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.

AccessTimeIconMay 6, 2020 at 7:00 p.m. UTC
Updated Sep 14, 2021 at 8:37 a.m. UTC

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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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

For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.


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