The COVID-19 pandemic has and still is a threat to not just lives but also the livelihood of many. One such example is the how it has made many business sectors lose money and jobs around the world. In latest sports news development, the Korean Sports Industry suffers ₩44.8 trillion in damages due to coronavirus.
According to the Korean Ministry of Culture, Sports and Tourism, the current loss is from January 2020-June 2021. Furthermore, while the situation is a little bit better, they do not expect it to recover for quite some time. Overall, the total damage done to Korea’s cultural, sports and tourism sectors by COVID-19 is ₩88 trillion and will increase.
Korean Sports Industry suffers ₩44.8 trillion in damages and Needs Help
The biggest loss comes from the country’s tourism sector with ₩39.3 trillion in damage. Breaking it down, ₩26.9 trillion won was lost in 2020 and ₩12.4 trillion during the first half of 2021. Needless to say, this also includes sports wagering and gambling industry in South Korea.
The casino industry in South Korea has been especially hard it. So much that it got a 12-month tax reprieve back in March due to the high drop in revenue. Of course, critics believe that if online casinos in Korea was an option, the damage would have been less.
As for the sports industry, stadiums were empty leading to their own significant losses. Not just in ticket sales but also in food and beverages. In addition, sales of sports merchandise also took a loss because of the pandemic. Needless to say, this has led to the highest unemployment rate in Korea in 22 years.
The cultural and art sector had the lowest damage with ₩1.2 trillion in losses.
While the coronavirus crisis is no longer as strong as before, the damage has been done. Therefore, the cultural ministry is coming up with a plan to help these sectors with a 2.6 trillion budget.