I suspect awards are one of the more profitable niches of the wider events industry.

They're cheaper to produce than a full-scale conference (needing just a 1 day hire of a hotel ballroom or similar) and are easy to sell - every business or team nominated for an award will pay for a table, as will various suppliers and vendors who see it as a great marketing opportunity.

We need a few more of these so we can have the Awards Awards Awards.