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The sports industry is set to lose billions in revenue this year as a result of the coronavirus pandemic.
An analysis conducted by sports marketing agency Two Circles estimates the industry will generate $73.7 billion in revenue globally during 2020 - $61.6 billion less than originally projected. The global sports industry generated $129 billion in revenue during 2019 and was anticipated to grow by 4.9% year-over-year before the pandemic.
Two Circles' current projections show that only 53% of the major sporting events scheduled for 2020 are still likely to be held this year, along with the possibility that more are canceled. In March, only 1,870 of 5,584 scheduled events took place.
On March 11, the NBA became the first major North American sports leagues to shut down operations due to COVID-19. United States President Donald Trump said last week that whenever professional sports resume, there won't be fans in attendance.