The sports industry took a massive economic nosedive amid COVID pandemic and lockdowns

The sports industry has taken a significant financial hit as a consequence of the coronavirus pandemic and related lockdowns.

Forbes has estimated that the revenues for the NBA, NFL, MLB, NHL and NCAA March Madness collectively slumped a whopping $14.1 billion in 2020.

Major League Baseball's estimated revenue took a precipitous dive, plummeting to $4 billion in 2020 from $10.5 billion in 2019, while the NFL was sacked with a steep drop to $9.5 billion in 2020 from $14.5 billion in 2019. The NCAA's March Madness was canceled in 2020 and Forbes pegged that revenue at $0.