The deadly Coronavirus outbreak seems to have now become the primary cause of the cancellation of another major global business conference as reported by major news outlets. Facebook Inc. (NASDAQ:FB) has cancelled its Global Marketing Summit 2020 which was slated to take place in San Francisco, California next month.
The Global Marketing Summit by Facebook is an event conducted every year by the Facebook Marketing Partnership Team. In this flagship event of theirs, they share their key product roadmaps, the latest trends, and opportunities for growth.
The theme of the Global Partner Summit by Facebook always revolves around on how to build powerful products than those that already exist and offer more frictionless solutions for advertisers and marketers alike. Facebook always brings and hosts all the leading advertising and creative technology companies, media agencies, and consulting firms from around the world to discuss how they could create exponential value for advertisers and consumers alike by connecting, collaborating, and creating together during this event.
This year the Global Marketing Summit by Facebook was scheduled for March 9-12 at the Moscone Center which was expected to be attended by approximately 5,000 attendees but was cancelled as a cautionary measure considering the public health risks related to the Coronavirus outbreak as mentioned by a Facebook spokesperson.
However, Facebook also reportedly said that they would surely be committed to holding the event in the future.
Implications of the Coronavirus Outbreak on Businesses Worldwide
Facebook’s cancellation of their Global Marketing Summit 2020 wasn’t the first victim of the implications of the deadly outbreak of the Coronavirus. On Thursday, the organiser of the world’s biggest phone show ‘Mobile World Congress’ 2020 cancelled their mega event as well which was set to take place in Barcelona.
Other events that have been postponed or cancelled amid the fears of the spreading of the outbreak include the Chinese Grand Prix, the Black Hat information security conference’s Asia summit; London Metal Exchange’s annual Asian gathering in Hong Kong and Art Basel’s annual art fair in Hong Kong. Elon Musk’s Tesla factories in China have also reportedly shut down amid this health crisis thus putting a halt to their operations. Similarly, India’s smartphone market has also become the victim of the outbreak as major factories in China have put a halt to production.
The novel coronavirus that originated in the Wuhan area of China in December 2019 has spread to over 25 countries, raising safety concerns globally. Apart from the increasing rate of infection and death tolls arising from the outbreak, it has also started becoming a central cause of disruption for major businesses worldwide. While some Economists believe the current level of disruption is manageable if the number of new coronavirus cases begins to slow, and China’s factories reopen soon, others believe the result of the current implication will be an obvious fleeting hit to the Chinese economy in the first quarter and therefore, put a huge dent in global growth. Therefore, it is essential that we do everything that could be done to eliminate this outbreak as fast as we can. Let us know your thoughts in the comments down below.