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IPL’s Impact on Indian Sports Industry: Exploring the T20 League’s Business Model

IPL Playoff

IPL’s Impact on Indian Sports Industry: Exploring the T20 League’s Business Model

The Indian sports sector is largely driven by the Twenty20 spectacle, even as the Indian Premier League (IPL) continues to gain global attention and is expected to captivate millions of fans for the 17th season.

As per the most recent version of GroupM ESP’s “India Sports Sponsorship Report,” the industry has experienced a growth of 6.5 times since the 2008 IPL boom. Sponsorship, endorsement, and advertising revenue brought in by the company increased from Rs. 2,423 crore in 2008 to an astounding Rs. 15,766 crore in 2023. This is a noteworthy first for the business as it crosses the 15,000-crore threshold.

The majority of the hard work has been completed by cricket, which accounted for an incredible 87% (Rs. 13,701 crore) of all industry spending on sports in India, with a healthy 13% increase from 2022 (Rs. 12,115 crore).

Cricket and developing sports have seen a six-fold increase in the business over the last ten years, according to Vinit Karnik, head of entertainment, esports, and sports at GroupM South Asia.

The fierce bidding battle between Viacom and Disney, which resulted in Viacom securing the digital and TV rights for the IPL for Rs. 23,758 crore and Rs. 23,575 crore for the 2023–27 cycle, respectively, was the driving force for the increase in cricket spending. Star, in stark contrast, having paid Rs. 16,347 crore for both the TV and internet rights for the years 2018–2022.

IPL’s Media Rights Valuation and Impact on India’s Sports Sponsorship Landscape

The Indian Premier League (IPL) is valued at Rs. 118.5 crore each match, second only to the National Football League (NFL) at Rs. 141 crore, thanks to the sale of media rights for various platforms.

When we look more closely at the specific statistics, we can see that sponsorship and endorsement, which increased by 24% each, drove the rise in sports spending in India even while media spending—which includes advertising on TV, digital, and print—went down.

Also Read: RCB Unbox Event 2024 : Streaming Outage Delays Start at Chinnaswamy Stadium, Users Express Concerns

With a 79% revenue share and a 32% growth over 2022, cricket remained the most popular sport in terms of sponsorship spending, accounting for Rs. 7,345 crore in 2023. Ground sponsorship only increased by 6% between 2022 and 2023, despite continuing to hold a typical sway and accounting for over 40% of all sponsorship outlay earnings.

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Elon Musk Delays India Trip and PM Modi Meeting, Reports Say

Elon Musk

Elon Musk Delays India Trip and PM Modi Meeting, Reports Say

The CEO of Tesla and one of the richest people in the world, Elon Musk, has rescheduled his much-anticipated trip to India. The two-day visit by the CEO and founder of SpaceX was slated to include a meeting with Prime Minister Narendra Modi in New Delhi. After Reuters reported on the postponement and quoted three people acquainted with the situation, Tesla and PM Modi’s office remained silent. Elon Musk, who also controls X (previously Twitter), verified this week that he will be meeting with Prime Minister Modi in India.

“Looking forward to meeting with Prime Minister Narendra Modi in India,” he wrote in a post on X. Elon Musk was expected to announce an investment of $2–3 billion to start a manufacturing facility in India. Elon Musk met with PM Modi in June 2018 when he was visiting the US. The CEO of Tesla talked about PM Modi, his intended travel to India in 2024, and Tesla’s strategy to join the Indian market and establish the eagerly awaited factory.

Elon Musk’s visit to India was revealed a few months after the government of India unveiled a new policy pertaining to electric vehicles. Individuals who invested a minimum of $500 million to develop manufacturing units in India were eligible for import duty waivers under this policy. It was anticipated that the founder of Tesla would also use his visit to boost his other ambitious project, Starlink, which is being operated in India. According to “people familiar with the matter” cited by Bloomberg, Starlink has already gotten guarantees from the national government that it will be permitted to begin operations in the nation as early as this quarter’s third quarter.

Also Read: Google Fires 28 Employees Involved in Protests Over Israeli Government Contract

According to experts, Starlink’s operations in India will signal stronger security cooperation between the US and India. India relaxed its regulations on foreign direct investment in the space industry in February, enabling businesses to invest in enterprises that produce satellites and rockets.

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Google Fires 28 Employees Involved in Protests Over Israeli Government Contract

Google

Google Fires 28 Employees Involved in Protests Over Israeli Government Contract

A Google contract with the Israeli government led to the firing of 28 workers by tech giant Google, who had participated in sit-in protests at their offices. According to The Verge, the layoffs followed the US authorities’ suspension and subsequent arrest of nine employees earlier this week. The Israeli government has a $1.2 billion deal with Google Cloud, which the 28 employees who were asked to leave in protest protested.

The corporation stated that such behavior “has no place in our workplace, and we will not tolerate it” in an internal memo to staff members. “A large portion of our employees behave morally. Google told its workers, “If you’re among the few who are tempted to think we’re going to overlook conduct that violates our policies, think again.” “The company will continue to implement our long-standing policies to take action against disruptive behavior, up to and including termination. We take this very seriously.”

Also Read: Deepak Parekh, Chairman of HDFC Life, Resigns; Keki Mistry Will Lead Board

The protestors dubbed Google’s action a “flagrant act of retaliation.” “Google workers are permitted to protest unjust working conditions in a nonviolent manner. “These terminations were obviously reprisals,” the organization “No Tech for Apartheid” declared. After conducting an inquiry, the corporation declared that “we terminated the employment of twenty-eight employees found to be involved.” We’ll keep looking into this and act when necessary.

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Deepak Parekh, Chairman of HDFC Life, Resigns; Keki Mistry Will Lead Board

Deepak Parekh

Deepak Parekh, Chairman of HDFC Life, Resigns; Keki Mistry Will Lead Board

HDFC Life Insurance’s chairman, Deepak S. Parekh, stepped down from his position, the company said in a trade recording on Thursday. “Deepak S. Parekh has chosen to step down as the Chairman and Non-Executive Executive of the Company, with an impact from nearing trade hours on April 18, 2024,” the company said. The company also said that they have named Keki M. Mistry as the Chairman of the Board.

“The board has consistently endorsed the arrangement of Keki M. Mistry as the Chairman of the Board with prompt impact, subject to the endorsement of the Protections Administrative and Improvement Authority,” the company said. Mistry has been related to the company since December 2000 and is right now acting as a non-executive director. “With the amalgamation of HDFC Restricted with HDFC Bank, Mr. Mistry superannuated from HDFC Constrained and has been named as a non-executive executive on the Board of HDFC Bank Constrained.

He is also an executive on the sheets of a few other noticeable companies,” the trade recording stated. The backup plans also said that VK Viswanathan and Prasad Chandran should desist from being autonomous chiefs of the company after completing their two continuous terms of five years each on April 24, 2024.

Also Read: TCS Witnesses First Net Headcount Drop in Two Decades

Moreover, the company also named Venkatraman Srinivasan as its autonomous chief. “The board has affirmed the arrangement of Mr. Venkatraman Srinivasan as an Extra-Autonomous Director effective April 18, 2024, for a term of five continuous years, subject to the endorsement of the shareholders in the resulting Yearly Common Assembly of the Company,” it said.

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