The media rights auction in June this year brought a whopping $6.2 billion (Rs 48,390 crore) and the auction of 2 new franchise teams (Gujarat Titans and Lucknow Super Giants) brought close to Rs 12,500 crore ($1.5 billion), contributing to the IPL’s brand growth in 2022.
The cricket tournament Indian Premier League’s brand value has nearly doubled in 2022, according to a new report by Brand Finance released on 22nd December. The international brand valuation firm valued tournaments’ brand value at a whopping $ 8.4 billion in 2022 against $4.7 billion reported in 2021. The reason behind this significant increase in the brand value is the addition of 2 new teams and the auction of media rights at very attractive bids for the 2023-27 media cycle in June, said, Ajimon Francis, managing director, of Brand Finance India.
IPL player auctions for the 2023 edition starts in Kochi today. A total of 405 players, including 273 domestic players, will be up for contention. The total purse available for bidding today among all 10 teams is Rs 206.5 crore. Francis said, “The media rights auction in June this year brought whopping $6.2 billion (Rs 48,390 crore) and the auction of 2 new franchise teams (Gujarat Titans and Lucknow Super Giants) brought close to Rs 12,500 crore ($1.5 billion), contributing to the IPL’s brand growth in 2022.”
The combined television and digital rights for the 2023-27 cycle auctioned in June superseded the previous rights value (of Rs 16,347.50 crore for the 2018-22 cycle) by 2.5X. The new media rights auction also helped the cricketing tournament establish itself as the second-most valued sporting league behind just National Football League in terms of per-match value, the Board of Control for Cricket in India (BCCI) had said after the auction.
Ajimon also added that Report shows Mumbai Indians as the most valuable team at $83 million, followed by KKR and CSK at $76.8 million and $73.6 million, respectively, in terms of brand value.
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