COVID-19 Will Cost the Sports
Industry $12 Billion, Study Says An analysis given to ESPN adds that
hundreds of thousands of jobs
will be displaced. Should the pandemic
cancel NFL and college football
schedules this fall, figures say that the economic toll
will more than double. Data was provided to ESPN by Patrick Rishe
at Washington University in
St. Louis and analytics firm Emsi. Rishe's analysis factors in
the MLB and MLS playing half of
their normal seasons with fans. Predictions include the NHL and NBA having
no more regular season games and
postseasons without attendance. Come July, youth sports would
have to return as well. Data claims that $3.25 billion
could be lost on what
fans spend at sports games. Stadium and arena employees
would lose $371 million in wages. According to the Bureau of Labor
Statistics, sports are responsible
for around 3 million U.S. jobs. $2.2 billion and $2.4 billion will be
lost for TV revenue and tourism for
youth sports, respectively. A big part of small screen revenue comes from college and pro football. During the regular season, Rishe says
TV revenue from each NFL game
accounts for nearly $24 million. College Football programs also bring
in billions, which in turn helps
athletic department budgets. The college industry has already
taken a major hit this year with the
cancellation of March Madness.
Industry $12 Billion, Study Says An analysis given to ESPN adds that
hundreds of thousands of jobs
will be displaced. Should the pandemic
cancel NFL and college football
schedules this fall, figures say that the economic toll
will more than double. Data was provided to ESPN by Patrick Rishe
at Washington University in
St. Louis and analytics firm Emsi. Rishe's analysis factors in
the MLB and MLS playing half of
their normal seasons with fans. Predictions include the NHL and NBA having
no more regular season games and
postseasons without attendance. Come July, youth sports would
have to return as well. Data claims that $3.25 billion
could be lost on what
fans spend at sports games. Stadium and arena employees
would lose $371 million in wages. According to the Bureau of Labor
Statistics, sports are responsible
for around 3 million U.S. jobs. $2.2 billion and $2.4 billion will be
lost for TV revenue and tourism for
youth sports, respectively. A big part of small screen revenue comes from college and pro football. During the regular season, Rishe says
TV revenue from each NFL game
accounts for nearly $24 million. College Football programs also bring
in billions, which in turn helps
athletic department budgets. The college industry has already
taken a major hit this year with the
cancellation of March Madness.
- Category
- Sports Betting Online Games
- Tags
- wibbitz, espn, coronavirus, sports industry, sports covid-19
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