The popularity of cricket does not appear to be fading, despite some people speculating that it would in India as ODIs become less important and more attention is paid to T20Is and Test cricket. A recent report states that despite the format’s change, sports sponsorships in the nation increased to an astounding ₹15,000 crore in 2023.
According to a report by GroupM ESP, the entertainment, esports, and sports subsidiary of GroupM India, cricket accounted for 87% of all sponsorship spending, or 13,701 crore. This signified a 13% annual growth rate.
For a record ₹2,500 crore over five years, the TATA Group recently acquired the Indian Premier League (IPL) title sponsorship rights. TATA supports the Women’s Premier League in addition to sponsoring the IPL in 2022 and 2023.
IPL 2023 sets a record.
The value of the IPL itself increased to $10.7 billion in 2023, up 28% from 2022 and an astounding 433% since the league’s founding in 2008. Its broadcast value of $14.2 million per match broke records for both Major League Baseball and the English Premier League.
Digital advertising increased by more than 25% during the IPL, making up 40% of all sports ad spending, while TV ad revenue decreased by 17%. In comparison to the 2022 T20 World Cup, TV and internet ad sales increased by over 40% during the ICC Men’s Cricket World Cup, which gave an extra boost.
Other than cricket, emerging sports saw a slight 1% decrease, although they still brought in ₹2,065 crore, or 13% of industry spending. The true growth engine, though, was franchise fees, which surged by 60% to ₹2,628 crore. This helped to generate a 24% increase in sponsorship revenue to ₹7,345 crore.
The significant sponsorship deals and innovative digital engagement that India is pursuing show how much the country loves cricket. Cementing cricket’s lasting legacy, the nation’s everlasting affection for the game has translated into a financial powerhouse.
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