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Publishers hope NFTs will increase event revenue, but slow adoption of blockchain tech leaves attendees unsure

Publishers hope NFTs will increase event revenue, but slow adoption of blockchain tech leaves attendees unsure

This article is part of a 10-piece Digiday series that explores the value of NFTs and blockchain technology. Explore the full series here.

In-person events are back and some crypto news publishers are integrating the blockchain technologies they report on into their conference businesses to increase ticket sales, reward audience participation and sell more sponsorship deals.

For some publishers, that has meant turning event tickets into NFTs and gamifying events with opportunities to earn tokens throughout the venue as potential strategies. Whether they are successful is another story. The slow-going adoption of the blockchain by mass consumers — and even among Web3-native attendees of crypto conferences — means that audiences are not guaranteed to participate in these new innovations while at events.

Earlier this year, crypto publisher Blockworks set a goal to reach $20 million in revenue in 2022 by embracing blockchain technology in its business, in part by turning VIP tickets to its Permissionless conference last May into NFTs. CoinDesk, another crypto news site, integrated its proprietary participation token DESK into its Consensus conference in June to reward attendees for engaging with sessions, sponsors and other activities.

Now that the height of conference season has passed, here were some of their takeaways:

  • Blockworks sold all of its 555 VIP NFT tickets at 1.1 Ethereum (or $3,300 at the time of the drop) with the most expensive one selling for 7.3 ETH, or $20,000, in the resale market, according to co-founder Jason Yanowitz. The company, however, only received 7.5% of that in royalties.
  • Of the 20,500 attendees to CoinDesk’s Consensus, 20% participated in collecting and spending DESK this year, according to Sam Ewen, svp and head of CoinDesk Studios.

Exclusivity sells

Selling a VIP ticket for $3,300 requires a certain level of prestige and access that a general admission ticket (which is priced between $1,489 to $2,500) does not offer, but after those tickets sell out, there is very little that can be done to measure demand from the high-value super fans who are willing to spend at this level.

To change that, Blockworks turned its VIP ticket level into an NFT drop where owners of the NFTs gain access to the VIP exclusive events by showing it in their wallets. Not only could the company then see every time those tickets were resold or traded — and the price they sold for — but it also earned a 7.5% royalty from every resale transaction.

Blockworks created and sold 555 unique VIP NFTs called Permies, which were designed by a former Pixar animation artist to look like futuristic cartoon characters.

“If people didn’t like the idea of a VIP ticket, the price would have obviously fallen pretty substantially, or they wouldn’t have [sold] out,” said Jason Yanowitz, co-founder of Blockworks. Instead, the resale price for the most expensive NFT sold as a part of this drop, Permie #549, was 7.3 ETH (about $20,000 at the time) less than 48 hours after it was minted on April 7, according to OpenSea records.

Admittedly, only a small percentage of ticket sale revenue for Permissionless came from the royalties earned from secondary sales of the NFTs, Yanowitz said, but the initial earnings made from the NFTs would equal approximately $1.7 million based on the price of Ethereum at the time. In total, Permissionless earned over $10 million in revenue, he said, with a total of 7,000 people attending the three-day-long conference. Sponsorship revenues exceeded the company’s goals by 50% and ticket sales exceeded its goals by 25%, he added, but declined to say what the company’s goals were.

The NFT holders were also given the incentive to hold onto their Permies post-event, with additional perks and access offered to this newly-formed community, including a lifetime pass to future Permissionless conferences, free merchandise and a private Discord channel. 

Despite the Permie drop leading to an important core membership for Blockworks, Yanowitz said that his team is still trying to figure out what its NFT business will look like and does not intend to launch another set of Permies in the future to keep the collection exclusive.

Testing the play-to-earn model 

It might seem unnecessary to bribe event attendees to participate in a conference that they paid to attend, but for CoinDesk, encouraging people to sit in on panels and visit sponsor booths by awarding them its participation token DESK assisted the publisher and its advertisers in getting a better grasp on how over 20,500 people were spending their time over four days at the Austin, Texas-based event.

