The Indian Premier League (IPL) is one of the biggest sporting leagues in the world and has achieved a huge milestone as its brand value jumped about 28% to a whopping USD 10.7 billion in 2023 against USD 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. This means that IPL has now become a decacorn, a business whose valuation is more than USD 10 billion.
According to the survey, the Indian Premier League's triumphant return to full-capacity stadiums, increasing viewer consumption on various devices, massive media partnerships, and revived confidence among advertisers have all contributed to the league's brand value.
Hugo Hensley, head of sports services, at 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 globally. 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."
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The report further stated that Mumbai Indians retained the top spot as the most valuable franchise in terms of brand value – coming in at USD 87 million, followed by Chennai Super Kings (CSK) with a brand value of USD 81 million. Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) follow at USD 78.6 million and USD 69.8 million respectively.
IPL 2022 winner and IPL 2023 finalists Gujarat Titans also saw a significant increase in brand value with a substantial growth of 38% this year. The franchise secured the fifth position against eighth last year. Lucknow Super Giants (LSG), which secured 8th position with a brand value of USD 47 million, was the fastest-growing IPL brand with an impressive growth of 48%.
On the other hand, Chennai Super Kings (CSK) has earned an AAA rating in terms of brand strength. CSK also acquired 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.
According to Brand Finance, the introduction of the Women's Premier League (WPL) boosted the respective brand values of the teams.
"Notable changes, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), bring renewed excitement to the IPL 2023 audience," the report said.
The report also lauded Mukesh Ambani-owned Jio Cinema for offering free streaming of matches in over 15 languages.
"Jio Cinema's innovative approach includes analytics-backed flexible pricing for advertisers, ensuring sustained marketer interest throughout the season," the report said.
(Hindustan Times inputs)
