Latest News

Back to Latest News back

 

COVID-19 hits commercial value of the Tokyo Olympics

COVID-19 hits commercial value of the Tokyo Olympics
August 3, 2021

An assessment of the commercial performance of the 2020 Tokyo Olympics by investment analysts Kalkine Media suggests that the COVID-19 pandemic has badly hit the commercial value of the event and impaired 2020 Olympics related trade flows at domestic as well as international levels.

With the Games currently being held under a state of emergency with no spectators to prevent it from becoming a super spreader event, the succession of unprecedented circumstances have severely impact the economics of Tokyo’s Games.

While the Japanese government’s ruling to hold the Games under a state of emergency has decreased the possibility of causing another wave of infections, it has badly hit the commercial value of the Tokyo Olympics.

Delayed by 12 months because of the Coronavirus pandemic, Kalkine Media point to reports that over US$15.4 billion has been spent by Japan on the Olympic Games - US$2.8 billion higher than its original budget.

Kalkine Media go on to note “the pandemic has brought down the commercial value of the Games to a null character. Various sponsors and partners called off tie-ups with organisers to avert any financial loss up in the air.

“For instance, one of the top-tier sponsors of the Olympic Games, Toyota Motor retracted from going live with any of its Olympic-related TV commercials. Such major business falls came into picture after the concerned authorities decided to hold the Olympic Games 2020 without global audience.”

With no overseas visitors allowed for the Games and events going ahead without spectators, Kalkine Media add “the fiscal loss caused due to COVID-19 restrictions has been further deepened by an unexpected drop in the viewership of Tokyo Olympics coverage on cable networks and online streaming channels.

“The decline in the viewership stats is apparently a reflection of the mood of the viewers amid the distressing pandemic situation.

“(As a result), the mega sporting event which used to be a sports festival for people across the globe has today turned into a big challenge for the host country and the organisers.”

As of 29th July, the Games have proceeded against a backdrop of around 892,293 confirmed COVID-19 cases and 15,160 deaths in Japan since January 2020, while 79,383,659 vaccine doses have been administered.

Click here for more information on Kalkine Media.

Image credit: © Madrock24 | Megapixl.com

Related Articles

1st August 2021 - Projection mapping light show makes Olympic debut for Tokyo Games’ 100 metre finals

30th July 2021 - Technogym equips 25 training centres for Tokyo 2020 Olympic and Paralympic Games

29th July 2021 - UNSW researcher assesses Tokyo Olympics’ sustainability credentials 

27th July 2021 - Tokyo Games just 1% short of participant gender parity

26th July 2021 - International Paralympic Committee and World Health Organization sign global sport agreement

24th July 2021 - Lighting of Olympic flame marks opening of Tokyo 2020 Games

8th July 2021 - No spectators to be allowed at Tokyo Olympics

22nd June 2021 - GlobalData reveals hiring strategies adopted by companies ahead of Tokyo Olympics

17th June 2021 - Banning crowds for Tokyo 2020 would be catastrophic for Japan’s tourism sector

29th April 2021 - Tokyo Olympic Games organisers’ latest playbook shows athletes will be tested daily for COVID-19

15th April 2021 - Organisers mark 100 days until commencement of rescheduled Tokyo 2020 Olympic Games

20th March 2021 - Tokyo 2020 organisers confirm no international fans to attend Olympics and Paralympics

3rd February 2021 - Tokyo Olympics and Paralympics Playbook rules aim to safeguard against Coronavirus

2nd January 2021 - Japanese Prime Minister insists Tokyo Olympics will go ahead in 2021

23rd December 2020 - Tokyo Olympics costs rise to US$15.4 billion

7th October 2020 - Analysis shows New Zealand tourism industry reeling from COVID-19 crisis

23rd September 2020 - COVID-19 travel restrictions impacting Australian elite sport


Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?

The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.

However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.

Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.

Subscriptions cost just $90 a year.

Click here to subscribe.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

PlayRope

Playrope Aqua-Fun, are the Australian & New Zealand exclusive distributors for Vortex Aquatic Structures International, the world leader in aquatic playgrounds and urban water landscapes.…

read more

Aquatics / Attractions / Parks / Play / Recreation

 
 

Abel Sports

INTRODUCTION Abel Sports is Australia’s leading manufacturer and suppliers of Goal Posts, sports ground safety netting systems and coaches boxes for Stadiums ,Sports Clubs, Councils and…

read more

Recreation / Sport / Venues

 
 

GLADSTONE MRM

Gladstone Health & Leisure (Gladstone MRM Pty Ltd Australia) is a leading supplier of leisure management and fitness software and is endorsed by leading health and fitness professionals and…

read more

Access / Billing / Fitness / Technology / Venues

 
 

PathMinder

PathMinder Pty Ltd have partnered with AllUser Industries srl to bring Europe’s most advanced high security portals to the Australian and New Zealand markets. AllUser Industries started to…

read more

Access / Fitness / Recreation / Security

 
 

PRIAVA

About Priava's Technology -  Priava is a cloud-based and centralised venue and event management system aimed at venues of all sizes. With its familiar and easy-to-use web interface, the…

read more

Attractions / Billing / Entertainment / Events / Technology

 
 

The P.A. People

The P.A. People is a specialist integrator and contractor in sound reinforcement, audio visual systems, performance lighting and production communications. Over its almost 50 year history the company…

read more

Entertainment / Events / Sport / Technology / Venues

 
 

Polin Waterparks

Polin was founded in Istanbul in 1976, and has since grown into a leading company in the waterparks industry. Today Polin is one of the world leaders in the design, production, and installation of…

read more

Aquatics / Attractions / Play / Waterparks

 
 

GREENEDESK

Track. Engage. Retain GreeneDesk is a suite of cloud based software solutions helping health clubs, leisure centres and swim schools to effectively track progression, improve customer engagement and…

read more

Aquatics / Billing / Education / Fitness / Technology

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business