CoinDesk’s participation token does not have any monetary value backing it, meaning it cannot be spent outside of the confines of its closed economy, but for those who attended the Consensus conference, they had the opportunity to spend any earned DESK on food, drinks, merchandise, NFTs and even the chance to play Dallas Mavericks’ player Spencer Dinwiddie in a one-on-one basketball game or Russian chess grandmaster Garry Kasparov in a chess match. 

Of the more than 20,000 people who attended, only about 20%, or 4,000 people, participated in collecting DESK during the event, which Ewen said was on target for the first in-person execution of the tokens, but was likely a lower number than what it would have been if the security measures his team put in place weren’t as strict and if blockchain technology wasn’t still so fragmented in its early stages of development.

One of the security measures that created a higher barrier to entry for attendees included issuing soulbound NFTs, or non-transferable tokens, that acts as an identifier and opens up their wallet to be able to collect DESK. “In some respects, we probably sacrificed more adoption for the security protocols, but that’s primarily just a reality of being cautious when building in public spaces where you have tens of thousands of people,” said Ewen.

Because of these challenges, the likelihood that someone would throw in the towel versus trying to get DESK to work in their wallet was higher than anticipated.

“We were hoping that people would actually be more digital savvy than they were because they’re coming to Consensus and it turns out there’s still a ton of people who don’t exactly understand” how to access their crypto wallet or scan the QR codes using the Coinbase app to claim tokens, Ewen said.

There were over 500 opportunities for attendees to earn anywhere from 15 to 150 DESK tokens, with the average number of transactions per 4,000 participants netting out to be about 15 throughout the conference. More than $20,000 worth of merchandise was purchased using DESK and more than 2,000 drinks were purchased using the tokens during evening parties, Ewen said. In total, DESK accounted for 40-45% of all the on-the-ground purchases made in its store and at the night time events, he added.

Sponsors are still on board 

Audiences aren’t the only ones interested in the convergence of blockchain technology and the events industry. 

One of the products that Decrypt Studios, the commercial production house under crypto news publisher Decrypt, offers its clients is custom events, and according to CRO and publisher Alanna Roazzi-Laforet, it’s a standard practice to issue NFTs or tokens as tickets to those events. 

“You have to have an NFT to access specific parties or specific functions of Decrypt Studios and upcoming projects that we’re launching,” said Roazzi-Laforet. “That’s really becoming the norm.”

Despite the crypto bear market, events in the metaverse are still able to drive substantial revenue, particularly from Web3-curious advertisers, who are willing to pay top dollar to be seen in this space. One reason for this is that these events, as well as other NFT-based experiential activations, have the potential to collect first-party, privacy-compliant data from attendees who give access to their digital wallets to the brands and publishers hosting the events, according to Publicis Media’s head of innovation, Keith Soljacich.

Going consumer 

This integration of NFTs and tickets isn’t limited to crypto conferences, however. Earlier this month, I was emailed by Ticketmaster that I had the opportunity to claim a free NFT with my ticket to The Weeknd’s After Hours Til Dawn Tour, which I could claim by setting up a digital wallet through cryptocurrency exchange platform Binance. 

“There’s a future where all tickets are NFTs, and in some respects NFTs like that will eventually become super boring, and that will actually maybe be good for this space in a weird way. People won’t care as much about [the investment value of NFTs]. I think they’ll be more and more impressed by the access that it gives,” said David Cohn, senior director of the Alpha Group, the in-house tech and media incubator for Advance Local.

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Coffee News Recap, 15 Jul: Some 2023 WCC events to take place in Taipei, revenue increases predicted for Brazilian roasters & other stories

Coffee News Recap, 15 Jul: Some 2023 WCC events to take place in Taipei, revenue increases predicted for Brazilian roasters & other stories

Every Friday, Perfect Daily Grind rounds up the top coffee industry news from the previous week. Here are this week’s stories.

