news 3 weeks ago
COVID-19 Will Cost the Sports Industry $12 Billion, Study SaysWibbitz - Sports
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.