![](https://misspennystocks.com/wp-content/uploads/2020/11/sport-business-4-1000x600.jpg)
COVID-19 And Its Impact On The Sport Businesses
![](https://misspennystocks.com/wp-content/uploads/2020/11/sport-business-4-1000x600.jpg)
Though COVID-19 has negatively impacted almost every industry, some sectors are affected more than the others. The world of sports, for instance, is one domain that has witnessed much turmoil. You’ll be surprised to know that this level of restriction on sports hasn’t been observed since the upsurge of World War-II!
![sport-business-1](https://misspennystocks.com/wp-content/uploads/2020/11/sport-business-1.jpg)
The Exeter Daily | The business of sports is observing drastic downfalls due to the pandemic
Yes, you heard us. Coronavirus has caused a massive halt on sports activities across the globe, one that no-one could have anticipated. Not only have the fans been left feeling deprived, but the entire business of sports has also tumbled down quite a few notches in terms of finances.
Let’s take a deeper look at the issue.
Read – Everything You Need to Know About the New COVID Rules in Sports
A Look at the Major Sports Events Cancelled in 2020
The Olympic and paralympic games were supposed to commence in the year 2020, but as we all know, they’ve been postponed to 2021. Not only has the preparation calendar of the athletes gone for a toss, but the worst part is also that it’s a huge blow for the countries that had invested in the event. Japan, for one, had already invested the US $26 billion towards the construction and preparation of the highly efficient National Stadium in Tokyo with an unblinking focus on getting huge returns from the investment.
And it’s not just that. Another globally popular event, FIFA 2020 has been put on hold till further notice! That’s heartbreaking news for football fans who were looking forward to their favorite teams battling it out on the field this year. Recently the FIFA community has also collaborated with the WHO to help people understand the severity of this deadly virus. But the truth is that despite the risks, fans wanted the championship to happen.
![sport-business-2](https://misspennystocks.com/wp-content/uploads/2020/11/sport-business-2.jpg)
Sporting News | With major events such as FIFA 2020 being postponed, the sports economy is tumbling
How the Sporting Economy has Fallen
The cancellation of the most prominent sporting events has completely stopped tourists (both domestic and foreign) from attending them live. As a result, the global sports market is facing losses to the tune of almost US $756 billion annually.
Moreover, with many restrictions on gyms, retailers, organizers, event management companies, sponsors, fitness clubs, and dietary supplements, industries related to sports are nearly facing bankruptcy. The only revenue being generated right now is from the licensing of television broadcasting rights and sponsorships.
Read – COVID and Football, is it the end of grassroots games?
![sport-business-3](https://misspennystocks.com/wp-content/uploads/2020/11/sport-business-3.jpg)
Caracas Chronicles | Experts, however, are hopeful that the revenue generated from TV licensing rights will help in reviving the industry
The silver lining…
Keeping a positive outlook in such times of doom is the only way to overcome the turmoil. And just like every phase comes to an end, after a long downward curve of the market, these days new creative ways to support the sporting economy are seeing widespread adoption. Even though social distancing has reduced human connections to a large extent, people are being brought together through the re-launch of various online activities and that’s also promoting a spirit of fighting through the pandemic.
All that we as fans can do is keep our fingers crossed and hope to see our favorite players back in the game soon.
More in Business
-
Cap Table Management Firm Pulley Gets Featured on Forbes’s Top 50 Fintech Startups
Pulley, a San Francisco-based cap table management firm, is swiftly gaining momentum, challenging industry giants and redefining the landscape for startups...
February 27, 2024 -
Redefining Your Path: 6 Essential Steps for Career Reengineering
So, you’re at a crossroads in your career, contemplating a change that could redefine your professional path or perhaps dreaming of...
February 19, 2024 -
Unsecured Loans: A Deep Dive
When financial needs arise, borrowing money can provide a solution. But which loan products make the most sense for your situation?...
February 16, 2024 -
How to Get Back to Work After a Career Break | 5 Tried & Tested Tips
Taking a career break can feel like you have hit the pause button on a movie. The world continues to move...
February 10, 2024 -
Small-Cap Stocks Could Be Your Biggest Win in 2024 – Here’s Why
In the stock market, where titans like the S&P 500 often steal the spotlight with their record-breaking performances, it is easy...
February 3, 2024 -
4 Things We Learned From the 2024 Golden Globes: A Night of Surprises and Inspirations
The 81st Golden Globes, held on January 7, 2024, was an event that transcended the boundaries of a typical awards ceremony....
January 26, 2024 -
The Path to Wealth: How 3 Productivity Tips Led Me to Multimillionaire Heights
In the pursuit of success, one often encounters the timeless question: How do successful individuals maintain such high levels of productivity?...
January 20, 2024 -
Exciting Career Horizons in 2024: Is Now Your Moment?
As we step into the vibrant landscape of 2024, a question bubbles up in the minds of many: “Is now the...
January 9, 2024 -
Here Are the Top 5 Nickel Stocks to Buy
As you venture into the intriguing world of investing, there is a shiny sector that deserves your attention: Nickel stocks. First...
December 31, 2023
You must be logged in to post a comment Login