Think about the impact Covid 19 had on the sports world. Covid 19 impacted sports significantly. You could go as far as saying that is the biggest hit sports has ever taken.
In the wake of the Covid-19 pandemic, sports have taken a major hit. Revenues for major leagues and events have plummeted, with losses estimated in the millions. The NBA alone is said to have lost between 350 and 450 million dollars in gate revenues. And let's not forget about the NCAA March Madness, the 2020 Tokyo Olympics, and Major League Soccer, which have all suffered significant losses. But what if these leagues had invested in virtual reality?
Before the pandemic, some leagues were already considering offering virtual reality experiences to fans. The concept was simple: sell memberships that would allow fans to tune in from the comfort of their own home using a headset. The stadium or arena would have multiple cameras set up, providing fans with a range of seating options. The game would take place in the same arena or field at the same time, but fans would have the option to tune in using virtual reality. They would be able to choose their preferred seat and pay accordingly, just like buying regular tickets.
The impact on revenue would have been significant. By essentially doubling seating capacity, venues would have increased seat revenues at minimum. And with the integration of advertisements into the virtual reality headsets, media revenue would also increase.
But perhaps the most significant impact would have been during the pandemic itself. By allowing games to take place in their normal arenas or fields, franchises could have kept more staff employed, and venues would have been able to stay open. And with the ability to put multiple fans into one virtual seat, venues could have achieved unlimited capacity, even during the pandemic.
Investing in virtual reality technology would have reduced the financial hit that sports have taken during the pandemic, and it would have set leagues up for exponential revenue growth once seasons kicked off normally. So, the next time something like this happens, let's hope that major leagues and events will be more prepared and open to new technologies like virtual reality.
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