72786

A new report from leading brand valuation consultancy Brand Finance has revealed that the total combined brand value of Indian Premier League (IPL) cricket grew 28% to $10.7 billion through its successful 2023 season.

With the IPL returning to full-capacity stadiums, with increased viewer consumption on diverse devices, huge media partnerships and renewed confidence among advertisers strengthening the brand during the season, Brand Finance sees the IPL as an ideal platform for launching new products and initiatives, reaching the largest audience base in India.

With the IPL surges into decacorn territory (companies that have reached a valuation of over $10 billion) with a rise of 433% in brand value since its 2008 launch, Hugo Hensley, Head of Sports Services at Brand Finance London, advised “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.”

Mumbai Indians the most valuable IPL brand
The report showed that the Mumbai Indians maintains its position as the top- ranking IPL Franchise in terms of brand value - coming in at US$87 million. The brand has continued to expand its global presence with MI#OneFamily. Following behind, Chennai Super Kings has leapfrogged into the second most valuable brand position with a brand value of US$81 million, while Kolkata Knight Riders and Royal Challengers Bangalore follow at US$78.6 million and US$69.8 million respectively.

Lucknow Super Giants the fastest growing IPL team
Lucknow Super Giants, which secured 8th position with a brand value of US$47 million, was the fastest growing IPL brand, up an impressive 48%. Despite starting with a relatively lower base, the franchise has made substantial strides in the valuation landscape.

Growth of Women's Premier League
Brand Finance advise that the Women's Premier League (WPL) and viewership explosion help drive brand value growth, with the female tournament significantly boosting 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.

Jio Cinema’s offering of free-to-view access to all telecom users across devices in over 15 regional languages, has significantly enhanced the IPL viewership market. Jio Cinema's innovative approach includes analytics-backed flexible pricing for advertisers, ensuring sustained marketer interest throughout the season.

The television audience on the Star platform faced stiff competition in attracting advertisers due to the matching regional language feeds. IPL maximized its engagement potential by offering a live match experience through stadium events and IPL theme parks in major cities, creating a multiplier effect on food and beverage sponsor brands and merchandise sales.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

According to this analysis, Chennai Super Kings is the strongest IPL brand, earning AAA- rating with a Brand Strength Index (BSI) score of 81.8 out of 100.

Aramco sponsorship
With cricket dominating the Indian sporting market, Saudi Arabian oil company Aramco’s recent partnership with the IPL has enhanced perceptions of the company, particularly in areas such as being ‘trustworthy’ and ‘innovative’.

Click here to view the full Brand Finance IPL 2023 report.

Images courtesy of Shutterstock.

Related Articles

8th January 2024 - Cricket Australia advises that shortened BBL season attracts larger crowds

27th November 2023 - ICC advise of record Cricket World Cup 2023 attendance and new transgender policy

15th November 2023 - India’s ICC Cricket World Cup attracts more than a million fans

13th March 2023 - World record cricket crowd fails to materialise at India’s Narendra Modi Stadium

29th October 2022 - Nium creates online and offline immersive experiences for ICC Men’s T20 World Cup 2022

14th October 2022 - International Cricket Council announces Aramco sponsorship and fan experience plans for T20 World Cup

4th July 2022 - India’s Narendra Modi Stadium sets world record cricket attendance

15th June 2022 - Indian Premier League media rights sold in record-breaking deal

26th April 2022 - Capacity Crowds to return for Indian Premier League play offs

16th September 2021 - UAE venues to allow fans for Indian Premier League fixtures

6th July 2021 - New cricket oval opened in Abu Dhabi in advance of IPL and T20 World Cup

31st May 2021 - Indian Premier League season to continue in the UAE in September and October

4th May 2021 - Player Coronavirus infections sees suspension of Indian Premier League

9th March 2021 - Indian Premier League to return to the subcontinent in 2021

10th August 2020 - Indian Premier League drops China’s Vivo as naming right sponsor

21st July 2020 - BCCI looks to stage rescheduled 2020 Indian Premier League in the UAE

18th June 2020 - Border tensions sees IPL under pressure to drop Chinese sponsor

7th April 2020 - Coronavirus shutdown set to see cancellation of 2020 Indian Premier League

8th January 2019 - Development advances on world’s largest cricket stadium

26th July 2015 - Indian Premier League brand value dips following team bans

17th July 2015 - Top Indian Premier League teams banned in corruption scandal

17th January 2013 - New Indian cricket stadium makes proud debut

19th April 2010 - Bomb Blast at IPL cricket match in Bangalore

23rd March 2010 - IPL Expansion Raises $767 million

---

Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

Click here to view our subscription options.