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

According to Forbes estimates, major sports leagues saw significant revenue slumps in 2020.
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Arena at Madison Square Garden in March 2020
Arena at Madison Square Garden in March 2020
(Sarah Stier/Getty Images)

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.