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.
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