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The Board of Control for Cricket in India (BCCI) is looking forward to the e-auction for the media rights of the Indian Premier League (IPL) for the next 5 years (2023-27), and it is an intense struggle.
This is the first time an e-auction is being held to determine the winner of the bid. Star has had the media rights for IPL since 2017 for which it paid a sum of Rs 16,347 crores. Since the base price of IPL media rights is ₹32,890 crore, the BCCI is expecting to get at least twice the 2017 amount this season while some analysts estimate that the winning bid could range between Rs 40,000-50,000 crores!
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The BCCI has received technical bids from Viacom 18, Sony, Disney (Star), Zee, and others like Times Internet and FunAsia. Tech giants Amazon and Alphabet are officially out of the race since they did not submit technical bids despite picking up the tender.
Cricket is the most loved sport in India as it is often celebrated as a festival instead of a sport. IPL has had several positive impacts on our economy such as improved GDP, a greater inflow of tourists from several countries, and improved media viewership. Today, cricket teams are valued on par with large football and basketball teams.
In April 2022, Mumbai Indians were valued at $1.3 billion. There is tremendous room for growth as non-media revenue streams are steadily increasing. Other than advertisement and viewership, NFT Deals, sponsorship revenues, licensing, and merchandising will only serve to appreciate the value of the league in the future.
Article by Aman Agarwal.
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