Mon, 11 Jul

  • Coffee and food-to-go chain Greggs opens first eco-store. The new Northampton location will be used to trial in-store sustainability initiatives, such as recycled flooring and eco-ovens. Greggs aims to implement environmentally-friendly features in at least a quarter of its stores by 2025.

Tue, 12 Jul

Wed 13 Jul

  • Equal Origins host bi-lingual gender equity webinar. A Journey towards Greater Gender Equity in Latin America was held in English and Spanish. The webinar explored how the organisation’s partners were able to implement gender equity programmes in coffee-growing communities.

Thu, 14 Jul

Fri, 15 Jul

  • First-ever National Yemen Coffee Auction to be held in August 2022. In a partnership between the Union of Yemeni Coffee Farmer co-operatives, Yemen’s Unity of Coffee Organisation, Yemeni Coffee Exporters Association, and the Mokha Institute, the nationwide auction will include 28 lots. Registration for samples is open until 15 August and the auction will be held on 31 August.

Here are a few news stories from previous weeks that you might find interesting. Take a look.

Sign up to our weekly coffee news recap to get a summary of all the biggest stories in the sector, delivered straight to your inbox every Monday.

Want to keep up with current affairs in the coffee industry? Check out last week’s stories.

Photo credits: Specialty Coffee Association


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Hyve Sees Full Revenue Recovery as Demand for In-Person Events Returns

Hyve Sees Full Revenue Recovery as Demand for In-Person Events Returns

By Jaime Llinares Taboada

Hyve Group PLC said Monday that its third-quarter revenue for fiscal year 2022 demonstrated a full recovery on a pro forma basis, reflecting strong customer demand for in-person events.

The U.K. events company said that it ran all nine scheduled events in the quarter ending June 30, with the exception of three in Ukraine.

In addition, Hyve reported contracted revenue of 122.3 million pounds ($150.1 million) for the full year ending Sept. 30.

“The trends we saw emerge post-pandemic continue to hold true–in particular, our customers continue to spend more with us than before, demonstrating the huge value which in-person events offer and proving that our strategy of focusing on only market-leading events is paying off,” Chief Executive Mark Shashoua said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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WWE looks to boost its sponsorship revenue as live events return and a key media deal expires

WWE looks to boost its sponsorship revenue as live events return and a key media deal expires

Chief Brand Officer and TV Personality of WWE, Stephanie McMahon delivers her keynote address at the opening of Sports Matters in conjunction with All That Matters 2016 in Singapore on September 14, 2016.

Roslan Rahman | AFP | Getty Images

WWE and industry analysts agree: The pro wrestling and media company can squeeze more revenue out of sponsorship deals.

The company leans on the intellectual property built around performers such as superstar personalities like The Undertaker, John Cena, Dwayne “The Rock” Johnson, Roman Reigns and Bianca Belair. Revenue from its live events, which are returning as Covid restrictions ease, and media offerings are fueled in part by sponsorship dollars. 

WWE this year aims to fill football stadiums and expand its programming, according to Frank Riddick, WWE’s chief financial officer. Riddick, who took over the job in November, said after last week’s earnings release that the company is making sponsorship a priority this year.

In 2021, WWE reported roughly $72 million combined for advertising and sponsorships in its media and live events businesses.

WWE made more than $10 million in sponsorship fees alone for last month’s marquee Wrestlemania 38, executive Stephanie McMahon said last week. That was a record for the two-day event held at AT&T Stadium in Dallas. WWE’s sponsorship partners include Toyota, DoorDash, Rocket Mortgage and Rihanna’s Fenty Beauty cosmetics line, said McMahon, who is also the daughter of longtime CEO Vince McMahon.

Analysts suggest the WWE is undervalued when it comes to sponsorship revenue, estimating the company lures around $35 million per year just from sponsorships. That’s less than combat-sports company UFC, which attracts more than $100 million annually, according to a Guggenheim Partners note to clients last month.

