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Business News/ Sports / Cricket News/  IPL's valuation surges to $10.7 billion, turns into a decacorn
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IPL's valuation surges to $10.7 billion, turns into a decacorn

The IPL's valuation jumped about 28% to reach a whopping $10.7 billion in 2023 against $8.4 billion in 2022. The total brand value of the IPL system has surged by 433% since its 2008 launch, the world’s leading brand valuation consultancy, Brand Finance said in a release

The total brand value of the IPL system has surged by 433% since its 2008 launchPremium
The total brand value of the IPL system has surged by 433% since its 2008 launch

The Indian Premier League’s (IPL), one of the biggest sporting leagues in the world, valuation jumped about 28% to reach a whopping $10.7 billion in 2023 against $8.4 billion in 2022. The total brand value of the IPL system has surged by 433% since its 2008 launch, the world’s leading brand valuation consultancy, Brand Finance said in a release. A decacorn refers to a business whose valuation is more than $10 billion.

IPL's triumphant return to full-capacity stadiums, increased viewer consumption on diverse devices, huge media partnerships, and renewed confidence among advertisers have collectively strengthened its brand value, the report said.

Hugo Hensley, head of sports services, Brand Finance, London, said, “The IPL brand stands as a guiding light to all other T20 leagues, illustrating how the business model can be successfully scaled up on a global level. Teams are proactively recruiting professionals to handle year-round player management, organize tournaments, and manage sponsor pools. The key to upholding the IPL brand lies in robust governance. The mother ship must remain steadfast and on course, ensuring a continuous commitment to value creation."

Franchise brand value

The report said Mumbai Indians maintains its position as the top-ranking IPL Franchise in terms of brand value – coming in at $87 million, followed by Chennai Super Kings (CSK) with a brand value of $81 million. Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) follow at $78.6 million and $69.8 million respectively.

Gujarat Titans registered a significant increase in brand value with a substantial growth of 38% this year. The franchise secured the fifth position against eighth last year. Rajasthan Royals and Royal Challengers Bangalore are consistently building their brand and have proven to be formidable brands with each passing IPL season. Lucknow Super Giants (LSG), which secured 8th position with a brand value of $47 million, was the fastest-growing IPL brand with an impressive growth of 48%.

Brand Strength

In terms of Brand Strength, Chennai Super Kings is the strongest IPL brand, earning AAA- rating with a Brand Strength Index (BSI) score of 81.8 out of 100 followed by Gujarat Titans and Mumbai Indians second and third respectively, the report said

Women's Premier League 

The report noted that the Women's Premier League introduction has significantly boosted teams' brand values by addressing equity gaps and elevating IPL governance standards. Notable changes, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), bring renewed excitement to the IPL 2023 audience.

Viewership Explosion

The report further noted that viewership explosion by additional platforms helped drive brand value growth. Jio Cinema’s free-to-view access to all telecom users across devices in over 15 regional languages significantly enhanced the IPL viewership market. IPL maximized its engagement potential by offering a live match experience through stadium events and IPL theme parks in Tier 1 and 2 cities, creating a multiplier effect on food and beverage sponsor brands and merchandise sales.

 

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Published: 13 Dec 2023, 07:05 AM IST
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