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COVID-19 hits commercial value of the Tokyo Olympics
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
29th July 2021 - UNSW researcher assesses Tokyo Olympics’ sustainability credentials
27th July 2021 - Tokyo Games just 1% short of participant gender parity
24th July 2021 - Lighting of Olympic flame marks opening of Tokyo 2020 Games
8th July 2021 - No spectators to be allowed at Tokyo Olympics
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
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