Chairman Cho Hyun-jae of Korea Sports Promotion Foundation (KSPO) inspects preparations for the launch of on-line cycling and rowing ticketing services on June 3.

Effective Aug. 1, on-line cycling and rowing ticketing services will be launched, breathing a sigh of relief to the related industry, which has been buffeted by the effects of the on-going COVID-19 pandemic.

The National Assembly approved a bill on May 21 to revise the Act on Cycling and Rowing, allowing on-line cycling and rowing ticketing services, solving a long-standing issue for the Korea Sports Promotion Foundation (KSPO).

Demand for introducing an on-line system for cycling and rowing has been mounting, in keeping with changes of the times through a combination of sports and ICT.

Such a demand has been further heightened in a contactless environment in the midst of the pandemic.

KSPO Chairman Cho Hyun-jae, 100 days in office on June 1, said he met with parliamentarians who are part of the National Assembly Culture, Sports and Tourism Committee, persuading them to approve a pending bill on the amendment of the Act on Cycling and Rowing as soon as he took office.

Introducing an on-line system for cycling and rowing benefits the livelihoods of 1,800 people in the related industry.

KSPO Chairman Cho Hyun-jae receives a briefing on rowing at Misari Regatta from working-level officials. (Photos: KSPO)

All cycling and rowing competitions had been stopped due to the pandemic last year, Chairman Cho said. The cycling and rowing segments saw sales plunge 86 percent last year compared to the 2019 and losses swell to 90.4 billion won, he said.

Chairman Cho shared the view that rowing and cycling on-line ticket sales could abet speculation.

In this context, he said, safeguards have been put in place, such as monitoring, allowing one account per person and restricting youths’ use.

KSPO will make sure on-line rowing and cycling ticketing services are carried out in a sound fashion.

Figures, released by Korea Institute of Sports Science, showed that total sales of the sports industry stood at 54.352 trillion won last year, a 32.9 percent nose-dive from 81.038 trillion won in the previous year.

During the period, the number of employees related to the industry shrunk to 398,000 last year, a 12.1 percent plunge from 504,000 people in the previous year.

Chairman Cho said a team has been formed to overcome the crisis caused by the pandemic, and 270.1 billion won has been raised from the existing budget and the government’s supplementary budget to provide targeted support.

It is an urgent task to explore new growth engines related to the sports industry, still considered a blue-ocean, in the post-COVID-19 pandemic era, Cho said.

To this end, 360 billion won will be poured into exploring new markets and nurturing about 1,800 related people. An integrated support center, which was opened in February, is providing total solutions, ranging from corporate support to publicizing products.

KSPO was established to efficiently manage assets inherited from the Seoul Summer Olympic Games.

KSPO is the sole institution in the world that is responsible for not only managing Olympic assets, but also for financing national sports, among countries who hosted Olympic Games, he said.

Olympic Park will be made an Olympic sports movement mecca to preserve and inherit Olympic spirits, he said.