While WWE lags behind UFC in overall popularity, its fans are the most likely to notice sponsors, according to sponsorship consulting firm IEG. Sixty-seven percent of WWE’s fans are more likely to consume brands associated with the company, according to IEG’s research, which used data from polling outfit YouGov. That’s ahead of the 55% average for the group of the 11 biggest sports leagues, including the NFL, which is by far the most popular sports organization in the United States.

“All that does is spell potential and opportunity,” said Peter Laatz, IEG’s global managing director. He said he thinks WWE can clear over $100 million in annual sponsorship revenue.

But he also noted WWE might not be the “right fit for the most affluent categories or top tier brands.”

The WWE did not return a CNBC request to discuss its sponsorships.

WWE’s place in the streaming world

WWE gets most of its revenue from its media business, accounting for $278.1 million of its $333.4 million overall revenue in the quarter ended March 31. Advertising and sponsorship revenue in the media segment grew 27% to $19.8 million from the year-ago period.

The company is preparing for a key media deals amid an “increasingly cluttered streaming marketplace,” WWE President Nick Khan said on last week’s earnings call. Hulu’s deal for day 2 rights around WWE’s weekly “Raw” program expires this year.

Day 2 rights allow subscribers to watch “Raw” and “Smackdown,” another weekly show, 24 hours after they first air. Raw airs live on USA Network, and Smackdown is shown on Fox. After 30 days, subscribers to NBCUniversal’s Peacock service can watch the shows. (In 2021, WWE entered a five-year deal with NBCUniversal for a reported $1 billion to license its library and show live main events on Peacock.)

Khan also suggested a new player could enter the sports streaming game.

“It’s just a matter of time before Netflix goes with live,” said Khan. He added the live events generate the highest consumer impressions for networks and streaming companies.

Netflix is indeed looking to bounce back as its results suffer while viewers shake off pandemic restrictions and head back out into the world. In April, Netflix reported a decline in subscribers and warned of millions of more losses in the months ahead. Co-CEO Ted Sarandos said at the time he doesn’t see a profitable way for the streamer to get into sports, although its “Formula 1: Drive to Survive” series has been a smash hit.

Netflix probably wouldn’t be interested in WWE, anyway, according to longtime media rights advisor Lee Berke, since the wrestling company is already tied up with Peacock. He said it would make more sense for the NBCUniversal service to add more WWE rights.

“That’s a major relationship for them, and there’s a lot they can do to build on that,” said Berke, CEO of LHB Sports, which advises the sports entertainment industry. “But if [Netflix] is going to make a move for WWE, I see them making an aggressive for all of their content or major live events.”

WWE is also looking at overseas expansion, particularly in India, home to a billion people and a growing middle class. WWE estimates its content is shown in more than 180 countries. The company said it drew 25 million viewers for an exclusive event showcasing U.S. WWE wrestlers competing against India-born performers. Wrestlemania drew more than 50 million viewers last month in India.

Khan, the WWE president, called India a “hugely important market.” But, he added, WWE is waiting for networks to finish bidding on rights to cricket – the most popular sport in the country – before the company determines its future media marketplace there.

Disclosure: Peacock owner NBCUniversal is also the parent company of CNBC.

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Virtual Events Market Size to Hit USD 366450 million by 2028 | Market Share, Growth, Trends, Key Players, Market Segmentation, Challenges, Restraints, Revenue, Recent Developments, Stakeholders and Forecast Research | Market Reports World

Virtual Events Market Size to Hit USD 366450 million by 2028 | Market Share, Growth, Trends, Key Players, Market Segmentation, Challenges, Restraints, Revenue, Recent Developments, Stakeholders and Forecast Research | Market Reports World
Market Reports World

Market Reports World

global Virtual Events market size is projected to reach US$ 366450 million by 2028, from US$ 115610 million in 2021, at a CAGR of 17.3% during 2022-2028.

