Brand IPL is now worth Rs. 34,000 crore
What's the story?
The Indian Premier League, which saw its tenth season this year, is now one of the biggest brands produced by cricket, if not the biggest.
According to a report published by Duff & Phelps, a New York-based corporate finance advisory firm in Mumbai, IPL is now valued at Rs. 34,000 crore (5.3 billion dollars). It is important to note that it says surged by a 26 per cent from its 2016 valuation of Rs 27,000 crore (4.2 billion dollars).
“It was a relatively controversy-free tournament, coupled with some scintillating on-field performances which have brought the spotlight back on the game. On field, Mumbai Indians were by far the best team throughout the season and were deserving winners for a record 3rd time. Rising Pune Supergiant (RPS), who were playing in the IPL for the last time, went out with a bang,” said Varun Gupta, the managing director of Duff & Phelps.
The brand value of IPL franchises has also seen a steep rise in the last few years with Mukesh Ambani's Mumbai Indians taking the top spot with 106 million dollars. Kolkata Knight Riders (99 million dollars) and Royal Challengers Bangalore (88 million dollars) are next in the list.
In case you didn't know...
IPL is a brand that has shown exponential growth ever since its inception back in 2008. Not many cricket enthusiasts gave it a second glance, but it has now emerged as a powerful, wealthy and bright element of Indian and international cricket.
It looked like the spot-fixing scandal of 2013 might hit the tournament and its credibility in the audience. However, the league made a comeback in the following seasons to ensure that its popularity among Indian masses does not take a hit.
The details
The Duff & Phelps report, titled “IPL: The Decade Edition” credits the changed title sponsorship and updated media rights to be the primary reasons behind IPL's steep rise in the last one year.
Vivo paid Rs 2,199 crore for the title rights of the IPL for its next five editions. This season of IPL generated 1.25 billion dollars through its broadcast across the five Sony channels on Indian television.
What's next?
The IPL will only grow bigger and better from here and will keep attracting viewership from across the globe. More players will be roped in and more fanfare will be added to its mix.
The comeback of Chennai Super Kings and Rajasthan Royals will also be huge in audience interest in the tournament next year.
The number of tweets pertaining to the IPL has already crossed 8.5 million. The tournament's tournament’s broadcast and digital media rights will soon be up for auction again, which will add further to its impeccable stature as a brand.
Author's take
The fact that IPL has overtaken and overpowered every other cricket league in the world is something to be proud of for every Indian cricket fan.
However, it is important to not lose the main purpose behind the inception of this tournament amidst all the fanfare and finances, which has always been promoting and grooming young talent.