According to the latest projections, the coronavirus has cost the sports world $61 billion and has shut down nearly half the scheduled sporting events around the world.
That is billion with a “b.” So, imagine how badly the political response to this virus has hurt other economic sectors.
The recent projections from sports data analysts and business consultants, Two Circles, finds that only 53 percent of the scheduled sporting events will be held this year. And that is only if the temporary bans are lifted soon.
The numbers crunchers estimate that only 26,424 of the scheduled 48,803 major sporting events will still be held during the rest of the year.
The outfit rates a “major event” as ticketed events with 5,000 or more fans in attendance.
Revenue has also been decimated for sports both in the U.S. and internationally. Last year, sports across the world generated an estimated $129 billion, and revenue was estimated at 4.9 percent more than that for 2020 until the virus shut down sports.
But according to Two Circles, the global sports sector will end up earning only around $73.7 billion for 2020. That is a loss of around $61 billion.
The estimated earnings include the team revenue from ticket sales, along with the sale of media and sponsorship rights.
“Sports properties are keen to return as soon as possible as the longer the sports calendar is on hiatus, the worse the financial impact will be. However, sports should – and will – only return when it is deemed safe to do so, and with the support of all relevant government and medical authorities. Even hosting sports without crowds poses a complex challenge,” Two Circles CEO Gareth Balch said in a statement.
“Compared to most other industries, in recent times of economic adversity, sports has proven to be recession-resilient. Whilst live sports is halted, every corner of the sports industry will continue to feel this significant financial pain, but we are certain that it returns, whether that’s behind-closed-doors or with full houses, sports’ economy will thrive once again,” Balch added.
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