As at July, 2019, China was the second leading economic mover in the world, contributing [15.86% of the total $8t6 Trillion GDP after the United States. The constitution of these amount builds up from thr microeconomic activities of each country which however changes with individual consumption preferences, technology, trade relationships, interest rates, and currency valuations change.
It is very unlikely that China would be able to maintain such ranking after severla usiness activities have been shut down due to Conora virus outbreak. The downtuen of China's economy has affect several countries of the world who had a bilateral trade with China. I saw the picture below showing drivers in empty tuk tuks looking for customers in Bangkok. Before now, China has an established strong business alliance with Thailand, partly due to its influence and prominence in the region. Tourism in Thailand has plummeted because of the coronavirus epidemic in China. THis is just one scenario as other nations have been affected.
While the trade components of nations were predictably going to fall, it was rather unnoticed that sectors such as the entertainment, sports could be so affected and it will in return downturn the economies of nations that so depended on the sector for revenue generation.
The sports industry reportedly accounts for about $14.3 billion in direct earnings yearly. This results in an average salary of $39,000 generated per job numbering around 456,000 jobs. This is a huge proportion of the world's $86 Trillion economic pool. Sports play a large role in the U.S. economy as well as other nations' economy beyond the imagination of many.
The entertainment industry in Nigeria, via Nollywood is worth over USD5 billion and producing more films than Hollywood, and ranking the second-largest movie industry in the world by volume after Bollywood and contributes 5% to Nigeria’s GDP source This is because the average Nigerian has been brainwashed to rest on his oasis and be dependent on "Oil Money", thereby creating more time for fun. This has created a huge audience for the entertainment industry.
Effects of Conora Virus Outbreak on the Sports Economy
Conora Virus is flowing into the depths of regular lifestyle and this is going to really affect the economies of affected nations. Already, sports activities that were scheduled for these later parts of March has been postponed to April. Who knows whether the epidemic outbreak would actually get subsided before the end of the second quarter of 2020.
Following the growing statistics of Conora virus penetrations into several nations, Professional football in England and Scotland has been suspended. This could possibly lead to the restriction of large-scale gatherings in the UK, In future to prevent its spread. Some fans had started using nose masks as at the early days of March, 2020.
It was sad to read that Mikel Arteta of Arsenal FC and Chelsea striker Callum Hudson-Odoi, have tested positive for Conora virus. Reports also have it that Everton first-team player has shown symptoms of the virus. In a press statement, Premier League chief executive Richard Masters had this to say:
"In this unprecedented situation, we are working closely with our clubs, government, the FA and EFL and can reassure everyone the health and welfare of players, staff and supporters are our priority."
Some playing staff of teams like Chelsea, Bournemouth, Arsenal, Manchester City, Juventus, Real Madrid and Leicester City as reported by their club spokesmen, keeping themselves in self-isolation. Specific recoeds of cancelled matches are linked below:
- UEFA postponed next week's Champions League and Europa League fixtures
- England's cancels Test cricket series in Sri Lanka.
- Golf's Players Championship has been called off and Masters is postponed.
- Formula 1 calls off the Vietnam Grand Prix on 5 April.
- Formula E - suspended for two months, affecting races in Paris, Seoul and Jakarta.
- NBA, NHL, MLS suspend seasons, MLB delays start of 2020 campaign.
- Others are here captured in the below image.
Implication on Revenue Generation
With the above development, there is a tendency for ticket returns to be requested for booked matches as it is the case with the football leagues in England and Scotland.
Also, Madonna, a musician has opted to cancel her concert in March and refund payment for tickets receptively. With these, we are seeing huge losses for logistics companies whose operations and services had long begun for such cancelled matches and entertainment shows. Imagine a London Marathon show of the nature below pictured which recorded nearly 43,000 participants calling for a refund of already paid tickets.
The Gap "fill-able" by Blockchain/Cryptocurrency
I see this season as a time that we who have embraced cryptocurrency could help. We are certainly going to see more effects in every other sector and this means more hunger in the future. Let's just see this as a compulsory retrenchment of the human workforce by robots which is soon anticipated, cryptocurrency is that way out for many to still get liquidated to survive while this pandemic lasts.
It';s a time to make more noise about cryptocurrency and a special blockchain like steem which users can create content and mine some coins for survival. Steem already has several dapps that could feed the world with varieties of contents.
Take for instance the footballers and teams who will be on compulsory breaks, this would really affect the survival of related logistic firms. Some fans who have been making a leaving for supporting their choice clubs may also go hungry. AT this time, beginning to use our multifaceted dapps becomes a great way to make a living.
Feel free to share your thoughts on how cryptocurrency can save lives in times like this.