IPL's Brand Value Skyrocketed to $10.7 Billion in 2023

There is nobody in this world, being involved in sports in one way or another, that isn't aware of the IPL brand. Whether you are a hardcore fan of cricket or someone who doesn't particularly like the game, but loves to follow sports news headlines from all over the world, whether you are coming from a country where cricket is a popular sport or you live in a place where cricket is just a special betting market offered by bookmakers' sites or a cricket betting exchange app, it is highly unlikely that you have never heard about the Indian Premier League.

The IPL is not just a cricket league. It is a billion-dollar brand, with a huge back-office operational system and a carefully designed business functioning. It is a venture that is so well administered and managed, that has made the IPL brand, the biggest sporting brand in Asia and the second-largest league in the world.

The IPL has reinvented cricket by capitalizing on the unique growth opportunities that the new -at the time- Twenty20 format brought when it came onto the scene and commercializing the tremendous appeal that this fast-paced, dynamic, condensed cricket experience had to audiences. Crafting a smart and highly promising marketing strategy was BCCI's success in creating a new cricketing event that was about to blow everyone's mind.

Also Read: TATA clinches IPL title sponsorship deal at record-breaking Rs 2500 crore, securing rights until 2028

2023 was the best season of all for the Indian Premier League. The league managed to jump to 10.7 billion dollars in value, up by 28% compared to the previous year (in 2022 its brand value stood at 8.4 billion dollars) and become a decacorn or simply put, an enterprise that surpasses the $10 billion valuation. It was not by chance. It was planned up to every bit in an unparalleled and unique mastery exhibited by the IPL's governing body.

The growth in brand value is the result of several factors such as an increase in the IPL's revenue streams, an explosion of franchises' value, Women's Premier League growth, and a scale-up of the league on the global level.

The revenue streams

The revenue streams brought more money than ever before. With viewership rates surging and media rights generating billions of dollars for the IPL, it is no wonder that the IPL has turned into a decacorn. 

The Indian Premier League is the hottest cricketing event -notably, the most popular betted-on league in Allbets.tv sportsbooks- and the audiences keep on expanding and expanding, as they are presented with unique spectacles combining exceptional cricket played by world-class talent and compelling shows skyrocketing entertainment and fun. This has led to a massive broadcasting rights deal amounting to approximately $6.2 billion. 

But revenues also rose by expanding streams of revenue from the two additional franchises - Gujarat Titans and Lucknow Super Giants- as well as the influx of visitors to stadiums, which pushed ticket sales to the top. 

And of course, when we are talking about the most successful league in cricket, we are also talking about big money from sponsorships. Not just the title sponsor, who has the lion's share in sponsorship deals, but other sponsors who are proudly spending their money to have their brands appear on the team's jerseys, on the stadiums, or even on advertising banners nearby the events. 

Franchises' value

Franchises achieve global appeal and they are registering their own brand value growth, which adds further to the IPL's upward trend. The top five franchises' collective value exceeds 350 million dollars, with Gujarat Titans demonstrating a nearly 38% increase in 2023 compared to the previous year. 

Moreover, top teams are now making their global presence even more intense, by participating in other leagues and creating more and more opportunities for value growth. 

Women's Premier League

Women's Premier League expanded the audiences and enlarged the customer base which the IPL addresses to. This on its own has significant implications on the brand equity, brand trust, and of course brand value of the league. 

Scaling up to global reach

With everything that goes on in the IPL, from recruiting top talent from the global pool and blending culture, tradition, and modernity in India, the league is getting bigger and bigger and is becoming the benchmark for the management of other leagues in cricket (and in fact, not just cricket). This alone has exploded IPL's popularity at the global level and has driven its growth in brand value.