How the Pandemic is Driving Innovation in Sports Business Flexibility is the name of the game.
By Tanner Simkins Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
The global health crisis has turned the world upside down, impacting every aspect of life. Social distancing is part of our "new normal". It's proven to be the most effective way to limit the virus' spread. Unfortunately, it has also had negative consequences for the sports industry. It's affected everyone from the fans, athletes and broadcasters, to sports sponsors, arenas, retailers, universities, and every vendor that supports them.
The pandemic is an international health emergency that has killed tens of thousands of people and sent shockwaves around the world, plunging the global economy into the sharpest decline in modern history.
It all started for the sports industry in the second week of March, when the 2020 NBA season was canceled due to a sudden spike in positive cases among the athletes who were tested. The NCAA's signature event, March Madness, was canceled shortly after. Professional leagues everywhere followed suit by suspending their seasons, disappointing fans around the world. Next came the one-year postponement of one of the world's most-anticipated sports broadcasts, the Summer Olympics in Tokyo. And the cancellations keep coming.
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