IPL 2020: Cricket has been historically an excellent platform for companies to connect consumers with its popularity and reach in billions. Hence, when IPL (Indian Premier League) (1) launched in 2008, it was regarded as a sponsor’s paradise.
IPL offered quick and large-scale visibility for brands. In turn, the brands poured millions of dollars in sponsorships. Brands backed either in the major league or in individual franchises, amounting to IPL’s enormous revenue stream.
According to financial consultancy, the league’s valuation doubled from 3.2 billion USD in 2014 to 6.8 billion USD in 2019. The IPL ecosystem is worth 47,500 crore INR, with its brand value appreciating 13.5 percent in the 2019 tournament.
Scheduling of IPL 2020
The world’s richest cricket league, IPL, hit a barricade as things changed dramatically in 2020, India got gripped by the pandemic. Earlier, the IPL 2020 was scheduled for 20 March but got pushed towards uncertainty. Several stakeholders expressed concern over its feasibility at a time when sports, in general, were critically affected.
Things started to look cheerful when the BCCI (Board of Control for Cricket in India) moved IPL to the UAE. It is the second time since 2009 in the league’s history that it is held entirely outside India.
With the ray of hope for cricket fans, the industry also continues to be cautious. It reckoned that India’s contracting economy would make it impossible for the market to support and sustain a big money league.
Broadcaster Star India Comments on the Market Situation
Uday Shankar, Chairman, Star India, said the market has gone through shock. The real issue is whether it can recover enough to put thousands of crores worth advertising in 6-8 weeks.
Further, he added that he not sure if the market is ready to support and sustain IPL 2020. Especially looking at the kind of economic shock the country is going through.
The IPL may not have drawn the usual thousand crores in advertisement money. But the homegrown startups have stepped in to fill the space left by legacy advertisers. FMCG, BFSI, consumer durables companies are few to name.
Author: Rucha Joshi
Source : https://timesnext.com/ipl-2020-startups-making-straightway-in-sponsorship-race/
Date : 2020-09-10T10:34:39.000Z