The Indian Premier League (IPL) has transcended its origins as a sports league to become a “decacorn” – a privately held entity. A recent report from Brand Finance, a top independent brand valuation consultancy, reveals a remarkable 28% surge in the IPL’s total combined brand value, soaring to an impressive USD 10.7 billion! This unprecedented growth underscores the IPL’s significant impact and solidifies its position as one of the world’s most valuable sporting properties.
IPL’s Brand Value:
The Indian Premier League (IPL) has transcended its origins as a thrilling cricket competition. With packed stadiums and fans worldwide glued to screens, coupled with lucrative media contracts, it has evolved into a commercial powerhouse. This mega-event serves as a premier platform for brands, providing direct access to India’s vast consumer market. As evidence of its soaring significance, the IPL’s brand worth has surged by an impressive 433% since its inception in 2008, showcasing its unparalleled growth trajectory.
Head of Sports Services, Brand Finance, London Hugo Hensley said, “The IPL brand stands as a guiding light to all other T20 leagues, illustrating how the business model can be successfully scaled up on a global level. Teams are proactively recruiting professionals to handle year- round player management, organize tournaments, and manage sponsor pools. The key to upholding the IPL brand lies in robust governance. The mother ship must remain steadfast and on course, ensuring a continuous commitment to value creation.”
Drivers of Triumph:
IPL Strikes Historic Media Rights Agreement: The IPL has inked a monumental media rights contract for the upcoming five seasons (2023-2027), valued at a staggering US$6.02 billion (Source: BBC). This landmark deal further highlights the league’s exceptional commercial magnetism and broadcasting allure, solidifying its position as a global sports powerhouse.
Milestone Media Rights Deal for IPL:
In a groundbreaking move, the IPL has finalized a historic media rights agreement covering the upcoming five seasons (2023-2027), valued at an astounding US$6.02 billion (Source: BBC). This landmark deal underscores the league’s unparalleled commercial appeal and broadcasting attractiveness. It not only solidifies the IPL’s status as a premier sporting entity but also highlights its ability to captivate audiences and maintain its position as one of the most lucrative sports leagues globally.
Victories in Sponsorship:
Franchises have secured substantial sponsorship agreements, with Royal Challengers Bangalore recently finalizing a lucrative three-year collaboration with Qatar Airways, valued at 75 crore rupees. This significant partnership further enhances the league’s financial strength and underscores its attractiveness to prominent global brands. Such deals not only elevate the visibility of the teams involved but also contribute significantly to the overall commercial success and appeal of the IPL as a premier cricketing event.
Broadening Audience Reach:
Disney Star records a staggering 450 million viewership for the initial 26 matches of the IPL, with the Mumbai Indians vs. Royal Challengers Bangalore match drawing the most attention. The cumulative watch time amounts to an impressive 188 billion minutes. This notable viewership figure reflects the enduring popularity and widespread appeal of the IPL, reaffirming its status as one of the most watched and beloved sporting events globally.
As per a 2015 report by KPMG, the IPL was assessed to have made a substantial contribution of approximately INR 11.5 billion to the Indian economy that year. Furthermore, from 2015 to 2023, the IPL’s impact on the Indian GDP has seen remarkable expansion, showcasing its growing importance as a pivotal catalyst for economic growth and development nationwide. This exponential rise underscores the league’s profound influence and its role as a major economic engine in India.
As per the EY FICCI M&E report 2022, India stands as the globe’s leading fantasy sports market. The IPL season serves as a significant catalyst, serving as the cornerstone of their promotional schedule. This synergy provides an extra thrust to the fantasy sports industry, amplifying its impact and reach.
Jay Shah, Secretary of the Board of Control for Cricket in India, emphasized that the IPL’s revenue directly supports grassroots cricket in the nation. These funds are instrumental in enhancing infrastructure and facilities, thereby nurturing and developing cricket at the grassroots level across the country. He further said, ” Now, it’s time for our state associations, IPL franchises to work together with the IPL to enhance the fan experience and ensure that our biggest stakeholder – the cricket fan – is well looked after.”
Stay updated with all the cricketing action, follow Cricadium on WhatsApp, Facebook, Twitter, Telegram and Instagram
