I recently chatted to the author of the popular betting.ca website Doug Hirdle, who is a font of knowledge regarding all things sport related in Canada, and he informed me that there is a great deal of optimism out there right now that the sporting industry will soon get back to normal.
However, he did say that with income levels in the negative for many sport clubs, things are going to have to change and change quickly if many of them are going to survive over the long term, and whether most of them will do remains to be seen.
Switching to a Pay Per View Business Model
It is true to say that many people are going to be wary of mixing in large groups even when lockdowns come to an end and we are all given the greenlight to attend sporting events, and you may have been worried about attending such an event yourself.
If social distancing remains with us, even once sporting events can go ahead then many sport clubs across Canada will not survive as the ticket sales for those events are likely to drop through the floor and make their clubs financial unviable.
I am of the mindset that there will be a much greater emphasis in the year ahead on pay to view sporting events and as such expect to be charged to watch many sporting events on television or via the media channels many sports clubs have on offer.
Adjusting to a Drop in Sport Sponsorship and Advertising
Two revenues streams that many sports clubs have always benefited from in Canada for decades now are sponsorship and advertising revenue.
Whilst some large businesses have managed to ride out the storm so to speak during the pandemic, they are few and fair between and as such there will be many businesses cutting back on sponsoring sporting events and sport clubs moving forward.
With ticket sales of sporting events expected to be at an all time low and with little if any sponsorship and advertising revenue coming in, over the short term at least, many sports clubs are going to have to dig deep into their financial reserves, if they have any left, to survive.
I do feel that a number of clubs are going to have to make some huge changes to their entire business model if they are to survive moving forward, but it is a sad fact of life that not all of them are going to survive and the long term effects of the pandemic will see many of them having to close down and cease operating, which is a tragic state of affairs, as their demise will not have been through their own making.
Never be Afraid to Reach Out for Help Yourself
It is going to be a matter of time before sport across Canada gets back to what we could call normal or gets back to some form of normality, however one final thing I want to focus on is your own personal mental health which may have taken a huge knock during the pandemic.
Many people have found themselves in a dark place over the last year and may be in a position whereby they feel things are never going to get back to normal or they see no way out of the situation they have had thrust upon themselves.
If you are beginning to worry and stress and need someone to talk to then be aware there are no shortages of help and support groups out there who are available 24/7 and are just a phone call away, and I would urge you to make contact with them.
Having someone to chat to can and will help, for whilst most people do have someone that they can confide in regarding their mental health during these difficult times, not everybody does, and as such please do reach out for help if you are struggling in one way or another during this current crisis.