The coronavirus pandemic continues to adversely affect sports stocks. Major events in most sports leagues have been put on hold, causing teams to lose out on profits. Industries that depend on these leagues have also lost significant amounts of profit. Continue reading
Having killed more than 100,000 people already, the Novel Coronavirus, Covid-19, is wreaking havoc. To date, more than 1.7 million people in at least 210 countries and territories worldwide have been affected, with the number rising by several thousand each day. Without exaggerating, it’s been one of the worst epidemics in the last 100 years.
Unsurprisingly, Not Everyone Is Feeling the Blues
While some stare at months or potentially years of turmoil, a few industries are reaping big from the impacts of the Covid-19. Here are just a few examples of industries that seem to be thriving amidst the chaos.
Health and Wellness
Businesses that prescribe or sell home fitness programs and exercise equipment, also known as Lifestyle of Health and Sustainability (LOHAS) providers, are swimming in money this Covid-19 season.
From fitness apps that offer workout programs such as yoga and cycling to live broadcast fitness classes, sales have surged exponentially. Sales of skipping ropes (56%), dumbbells (60%), and yoga mats (150%), for instance, have increased.
Now that people can’t go out freely, they can’t do their own shopping. But, they still need to eat. So, what do they do? Find someone else to do their grocery shopping! That’s where delivery companies come in.
Alibaba’s grocery delivery app, Fresh Hema, for instance, witnessed 100,000 new downloads in a single day during the February lockdown in China.
Ecommerce and e-marketplaces
Similar to grocery delivery, although people have been asked to stay indoors, that doesn’t mean they can’t buy the items they need. It just means that they can’t do it while outside their homes. A quick solution? Order whatever you need online!
The result has been a sharp spike in online shopping. Amazon, for instance, is adding 100,000 new jobs to manage the extra demand.
Online education and remote learning
Although education programs in many countries are suspended, learning hasn’t stopped entirely. Instead, many people are turning to online platforms, and EdTech companies are taking full advantage.
In China, TAL Education owner Zhang Bangxin saw his wealth rise by over $1.7 billion within just three months after partnering with 300 schools in the country to offer courses online.
First off, in nearly all nations, pharmacies have been classified as “essential” and thus left open despite strict restrictions on movement. Those who need medicines will quickly get permission from the authorities to visit the nearest pharmacy.
Additionally, the pharmaceutical companies that eventually develop a vaccine for the coronavirus are guaranteed billions in profits.
Since everyone else is indoors, logistics companies are needed now more than ever to plan and execute the delivery of essential goods such as oil, medical equipment, and food. And, they’re making a killing off the current strains.
Alibaba’s Green Channel Initiative, which delivers PPEs, masks, and other medical equipment, for instance, has shipped over 5 million medical equipment in China alone.
If people can’t go to the office to work, how do they attend to clients? Easy – find a reliable video conferencing app and discuss new deals or the progress of old contracts from the comfort of your homes!
Video conferencing apps are significantly benefiting from this new trend. Zoom, a US-based videoconferencing start-up, for example, has witnessed a 50% jump in sales over the Covid-19 period.
A joint study by analytics firm AlphaBeta and the Australian credit bureau illion shows a 67% increase in online gambling in the week ending Thursday 9, April. And, in the US, Global Poker recently revealed a 43% increase in the use of online poker sites in the country.
It makes sense considering that people are stuck at home. Bored and without any other viable alternatives, even lottery players will be looking to buy tickets online. It’s an excellent distraction from the prevailing confusion.
Forbes indicates that Covid-19 has pushed up streaming by more than 12%. Although the shock of the lockdowns and curfews initially led to a drop in streaming, there’s been a swift uptick in both new subscriptions and total streaming time.
In Italy, for example, streaming is up 90%, with one streaming site, MainStreaming, reporting a 300% rise in streaming traffic.
Finally, more people are also playing video games as they stay at home this coronavirus season. Data from US telecommunications giant Verizon shows that video gaming has increased 75% during peak hours in North America.
Doug Creutz, an analyst for investment bank Cowen, predicts that the industry will “fare far better than the market average” during the pandemic.
Although it’s been doom and gloom for the past few months, covid-19 has had a positive impact on select industries. Hopefully, the gains made during this period will give these industries a firm footing and spur their growth even after the virus is long gone.
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Image source, Yuri Samoilov, via Flickr.
Sports has served as a pleasant and warm distraction in times of great uncertainty. From world wars to economic downturns, both sports fans and casual watchers of sports around the world have looked to athletes and their teams for the injection of hope. Unfortunately, the world finds itself faced with the coronavirus crisis which has put a pause on most people’s plans. This presents a turning point for the global economy. In the sporting world, where many major leagues have been shut down, this has implications. The events affect not only the net worth of athletes and their team owners but also the communities which depend on them, economically and emotionally. Continue reading