For a fifth year, AVIXA brought together a group of audio visual professionals to learn from speakers and each other for three days. It’s called AVEC; the AV Executive Conference. You can listen to our round up of the week here on AVWeek 324. This marked my fourth year attending and it may be my favorite so far.
An Economic look at the Audio Visual industry
One of the things I like about audio visual business events is the opportunity to get a deeper look at how the integrators, manufacturers, and other companies are doing economically. This is a good barometer. To do so, AVIXA brought two different people to the stage. The first was economist Marci Rosell. Ms. Rosell laid out a very rosy picture economically.
“The world appears to be growing just about everywhere right now,” she stated.
One interesting fact was the driving force of the recovery from the recession. According to Ms. Rosell, recoveries typically are driven by business spending. After the recession of ten years ago, it was consumer spending driving the recovery efforts.
The second speaker on the economics of audio visual was AVIXA’s newest hire, Sean Wargo, Senior Director of Market Intelligence. Sean went into AVIXA’s predictions for where the AV industry would see the biggest opportunities for growth; what verticals. In addition, he outlined what their research was telling them about the percentage of the market each product/service areas would take.
According to AVIXA, the audio visual market will grow from $178 billion to $231 billion by 2022. This all depends on what you consider the “AV market”. There will certainly be growth in certain areas that we all live in every day. A departure from this same report of three years ago is that the Americas is still the biggest part of the global market at $67.1 billion compared to Asia-Pacific at $64 billion. A similar report had stated Asia-Pacific was on a trajectory to overtake the Americas by the end of 2017. It is still possible but will not happen by the end of this year.
As far as trends in products and services, Wargo’s report laid clear that displays are increasing in share and projectors are decreasing. This is not necessarily a death knell for projection but simply a reflection of their current location. Projection makes us $19.4 billion in revenue as displays make up $16 billion but projection is falling and displays are on the increase.
Get Motivated in Your Audio Visual Business
The other aspect of AVEC that I have come to appreciate is the lineup the AVIXA team puts together each year to inspire and motivate these AV business leaders. In the past we have listened to Hall of Fame football players, Harley Davidson executives, entrepreneurs, and business coaches. There were several good motivational speakers this year but I want to focus on one for a moment, Daymond John.
I have never watched the tv show “Shark Tank”. Yes, I’ve seen clips here and there but it is not a part of my sparse television watching schedule. Mr. John and I are around the same age so his experiences growing up around some of my musical heroes certainly resonated. Being able to go around the corner to ask advice from LL Cool J was just one of a number of stories.
It wasn’t his retelling of the journey of hip-hop, the “rise and grind” success of FUBU which he founded, it was this successful man’s definition of success. It is what you put into your family and other people. It was the retelling of how he began, not as a fashion mogul, but as an entrepreneurial coach that impacted me. He wanted to make an impact and in doing so alienated some of those people who were friends and associates.
Mr. John’s presentation was full of audio, video, stories and anecdotes from both his show and his life. It was the impactful way in which he laid out his overall plan for success. Rise and grind.
If you want to make a difference and impact in the audiovisual world or your world around you it may be necessary to do things others think foolish. I’ve gotten that before. So have you. If we all set out to do our best, not allow limiting beliefs to keep us stuck where we are, and work every day to be better than the day before, we will get there.
Thank you for taking the time to read my blog. Have a great week.