COVID-19 could cost Japan’s sports industry $ 2.6 billion
Japanese sports economist fears severe economic losses from the pandemic
Japan’s well-known sports economist Katsuhiro Miyamoto recently predicted that the economic loss caused by the COVID-19 to the Japanese sports industry will be approximately US $ 2.6 billion.
According to the ‘Japan Times’, Miyamoto said in a report that 46% (US $ 1.19 billion) of the economic losses caused by the epidemic came from Japanese professional competitions, and other losses came from sports goods manufacturers and distributors.
This report covers major professional games in Japan, including football J league, baseball professional league, basketball league and sumo, but does not include games supported by the iGaming industry such as horse racing, jet skis and bicycles.
Kansai University professor, Katsuhiro Miyamoto, who specialises in theoretical economics, had predicted a one-year postponement of the Olympics would cause $42.5 billion in economic losses for Japan. Miyamoto said in the report: ‘Since the beginning of this year, Japan ’s professional sports have been hit hard by the epidemic. Large professional games and clubs may be able to survive the difficulties, but small institutions and clubs will need more time to restore their vitality. . ‘
The honorary professor of Kansai University in Japan believes that the league with the biggest loss in Japan is the baseball league, which is also the largest professional game in Japan. It is expected that the annual revenue will be lost by 40%, about 1 billion US dollars. In addition, the Football J League lost $ 36.4 million and Sumo lost about $ 50 million.
Miyamoto said: ‘I hope the epidemic will end as soon as possible, and the public can return to the professional field as soon as possible to enjoy the game.’
Miyamoto, who specialises in sports economy, had previously estimated that if the Olympics were cancelled, Japan ’s economic losses would amount to 42.5 billion US dollars, and a year ’s worth of losses would reach 6.04 billion US dollars. The Japanese sports industry has lost US $ 2.6 billion so far due to COVID-19.
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