COVID-19: potential ad and sponsorship revenue loss for the Olympics 2020
The COVID-19 pandemic at the beginning of 2020 hit the sports industry hard. Many professional leagues across the globe suspended their seasons and events have been cancelled. The Olympic Games were due to take place in Tokyo at the end of July 2020 but, on March 24, the International Olympic Committee (IOC) took the decision to delay the Games until 2021. With the future of the event still up in the air, the organizers stand to lose over 900 million U.S. dollars committed by over 70 local sponsorship partners in Japan.
