Impact Of Covid-19 On Sports Industry

The Covid- 19 (Coronavirus) pandemic has been present around our surroundings for the last 2 years. In this covid-19 period, we have seen impacts on various Industries. The Covid- 19 has affected everyone's life whether socially, economically, politicly and of course physically. The covid-19 pandemic also affected the athletes of every sport and also the sports industry.

The audience to support their favorite was restricted from Stadium due to this pandemic. All matches are either postponed or canceled like they are all around the world in previous crises the sports industry has always been considered a crisis-proof it's never really been affected other than times of War but now the industry is facing major challenges in every way athletes, Sporting clubs, broadcasters, franchise, etc. they've all been falling victim to the virus one by one we are talking about $160 billion industry worldwide and there's been an incalculable financial hit when there are no games, there are no ticket sales, no broadcast and no sponsorship deal meaning no income at all. Clubs around The World are negotiating to reduce their multi-million cash crunch wages at the top five European leaves of England, Italy, Spain, Germany, and France total of 9 billion euros which is about 62% of all club revenues. The Belgian League abandoned the season and proclaimed club Brugge as Champions. There is more tournament which postponed or canceled like the most anticipated flagship events of the year like the Tokyo 2020 Olympics games, Euro 2020, and Copa America have been postponed until next year. Wimbledon was canceled for the first and since Second World War while Formula 1 motor racing series is on the verge of total cancellation these are big set bags for broadcasters as well as for leagues.

There is no doubt that the sports industry is facing are going to be long term saying players back in on the field and fans at their seats we hope that the pandemic does not affect the sports industry again.