Industries Being Hardest Hit By The COVID-19 Outbreak

The effects of the Coronavirus pandemic are widespread. In this post we take a look at some of the industries being hardest hit by the COVID-19 outbreak.

The COVID- 19 outbreak has had an unprecedented effect on many industries worldwide. With so much uncertainty around when this crisis is going to end, and what the long term effects will be on the global economy, many businesses are unsure as to how to plan their next steps.

While government support is available to many of these businesses, it is important to keep these businesses running as much as possible, given the uncertain future of the pandemic.

In this article, we’ll explore four of the most hard-hit industries during this time, and some examples of how these industries are responding to the crisis. This will provide not only a reality check as to where these industries are at, but also provide some inspiration as to how businesses can adapt and pivot during these difficult times.

4 Industries Being Hardest Hit by the COVID-19 Outbreak

1. Entertainment

As social creatures now having to quarantine in our homes and practice social distancing, the live entertainment industry is suffering. This means no live concerts, no conferences and no media production taking place, as all of these involve several people being together in the same space and in close proximity.

In fact, statistics predict that this crisis will cause the entertainment industry a loss of about $12 billion due to the effects of the Coronavirus.

While many associated industries, like online video streaming hubs, may be seeing an uptick in usage during this time, the actual entertainment industry is on pause, with no definite sign of when these kinds of activities will be able to resume.

However, to respond to this crisis, there are many online efforts to raise funds and promote artists, such as live-streamed concerts, where musicians collaborate with one another and perform using live streaming video software. Some production houses have also provided free streaming of plays and ballets for a limited period in order to promote themselves and provide much-needed entertainment in a time of self-isolation.

Overall, many musicians and other artists have been leveraging social media and online platforms to keep their audiences engaged until such time as live events are allowed to resume.

2. Hospitality

The hospitality industry is also being deeply affected by the Coronavirus pandemic, as events are postponed or cancelled and people are prevented from travelling for leisure and business purposes.

One of the ways in which this industry has pivoted is by providing accommodation for essential medical personnel, which at least allows for certain accommodations to be in use, although not at the scale that large hotel chains might be used to.

Other responses that have occurred include hotels adapting their hygiene protocols and even allowing for flexible cancellation policies, where future stays can be paid for but delayed until such time as the crisis is over.

While the pandemic continues, hotel chains have also implemented in-house communication strategies to teach their staff about the virus, and are no doubt planning for intensive hygiene management strategies for the months and years ahead.

3. Sports

With many live sporting fixtures and tournaments postponed indefinitely, the sporting industry is taking a hit during this time, leaving many sports fans around the world frustrated and disappointed.

Besides the sporting fixtures themselves, all associated hospitality, maintenance services, and online gaming are also being affected, which demonstrates just how interconnected these industries can be. This has led to some sports enthusiasts making use of esports platforms, where they can even place bets.

There are also many efforts to help support the sports industry, including donations from famous sports stars to help curb the spread of the virus and support staff on the ground who now have no work to do since the stadiums aren’t currently being used.

This includes donations from famous footballers like Lionel Messi and Cristiano Ronaldo, as well as donations from well-known NBA stars like Steph Curry from the Golden State Warriors.

Unfortunately, for now, sports will not resume until the crisis is over, but many sports stars and organizations are using social media and other online platforms to raise funds and create awareness around the pandemic in the meantime.

4. Travel

As we have touched on in the points above, the travel industry has been seriously affected by COVID-19, with all international and much local travel not allowed during this time.

However, the travel industry has responded by bringing travel experiences into the virtual realm, and using this time to create strategies for more sustainable tourism practices once the crisis is over. Conference centres and hotels are also being used to house medical personnel and serve as hospital and quarantine facilities.

In the restaurant industry, which is closely linked to travel, many eateries and food events have pivoted to provide home delivery services, with a focus on supporting small businesses during this time.

Final Thoughts on Industries Being Hardest Hit By The COVID-19 Outbreak

In this article, we’ve covered just four of the many industries being hit the hardest by the COVID-19 outbreak. While there is much uncertainty around how the next few months are going to play out, it is clear that many of these industries are looking to online services to help sustain themselves during this time.

While there is no doubt that there will be losses, the ability to connect and pivot during this time is going to make all the difference, and it will be interesting to see how these industries adapt to current market demands and limitations.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes