APAC sports media revenues to take a $2 bn hit due to COVID-19
The Coronavirus pandemic has taken a heavy toll on the sports industry. The latest to suffer is the Tokyo Olympics, which has been postponed for a year. In its report, titled ‘Asia Pacific Sports Media 2020’, Media Partners Asia (MPA) had pegged the sports media revenues to grow at 7 per cent CAGR in 11 Asia-Pacific markets over 2019-24 to reach $7.2 billion.
In light of the severe disruption in the sports space due to the global Covid-19 spread, MPA has downwardly revised its estimates for sports media revenues in the Asia-Pacific markets.
There are also media reports on the 2020 edition of the Indian Premier League (IPL) being cancelled. As of now, the tournament has been postponed till April 15, 2020. Further news is awaited. Meanwhile, the ICC T20 Cricket World Cup is scheduled to be held in Australia from October 18 to November 15.
On the other hand, MPA expects that 35-40 per cent of this loss in revenue will be recovered in 2021, when the Tokyo Olympics and the Euro 2020 are expected to be held. Month-on-month subscription of D2C SVOD sports-based offerings are being looked at as an important driver for the sports ecosystem in key markets.