IPL is now worth $10.7 billion, joins decacorn club
What's the story
The Indian Premier League (IPL) saw its value skyrocket to $10.7 billion (approx. Rs. 89,220 crore) in 2023, a whopping 28% surge from the $8.4 billion in previous year.
This milestone positions the IPL as a decacorn, a business exceeding $10 billion in valuation.
Since its launch in 2008, the IPL's brand value has surged by an astounding 433%, according to Brand Finance, a leading brand valuation consultancy.
Details
Key catalysts behind IPL's remarkable growth
IPL's brand value growth is due to factors such as a $6.2 billion media rights deal, an increase in the central pool of IPL revenues, the addition of two franchise teams, and the return to full stadium attendance in 2023 post-pandemic.
Hugo Hensley, Head of Sports Services at Brand Finance, said, "The key to upholding the IPL brand lies in robust governance."
He added that teams are actively hiring professionals for year-round player management, organizing tournaments, and managing sponsor pools.
What Next?
Mumbai Indians lead in brand value
Mumbai Indians topped the list as the most valuable IPL brand at $87 million, followed by Chennai Super Kings at $81 million.
Kolkata Knight Riders and Royal Challengers Bangalore ranked third and fourth with respective values of $78.6 million and $69.8 million.
Gujarat Titans saw a big 38% increase in brand value, moving from eighth place last year to fifth this year.
Lucknow Super Giants, with a brand value of $47 million, was the fastest-growing IPL brand, up by 48%.
Insights
Chennai Super Kings crowned as strongest IPL brand
In terms of brand strength, Chennai Super Kings emerged as the strongest IPL brand, earning an AAA- rating with a Brand Strength Index (BSI) score of 81.8.
Gujarat Titans and Mumbai Indians followed in second and third positions, respectively.
The introduction of the Women's Premier League has enhanced teams' brand values by addressing equity gaps and elevating IPL governance standards.
Notable changes, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), have brought renewed excitement.
Facts
Aramco partnership, increased viewership spur brand value
The IPL's Rs. 65 crore per year partnership with Aramco has contributed to the league's brand value growth.
The collaboration led to a 9% rise in awareness among non-cricket fans, per Brand Finance's study.
The league's combined viewership exceeds 40 crore on television and an additional 25 crore on social media.
Jio Cinema's free-to-view access to all telecom users across devices in over 15 regional languages has significantly enhanced the IPL viewership market, further driving brand value growth.