the Cloud Kitchen has enabled OCEC to further diversify their income (in addition to revenue associated with leased event space).

 ADVERTISING: STANDING OUT IN THE (RIGHT) CROWD

For busy convention centres, another well-established alternative to leased event space is leased advertising space.

 Convention centres are central hubs for hosting major events and bringing large crowds together in one place, and at one time. As expected, this presents a prime opportunity for advertisers to target their brand messaging to a highly specific demographic. At a convention centre, brands can deliver the right message, to the right people, at the right time.

 A case in point: The majority of events hosted by convention centres are Business-to-Business. Therefore, advertisers can gain maximum brand exposure and return on investment by delivering targeted messages to an audience that predominantly consists of working professionals, leadership-level executives, and industry experts etc.

 Aligned with their busy event schedule, OCEC have established a partnership agreement with a leading Omani Out-of-Home advertising firm to provide local and international brands a premium opportunity to maximize their reach via indoor/outdoor advertising solutions at a world-class event setting. Due to the increasingly diverse mix of events hosted by OCEC, the venue can also attract new brands from new markets.

 This leased advertising space model enables modern convention centres like OCEC to further diversify their revenue stream, in addition to their traditional leased-event-space profit. 

• KEY TAKEAWAYS:
• State-of-the-art convention centres are shifting conventions in terms of how they diversify revenue streams to increase profit.
• Convention centres are increasingly looking to lease integrated food zones to third-party F&B providers to diversify/increase revenue.
• Convention centres are a prime opportunity for advertisers to communicate the right brand message, to the right people, at the right time.
• In line with leading trends in convention centre management, OCEC has rolled out a number of initiatives to further diversify its revenue streams – over and above their leased-event-space revenue.  

OCEC: #WhereTheWorldMeets

Oman Convention and Exhibition Centre is a world class, fully integrated venue located in the Sultanate of Oman’s capital, Muscat. On 9 September 2022, OCEC celebrates its 6th Year Anniversary as the nation’s premier events destination, and a place #WheretheWorldMeets

MEDIA ENQUIRIES - PLEASE CONTACT:

Manal Al Kiyumi – Marketing & Communications Manager

Email: malkiyumi@ocec.om

Telephone: +968 2423 3849

Website: www.ocec.om