“The global B2B media and events firm revealed Tuesday that it has acquired a handful of events and digital brands from Informa plc—a move that CEO Paul Miller says aligns with the company’s strategic focus on the experience economy,” writes Greg Dool at Folio.
Miller provided a further statement for the publication regarding the Questex move into the event space: “For the past 12 months, Questex has been working with the communities that we serve and it is clear that our brands advance businesses that help people live longer and live better. The Experience Economy is one that we sit squarely in the middle of and the recently acquired assets enhance that position.”
The acquisition involved events for niche spaces, like a trade show for lighting and sound professionals and the World Tea Expo.
The Questex deal was one sign among many for just how strong the B2B events space is.
According to market research firm Frost & Sullivan, B2B events account for over $500 billion in advertising spend around the globe each year.
Given the high-touch nature of B2B sales, it makes sense that many B2B companies would put a major portion of their advertising spend into trade show booths and event sponsorships. According to Bizzabo, nearly a quarter of B2B organizations spend over half their marketing budget on events.
MediaRadar looked at B2B event spending for 2019. Last year, over 35,000 brands either sponsored or exhibited at B2B events around the United States. The top spenders on B2B events in 2019 included:
The top 10 companies buying sponsorships and/or exhibit space at B2B events last year collectively spent over $50 million.