Pune, May 04, 2022 (GLOBE NEWSWIRE) — Global Virtual Events Market 2022 research report represents a detailed overview of the current market situation and forecast till 2028. The study is perhaps a perfect mixture of qualitative and quantitative information highlighting key market developments, challenges, and competition the industry face alongside gap analysis and new opportunities available and trend within the Virtual Events Market. Further, this report gives Virtual Events Market size, recent trends, growth, share, development status, market dynamics, cost structure, and competitive landscape. The research report also includes the present market and its growth potential in the given period of forecast. An exhaustive and professional study of the global Virtual Events market report has been completed by industry professionals and presented in the most particular manner to present only the details that matter the most. The report mainly focuses on the most dynamic information about the global market.

Get a Sample PDF of the report – https://www.marketreportsworld.com/enquiry/request-sample/20110550

Moreover, the research report gives detailed data about the major factors influencing the growth of the Virtual Events market at the national and local level forecast of the market size, in terms of value, market share by region, and segment, regional market positions, segment and country opportunities for growth, Key company profiles, SWOT, product portfolio and growth strategies.

About Virtual Events:

Virtual events are online exhibitions that include breakout sessions, video conferencing, web conferencing, collaboration tools, communication, and social networking. Virtual events can be enabled on smartphones, desktops, laptops, and tablets. They can be used to announce the launch of new products, provide additional information to people, and obtain new vendors. The exhibit below represents the differences between physical events and virtual events.

Get a Sample Copy of the Virtual Events Market Research Report 2022

This report gives a detailed description of all the factors influencing the growth of these market players as well as profiles of their companies, their product portfolios, marketing strategies, technology integrations, and more information about these market players. Some of the major players are as follows:

The Major Key Players Listed in the Virtual Events Market Report are:

Global Virtual Events Market: Drivers and Restrains

The research report has incorporated the analysis of different factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of different segments and applications that can potentially influence the market in the future. The detailed information is based on current trends and historic milestones. This section also provides an analysis of the volume of production in the global market and of each type.

A thorough evaluation of the restrains included in the report portrays the contrast to drivers and gives room for strategic planning. Factors that overshadow the market growth are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into market expert’s opinions have been taken to understand the market better.

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On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Virtual Events market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global Virtual Events market.

Global Virtual Events Market Segmentation:

The research report includes specific segments by region (country), company, Type, and Application. This study provides information about the sales and revenue during the historic and forecasted period. Understanding the segments helps in identifying the importance of different factors that aid the market growth.

By Type:

  • Online Exhibitions

  • Web Conferencing

  • Others

By Application:

  • Education

  • Healthcare

  • Finance and Banking

  • Others

Geographic Segment Covered in the Report:

The Virtual Events report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region during the estimated period.

  • North America

  • Europe

  • Asia-Pacific

  • South America

  • Middle East and Africa

The study Objectives of this report are:

  • To study and analyze the global Virtual Events market size (value and volume) by company, key regions/countries, products and application, history data and forecast.

  • To understand the structure of the Virtual Events market by identifying its various sub-segments.

  • To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

  • Focuses on the key global Virtual Events manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in the next few years.

  • To analyze the Virtual Events with respect to individual growth trends, future prospects, and their contribution to the total market.

  • To project the value and volume of Virtual Events submarkets, with respect to key regions (along with their respective key countries).

  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

  • To strategically profile the key players and comprehensively analyze their growth strategies.

This Virtual Events Market Research/Analysis Report Contains Answers to the following Questions

  • What developments are going on in that technology? Which trends are causing these developments?

  • Who are the global key players in this Virtual Events market? What are their company profiles, their product information, and contact information?

  • What was the global market status of the Virtual Events market?

  • What is the current market status of the Virtual Events industry? What’s market competition in this industry, both company, and country-wise? What’s the market analysis of the Virtual Events market by taking applications and types in consideration?

  • What will be the estimation of cost and profit?

  • What is the economic impact on the Virtual Events industry? What are global macroeconomic environment analysis results? What are global macroeconomic environment development trends?

  • What are the market dynamics of the Virtual Events market? What are the challenges and opportunities?

