In every industry, reports are emerging showing how their financial statements have been affected by the pandemic. Obviously, the entire world has been affected, and millions of businesses around the globe are losing huge amounts of money in their operations. This is a huge challenge that will remain in the next few years. Businesses will have to ensure that they have adapted so that they can remain relevant in the years to come.
Ryan Kavanaugh is a leading boxing professional who feels that the boxing sector has been affected more than any other industry in the world. Generally, most of the sporting activities seem to have been affected by the current pandemic owing to the fact that people are not allowed to assemble in stadiums. This means that the organizers are not getting any money after spending millions of dollars to organize some world-class boxing matches.
Also, the ban on international travel seems to be another huge deterrent that is affecting the boxing industry. Those who are willing to organize matches have to put up with the restrictions that almost every other country has incorporated. Ryan Kavanaugh indicates that it takes weeks to move from one country to another. The issue of isolating has also created a delay in organizing matches in different countries, which in essence, has put the entire industry on hold.
However, Ryan Kavanaugh appreciates that the current technology is playing an essential role in keeping everything going through streaming services. Some huge matches have been organized through streaming services where people around the world have been able to follow such matches. The organizers are also getting something in return as people have to pay to stream such events. However, Ryan notes that streaming services cannot be compared to the live boxing activities that various organizers have been putting in front of their audiences.