Coronavirus has multi-billion dollar negative impact on global sport
Sports agency Two Circles has reported that the global sports industry will face a US$61.6 billion drop in revenue this year, with around half of planned sporting events going ahead.
The agency, with offices in the USA, UK and Switzerland, reports that with so many events unable to be held due to the Coronavirus shutdowns, it will be September before many events are able to be held, whether behind closed doors or with spectators.
According to the agency’s sports attention index, there were 49,803 major sports events with a gate of more than 5,000 paying spectators expected to take place during 2020.
Of the 5,584 due to take place in March, only 1,870 went ahead as scheduled.
The revenue estimate is derived from cumulative revenues generated by rights holders through their event-day operations, as well as the sale of media and sponsorship rights, reports Two Circles.
Looking forward, Two Circles predicts that the sports economy will recover and flourish once again.
Image courtesy of Bankwest Stadium.
28th April 2020 - NRL announces 20-round season schedule with 25th October grand final
16th April 2020 - Extended Indian Coronavirus restrictions sees IPL indefinitely postponed
29th April 2020 - FFA prepares guidelines for the resumption of football
10th April 2020 - AFL faces up to post lockdown changes
21st April 2020 - Rugby Australia and players agree wage cuts
17th April 2020 - World Rugby announces US$100 million global relief package
24th April 2020 - Prime Minister Scott Morrison announces framework for return of sport
21st April 2020 - Arts and sport set to be impacted by Virgin Australia’s administration
13th April 2020 - Federal sports minister says NRL restart plan is ‘a bit ambitious’
31st March 2020 - Chinese authorities maintain spectator ban for major sports leagues
20th March 2020 - ANZ Premiership shutdown marks end of all top-level sport in New Zealand
12th February 2020 - Coronavirus continues to impact China’s sports events
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