This is the 3614th most frequent Russian word.
состояться
"Состояться" - to take place, to occur, to be held.
In this sentence, 'состоится' indicates a planned or scheduled event that will occur in the future.
Встреча состоится завтра утром.
The meeting will take place tomorrow morning.
Here, 'состоялся' is used to report that a specific event failed to occur in the past.
Концерт не состоялся из-за дождя.
The concert did not take place due to rain.
In this context, 'состоится' is used to hypothesize about the occurrence of an event in the future.