How Covid-19 has effected the sports industry? - By Vinayak Jeet Singh
The COVID-19 pandemic has been a real pain, and I am pretty sure people are sick and tired of hearing about it, but being an avid sports fan I am still going to rant about it more. The effects of Covid-19 spread faster than Covid-19 itself as countries started taking severe measures such as lockdowns and social distancing, which slowed down every industry in the world. The sports industry had one of the most significant drops when it comes to revenue earned. One of the world's wealthiest clubs are on the brink of bankruptcy and Covid-19 left the sports industry facing a 61.6 billion dollar drop in revenue, which for reference, equates to 50 private islands and ten private jets.
Half of the sports events that were scheduled to be in 2020 will be cancelled. The most significant loss for the sports industry was losing the fans and not allowing them into stadiums as in these rough and challenging times; the players need as much support as possible. Their souls left their bodies when they heard that fans were not allowed to spectate the matches. It wasn't the same feeling; there are no chants, there are no goosebumps, no enthusiasm in the stands, no feelings, no adrenaline rushes and it feels like the stadiums were as dull as the spirits of everyone in a lockdown. The stadiums are looking more like abandoned parks than million-dollar heritage sites. In this time, where the players require their utmost support is when we cannot give them our all. No sport has escaped this pandemic, with athletics, golf, rugby, cycling, swimming, and skiing being affected by it as well, not to mention, even the 2020 Olympics got cancelled. Everyone expected the 2020 Olympics postponement to be a colossal blow to the host country, which has spent more than $12bn on the event, while huge sums are also at stake for sponsors and broadcasters. Goldman Sachs estimated this month that Japan would lose $4.5bn (550bn yen) in inbound and domestic consumption in 2020 if the Olympics did not take place as planned. The world thought that this Olympics was expected to improve the country economically; However, according to economic strategists, postponing the Olympics has a marginal negative financial impact on Japan. Japan was only expected to strengthen its GDP by 0.2%, and the Covid-19 has not had an enormous impact on Japan. Well, finally Covid-19 took an L for once.
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