The Indian Premier League (IPL) has its charisma and glamour. However, it has not developed in a year or two. IPL brand value has also sky-rocketed over the past few years owing to its popularity and that it has been running for 16 editions since 2008.
Alongside the status of being the most entertaining league, the Indian Premier League has also achieved the new feat of being a decacorn. Decacorn refers to having a valuation of USD 10 billion or more. With the tournament achieving a combined valuation of USD 10.7 billion, the Indian Premier League became the first ever league in cricket to achieve the landmark.
IPL Brand Value Increased 28% Since 2022
The league’s brand value has increased tremendously over the last year. From a valuation of USD 8.4 billion in 2022, it has risen by 28% to achieve the landmark feat.
The total brand value has surged by 433% from the date of inception. Of all the franchises, Mumbai Indians are at the top of the ladder whereas Chennai Super Kings and Kolkata Knight Riders occupy the following spots.
Talking to the media, Ajimon Francis, Managing Director, of Brand Finance India, said that the league has paved the way for the T20 business ecosystem as more and more franchises are looking to expand globally. The new markets have emerged in terms of the Middle East, USA and Asia Pacific. He said:
IPL 2023 is paving the way for a global T20 business ecosystem as more and more franchise owners will be taking their brand of cricket to newer potential markets in the Middle East, USA, Asia-Pacific. Franchise owners are now seeing a year-long commitment from players for various leagues played globally
Talking about the popularity of cricket in India, Hugo Hensley, Head is Sports Services stated that 85% of the total spend in the Indian Sports industry comes from cricket. He also brought out the share of mass popularity, celebrity endorsements and emotional appeal playing a role in the decacorn status of the league in India. He said:
Cricket is so popular that it’s estimated that over $1.5 billion is spent annually on the sport, amounting to around 85 per cent of the total spending within the Indian sports industry. The mass popularity and appeal bring huge television viewership, celebrity endorsements, and strong emotional appeal across a large part of Indian society. Over 16 thousand hours of cricket content were shown in India alone in 2022
The most glamorous cricket league in the globe, the Indian Premier League, will have its auction on 19th December in Dubai. The latest edition of the Indian Premier League might be played in two phases owing to the general elections in India.
