Sports Industry Bullish On Possible Long-Term Negative Impact Of COVID-19, Reveals Latest iSportconnect Insights
April 24, 2020
According to data from the new iSportconnect Insights Survey, only 25% of people within the sports industry see the negative impact caused by the coronavirus outbreak continuing into 2021 and beyond.
Unsurprisingly, the short term effect was far greater, with 86% of responses stating that it is creating immediate ill effects for their business, with revising budgets and forecasts the main step being taken to counteract this by a whopping 95% of businesses.
This special COVID-19 survey was created in conjunction with Goodform, with more than 130 sports business professionals completing the survey during the last fortnight to produce these results.
In terms of the sports industry’s greatest challenge being faced right now, there is a clear point our surveyed professionals centred on, with 68% saying the financial implications of lost broadcast revenue is the key to overcome.
To add to this, another 68% also believe that broadcasters will withhold payments to rights holders due to live sport being unable to take place. However, only 33% think that the value of TV rights will decrease in future years as a follow-up effect.
Something that there is clearly a strong opinion towards from those working in sport is that evidence and data to support partnerships will become more important that ever, with 81% stating this will be the case and a huge 77% expect digital rights to be more at the forefront moving forward.
Two thirds of people who completed the survey believe that this period during the COVID-19 pandemic provides them with an opportunity for strategic planning while no live sport is taking place.
Other positive changes that could be made as businesses are re-evaluating are an increased focus on data and digital engagement (55%) and the creation of new and innovative revenue streams (53%).
To find out all of the key statistics and information provided by our latest Insights survey and receive the full report, sign up here: https://goodformgroup.co.uk/isportconnectinsights/