Royal Challengers Bangalore team is an enigma to understand. They have had all the star power needed for the last few years including the likes of Chris Gayle, Brendon McCullum, Mitchell Starc, Dale Steyn along with ever-present Virat Kohli, but somehow they are yet to win a single IPL trophy.
The Kohli-led team has not made into the finals since 2016 and the fortunes of the franchise are on a downward spiral since. This has led to a fall of 8% brand value for the team as per an annual survey conducted by Duff and Phelps on the Indian Premier League.
RCB, which sacked its entire coaching staff after another disappointing season, is now worth Rs 595 crores.
Sharing a similar fall in brand value with RCB is Kolkata Knight Riders, owned by Shah Rukh Khan. They have also lost 8% brand value and is worth Rs 620 crores. They have won IPL titles two times in 2012 and 2014, but have not made it to the finals since.
"KKR and RCB have seen their brand value erode primarily on account of their below-par on-field performances, with both franchises shedding approximately 8% of their brand value. However, both continue to be backed by loyal fan bases and the presence of Shah Rukh Khan and Virat Kohli respectively, who continue to carry each brand on their shoulders. This is particularly so for RCB, who, if not for Kohli, would've seen a significant erosion in its brand value in the last couple of years," says a release by the company on the survey.
The overall value of the IPL has soared by 7% -from US$6.3 billion to US$6.8 billion. In INR terms, the IPL ecosystem value has increased by 13.5% - from Rs 41,800 crores to Rs 47, 500 crores. An increase of 20% in advertising revenues this year and the recently renewed PayTM title sponsorship deal (which has fetched an increase of 58% on a per-match basis over the last deal) reflect the continued popularity of IPL.
The biggest gainers in brand value are MS Dhoni’s Chennai Super Kings, who won the title in 2018 and reached the finals in 2019. CSK have seen a massive gain of 13.1% in their brand value to Rs 732 crores, propelling the team to the No 2 spot in our brand rankings. "Though CSK saw it's brand value erode due to the two-year ban imposed on it, it seems to have recovered on the back of continued on-field success coupled with a pan-India fervent fan base and Dhoni's charisma," says the release.
However, the leader of the pack is 4-time IPL champions Mumbai Indians of Rohit Sharma. MI's brand value went up to Rs 809 crore up - an increase of almost 8.5% from last year. This is the fourth consecutive year that MI is topping the charts in terms of brand value.
The team making steady gains in recent years is Sunrisers Hyderabad, the youngest franchisee in IPL. There was some good news for the Delhi Capitals too, whose brand value, on the back of a decent IPL this year, saw an increase of 9%.
"This year, the Mumbai Indians (MI) and Chennai Super Kings (CSK), continued their absolute dominance with MI winning their fourth IPL title. Their consistent on-field performance has made them fulfill the dreams of their sponsors and advertisers resulting in a year-on-year increase in their brand value. On the contrary, Royal Challengers Bangalore (RCB) and Kolkata Knight Riders (KKR) have shed some of their brand value this year demonstrating that big city bases and marquee players are not the only factors influencing brand value; consistent performance on the field also matters,” Santosh N, Managing Partner, D and P India Advisory Services LLP, a member of the Duff & Phelps network, said.
(Times of India inputs)
