- By Vishal Pushkar
- Wed, 13 Dec 2023 04:15 PM (IST)
- Source:IANS
The Indian Premier League (IPL) has achieved the status of a "decacorn," with its combined brand value surpassing the $10 billion mark. The IPL's current brand value is $10.7 billion, reflecting a 28% increase from the $8.4 billion in 2022, according to a report by brand valuation consultancy Brand Finance.
The report indicates that the IPL's total brand value has surged by 433% since its inception in 2008. Factors contributing to this significant growth include a media rights deal worth $6.2 billion, an increase in the central pool of IPL revenues, the addition of two franchise teams, and the return to full stadium attendance in 2023 after the COVID-19 pandemic.
Mumbai Indians, five-time champions, have emerged as the most valuable IPL brand at $87 million, followed by Chennai Super Kings (CSK) at $81 million. Other franchises in the top five include Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) at $78.6 million and $69.8 million, respectively.
The report highlights the impressive growth of IPL 2022 winners Gujarat Titans (GT), which showed a 38% increase in brand value, securing the fifth position.
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Lucknow Super Giants (LSG) are at the eighth position with a brand value of $47 million, representing the fastest-growing IPL brand, with a 48% increase.
The IPL franchises are also expanding their global presence, contributing to the estimated $1 billion brand value of the franchise leagues ecosystem. Teams like Mumbai, Delhi, Chennai, Lucknow, Sunrisers Hyderabad, and Rajasthan Royals are participating in various franchise T20 leagues globally.
The report anticipates that IPL 2023 will contribute to the development of a global T20 business ecosystem, with franchise owners taking their brand of cricket to potential markets in the Middle East, USA, and Asia-Pacific.
Inputs from IANS
