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Surveying the Carnage: How Real Estate, Travel and Music Are Faring During the Crisis

One hundred million jobs lost and $2.7 trillion in GDP evaporates. NLW looks at the impact of the COVID-19 crisis on key industries.

By Nathaniel Whittemore
AccessTimeIconMay 6, 2020 at 7:00 p.m. UTC
Updated Dec 11, 2022 at 7:27 p.m. UTC
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One hundred million jobs lost and $2.7 trillion in GDP evaporates. Shutdowns lasting 18 to 24 months. NLW looks at the impact of the COVID-19 crisis on key industries.

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This episode is sponsored by ErisX, The Stellar Development Foundation and  Grayscale Digital Large Cap Investment Fundhttps://grayscale.co/coindesk.

The second-order effects of the COVID-19 crisis are here, and they’re painful. In this episode of The Breakdown, NLW looks at how COVID-19 is impacting three industries:

Travel and tourism:

  • 100 million in lost jobs expected globally 
  • $2.7 trillion in lost GDP 
  • Airbnb lays of 25% of employees 

Music and concerts:

  • From a record $12.2 billion concert year to a loss of $9 billion
  • Expectations there will be no concerts for up to two years
  • The industry organizing to be included in relief 

Real estate:

  • Commercial real estate expecting 2.5% default rate for the next five-plus years 
  • Negotiations around sales-based payment instead of traditional rent 
  • Residential real estate may have cratering demand but home prices remain up year over year

See also: When Currencies Fail: A Primer on the Dollar Crisis in Lebanon

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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