The outbreak of the deadly coronavirus has had a devastating effect on the global economy, with businesses across sectors being forced to shut down operations. The sports industry has been particularly hard hit, with major sporting events being canceled or postponed and athletes being forced to train in isolation. The educational process does not stand still, and analyzing and writing about current events is a must. When I was assigned to describe the influence of coronavirus on sports, I asked for write my college essay for me assistance from expert writers to improve my grades and navigate me towards the good arguments for my own paper.

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Corona Virus on Sports Industry
The Covid-19 pandemic has severely impacted every aspect of the global economy, and the Sports industry is no different. All aspects of the industry were negatively impacted including, athletes, leagues, sponsors, and media companies. Sports worldwide have suffered from extreme revenue losses, logistical challenges, and soaring unemployment rates. Due to the pandemic, all major competitions had to stop including the 2020 Tokyo Olympics. The complete shutdown of all sports activities caused sharp declines in revenues from ticket sales, retail, broadcasting, and advertisement. It also harmed the athletes themselves who cannot train and practice their games in the usual ways. While the global Sports industry is struggling financially through the pandemic, different stakeholders are trying to adopt new strategies to minimize their losses in response to the pandemic.

The Sports industry worldwide has suffered from huge losses and a high unemployment rate due to the pandemic. As of May 2020, the Sports industry in the US alone reported a loss of revenue equal to $8.2 billion (Statista, 2020, p. 2). All the professional leagues took a share in this loss. For example, the NBA reported an estimate of about $1.4 billion due to lost ticket sales, concession sales, media rights, and merchandising for the 2020 season (Weston. 2021, p. 130). Additionally, the NHL reported a loss of $1.3 million per game instead of realizing the projected 5 billion dollars revenue estimated for 2020 (Weston, 2021, p. 131). The postponement of the Tokyo Olympics was estimated to add $2.7 billion in cost to the already expensive budget of $28 billion (Weston, 2021, p.132). Indeed, this effect is exacerbated for individual sports and women sports who do not have the protection of sponsors and union advocates because they mainly depend on revenues from prize money and broadcasting. A natural result of the decline in revenues was the unemployment of around 1.3 million workers who struggled to find alternative employment opportunities leaving 111,000 still unemployed (MJE, 2021). Therefore, the negative impact of Covid-19 on the Sports industry was massive and required innovative and strategic responses by all the stakeholders of the industry.

The industry is trying to make up for its losses by profiting from the increase in media consumption by consumers. As the entire world shut down because of the pandemic, streaming services, and media platforms witnessed a sharp increase in consumption, which presented an opportunity to the Sports industry. For example, the NFL increased the daily sign-ups for their direct-to-consumer channel Game pass 500 times by releasing every game since 2009 for streaming (Hall, 2020). Also, the NBA launched NBA 2k, an esports version of the game, and accelerated the production of their Michael Jordan documentary to be released sooner (Hall, 2020). Additionally, the different baseball leagues tried to increase the flexibility of their payment systems for consumers to be able to access sports content easily (Hall, 2020). However, all these solutions cannot substitute for the enormous lost revenues that used to be generated from live games with audiences. Unfortunately, it seems that the Sports industry will suffer as long as the pandemic exists with a high hospitalization rate.

In conclusion, Covid-19 has put many things on hold including all sports activities which resulted in huge losses for the Sports industry. All leagues, sports clubs, and other players in the industry reported losses that amounted to $8.22 billion in the US alone in May 2020. Unfortunately, around 1.3 million workers in the industry lost their jobs due to the continuous loss of revenues. Although the industry leaders have been trying to create new revenue streams and capitalize on streaming opportunities, the entire industry will remain on the losing side as long as the pandemic lasts.

References

Hall, S. (2020, April 09). This is how COVID-19 is affecting the world of sports. Retrieved from https://www.weforum.org/agenda/2020/04/sports-covid19-coronavirus-excersise-specators-media-coverage/

MJE. (2021, April 14). Predictions vs. reality: The economic impact of covid-19 on sports. Retrieved from https://sites.lsa.umich.edu/mje/2021/03/31/predictions-vs-reality-the-economic-impact-of-covid-19-on-sports/

Statista. (2020). Coronavirus: Impact on the sports industry worldwide. Retrieved from https://ncs4.usm.edu/pdf/covid-resources/statista-impact.pdf

Weston, M. A. (2021, April 02). COVID-19's lasting impact on the SPORTS Industry: Financial, legal, and innovation. Retrieved from https://digitalcommons.law.scu.edu/lawreview/vol61/iss1/4/