Purchase this report (Price 4900 USD for a single-user license) – https://www.marketreportsworld.com/purchase/20110550

Detailed TOC of Global Virtual Events Market Report 2022

1 Report Business Overview

1.1 Study Scope
1.2 Market Analysis by Type
1.2.1 Global Virtual Events Market Size Growth Rate by Type, 2017 VS 2021 VS 2028
1.2.2 Online Exhibitions
1.2.3 Web Conferencing
1.2.4 Others
1.3 Market by Application
1.3.1 Global Virtual Events Market Size Growth Rate by Application, 2017 VS 2021 VS 2028
1.3.2 Education
1.3.3 Healthcare
1.3.4 Finance and Banking
1.3.5 Others
1.4 Study Objectives
1.5 Years Considered

2 Global Growth Trends

2.1 Global Virtual Events Market Perspective (2017-2028)
2.2 Virtual Events Growth Trends by Region
2.2.1 Virtual Events Market Size by Region: 2017 VS 2021 VS 2028
2.2.2 Virtual Events Historic Market Size by Region (2017-2022)
2.2.3 Virtual Events Forecasted Market Size by Region (2023-2028)
2.3 Virtual Events Market Dynamics
2.3.1 Virtual Events Industry Trends
2.3.2 Virtual Events Market Drivers
2.3.3 Virtual Events Market Challenges
2.3.4 Virtual Events Market Restraints

3 Competition Landscape by Key Players

4 Virtual Events Breakdown Data by Type

5 Virtual Events Breakdown Data by Application

6 North America

7 Europe

8 Asia-Pacific

9 Latin America

10 Middle East & Africa

11 Key Players Profiles

12 Analyst’s Viewpoints/Conclusions

13 Appendix

Continued….

Browse the complete table of contents at – https://www.marketreportsworld.com/TOC/20110550#TOC

About Us: –

Market Reports World is the Credible Source for Gaining the Market Reports that will provide you with the Lead Your Business Needs. The market is changing rapidly with the ongoing expansion of the industry. Advancement in technology has provided today’s businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies a head start in planning and an edge over the competitors.

CONTACT: Market Reports World Phone: US: +1 424 253 0946 / UK: +44 203 239 8187 Email: sales@marketreportsworld.com Web: https://www.marketreportsworld.com
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World Athletics targets new events to boost revenue – SportsPro

World Athletics targets new events to boost revenue - SportsPro
  • World Athletics CEO Jon Ridgeon reveals organisation is “exploring possible ideas” around events, products and data
  • Governing body not looking to sell existing rights

World Athletics is seeking to put on new events which it says will help boost income for the global governing body and its athletes.

The Times reports that World Athletics has turned to sports marketing agency Two Circles and Oakwell Sports Advisory – which advised CVC Capital Partners on its UK£365 million (US$495 million) Six Nations rugby union investment – as part of efforts to generate new revenue streams.

Speaking to The Times, World Athletics chief executive Jon Ridgeon said there was no plan for the organisation to sell any of its existing rights and, instead, would be looking to create new opportunities.

“This is in the early stages and it will start by exploring possible ideas,” Ridgeon said. “We are not doing this because we are in any trouble as an organisation. Financially we are doing pretty well.

“But we now need to look at ways to take the sport forward at a time when we have so many major events coming up. It’s about looking at new events, new products, utilising data – and hopefully providing more money to more athletes.”

World Athletics had already revealed its intention to expand its calendar when it announced China’s Wanda Group as the title partner of the Diamond League series in September 2019. The ten-year agreement, which is reportedly worth more than US$100 million, included provision for a new annual Diamond League meeting in China organised by Wanda Sports.

Also included in the contract was a media rights agreement for a secondary international athletics series, the World Athletics Continental Tour, which replaced the World Challenge competition. So far, the new tour is set to hold 130 meetings in 2022.

This year’s World Athletics schedule is headlined by the World Athletics Championships, which will be held in Eugene, Oregon, from 15th to 24th July. Other notable competitions in 2022 include the World Athletics Indoor Championships in Serbia from 18th to 20th March and the World Athletics U20 Championships in Columbia from 1st to 6th August.