The Indian Premier League, (IPL) is not only the most-viewed cricket league of the world but also a ground for business and sponsorship. IPL 2024 is scheduled to start soon on March 22nd 2024, brands are prepping up to be seen by hundreds of millions of cricket enthusiasts around the world.
In recent years, the IPL has attracted a diverse range of sponsors from various industries, each vying for a share of the spotlight. From automobile companies to soft drink giants, the IPL has become a hub for industry giants to showcase their products and services through various sports marketing options.
In this article, you will look into the current sponsorship market in IPL 2024 as well as how different categories are advertising more, which industries are pulling out and what it means for the IPL sponsorship future.
IPL 2024 Sponsorship: Emerging Trends and Key Insights
- IPL 2023 TV viewership exceeded 500 million, setting a record. The IPL 2023 significantly boosted the fantasy gaming industry, generating about Rs 2,800 Crore from 61 million users. It also brought in an estimated Rs 10,000 Crore in advertising revenue, benefiting the BCCI, franchises, and broadcasters, highlighting its vast economic impact and influence in advertising. (Source: Redseer report)
- Tata Group has bagged the IPL title sponsorship from 2024 to 2028 for INR 2500 crore (USD 301 million) which is the highest ever sum ever paid for the IPL title sponsorship. Not only Tata followed their association after sponsoring the 2022 and 2023 season but Tata also sponsored Women’s Premier League (WPL) additionally. This IPL selling deal by BCCI as a milestone indicates the IPL’s global appeal and Tata as a major stakeholder, evolving its international reputation.
- Nine brands such as Dream11, Ceat, and Mastercard have contested for IPL’s associate sponsorship slots, illustrating the league’s vast popularity spanning over sports ,tourism and digital payments. IPL has an audience of over 505 million with 427.1 billion minutes watched last year and offers a lucrative platform for brand promotion.
- Although few firms like CRED and Paytm have chosen to withdraw this year, there is still strong competition, with a bidding price set for INR 65 Crore for associate sponsorship. The show enhances both brand exposure and economic activity, especially in the fantasy gaming segment which is estimated to generate around 2,800 crore rupees of annual revenue with a participation of 61 million people.
- Star Sports has different advertising options for the IPL in 2024 can be found to meet budgets and objectives of every marketer. Brand collaboration made possible, especially in Lifestyle, Health, and Technology sectors, for the purpose of viewers’ engagement. New targeting options include specific neighborhoods and franchises and hence results in a highly tailored offering.
- Introduction of bite-sized, high-impact advertising assets for flexible brand promotion. Startup Powerplay offers exclusive advertising slots for startups during IPL matches at competitive prices. Focus shifts from pricing to value creation in advertising, with options for brand integration and customized solutions.
- Viacom18 has entered into a multiyear partnership with Moloco to enhance ad serving on streaming platforms, a move spurred by the successful targeting of ads to 449 million cricket viewers of Tata IPL on JioCinema between March and May 2024. With a peak concurrent viewership of 32M users, Moloco played a key role in this achievement. This collaboration aims to boost JioCinema’s viewer engagement and ad revenue in the coming years.
- Moloco is revolutionizing streaming monetization by optimizing ad impression value and enhancing profitability for streaming services. Their partnership with JioCinema, amidst a global surge in streaming video consumption, aims to overcome the challenges of live event ad delivery through advanced technology, ensuring a seamless viewing experience and maximized revenue opportunities.
Rooting for Women’s Premier League
- The 2024 season of Women’s Premier League (WPL) promises to be an unprecedentedly significant undertaking with a flattering number of sponsors and partners standing by to back the event. The Bengal Group, which has a proven track record of supporting major sports events including the Indian Premier League and IPK, has been named the BCCI’s title sponsor for the 2023 Tata Indian Premier League. This collaboration clearly demonstrates Tata group’s aspiration to build sports corporate culture in India and at the same time the rising significance of women’s cricket among the world cricket community.
- The WPL adds few dishes to the viewing experience, with CEAT Tyres previously emerging through its alliance with the IPL. This time the company has come out with a new sponsorship for the WPL tournament. As the cosponsor of pauses in sport, CEAT Tyres has committed a summation of INR 400 crore in the season with the hope of greater effectiveness during the strategic breaks.
- The Dream11, a cricket fans’ engagement platform based in Mumbai, known as a fantasy sports operator, makes the highest bids as the Fantasy League Partner. Dream11 is a telecommunication behemoth offering INR 6cr per season and this partnership is all set to use this platform engagingly for fantasy sports followers who will actively participate in the WPL.
- With Amul, the top Indian dairy marketer, as the Partner of Pouring, the number of sponsors is increased. Providing sponsorship of about INR 2.5 crore each season, Amul will sponsor the entire beverage cost category during the tournament thus providing the players and fans with a clear mind and hydrated bodies.
- The broadcast and streaming rights for the WPL have been secured in a landmark agreement, highlighting the tournament’s anticipated reach and popularity. Viacom18, through a substantial INR 951 crore deal with the BCCI, has obtained the streaming rights for the next five years. Furthermore, Jio Cinema has acquired digital streaming rights, ensuring that the WPL is accessible to a broad audience across various platforms.
- The Women’s Premier League will feature five competitive teams: Mumbai Indians, Royal Challengers Bangalore, Gujarat Giants, Delhi Capitals, and UP Warriorz. This announcement by the BCCI has sparked enthusiasm among brands eager to sponsor the league and the participating teams, reflecting the growing commercial and cultural significance of women’s cricket.
- The sponsorship agreements and partnerships for the WPL 2024, including those with Tata Group, CEAT Tyres, Dream11, Amul, Viacom18, and Jio Cinema, not only underscore the commercial viability of the league but also its potential to elevate women’s cricket to new heights, both in Indian and internationally.
