The revenue of the Boulder, Colo.-based Brewers Association fell by nearly 70% last year as a result of COVID-19 shutting down its moneymaking events, the Boulder Daily Camera newspaper reported Wednesday.

p>BA issues an annual report detailing its finances. This year's report shows that the association generated revenues of about $9.73 million in 2020 versus $27.76 million in 2019, the Daily Camera reported. The group reported a net loss of about $3.58 million.

BA also said its total assets fell 20.9%, from $36.59 million at the end of 2019 to $28.94 million at the close of 2020, according to the newspaper.

The largest driver of those losses was the cancellation of revenue-generating events like the Great American Beer Festival, a public event in Denver that typically draws tens of thousands of beer lovers . The group was also forced to cancel its in-person trade show, instead moving the event online. The festival is scheduled to return in person in October 2022 to celebrate its 40th anniversary, according to the association's website.

BA laid off a quarter of its staff last year in anticipation of revenue losses. The group reported 79 staff on its 2018 tax returns, the latest available.

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