Despite the changing landscape of cricket formats, the sport’s craze in India continues to soar, with sports sponsorships reaching a staggering ₹15,000 crore in 2023, according to a report by GroupM ESP, the entertainment, esports, and sports division of GroupM India.
Cricket lead the sponsorship scene, accounting for a remarkable 87% of the total spending at ₹13,701 crore, marking a 13% year-on-year growth. This growth is indicative of the passion for the sport in the country, defying speculations of a decline in interest with the rise of T20Is and Test cricket.
IPL: The Deal Breaker
The Indian Premier League (IPL) remained a focal point, witnessing a value surge to $10.7 billion in 2023, a 28% jump from the previous year and a remarkable 433% rise since its inception in 2008. The IPL’s broadcast value of $14.2 million per match surpassed premier events like the English Premier League and Major League Baseball, which shows its global appeal.
In a record-breaking deal, the TATA Group secured the IPL title sponsorship rights for ₹2,500 crore over five years. TATA, which had previously sponsored the IPL in 2022 and 2023, also backs the Women’s Premier League, showing its commitment to cricket development in India.
Despite a 17% dip in TV ad spending for the IPL, digital advertising grew by over 25%, accounting for 40% of the overall sports ad spending. The ICC Men’s Cricket World Cup also provided a boost, with both TV and digital ads surging over 40% compared to the 2022 T20 World Cup.
Emerging sports witnessed a marginal 1% decline but still accounted for 13% of the industry expenditure at ₹2,065 crore. The real growth driver, however, was franchise fees, which increased by 60% to ₹2,628 crore, contributing significantly to the 24% increase in overall sponsorship revenue to ₹7,345 crore.
As India reinforces its passion for cricket through monumental sponsorship deals and innovative digital engagement, the sport’s future in the country appears brighter than ever. The nation’s unwavering love for the game has made into a financial power house.
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