The common revenue of all of the IPL franchises excluding Punjab Kings, Sunrisers Hyderabad and Gujarat Titans registered a sharp 23% decline in FY 2023 (monetary yr) in comparison with FY 2019 (pre-COVID period).
A report revealed by a market intelligence platform PrivateCircle means that Kolkata Knight Riders (KKR) registered the very best drop in income – 38% whereas Mumbai Indians, owned by the Reliance group registered the least drop of 9%.
The report additionally revealed that the ads between the fixtures throughout the 2023 season of the Indian Premier League contributed to 17% of the entire income made by all of the franchises.
Notably, the Indian Premier League is one of probably the most seen sporting spectacles in the nation. The ongoing seventeenth season of the cash-rich league event registered a viewership of 35 crore throughout its first 10 video games as per its official broadcasters.
Hence, enterprise conglomerates in addition to budding start-ups make investments closely in the event to lure customers and earn revenue.
Notably, the Faf du Plessis-led Royal Challengers Bengaluru (RCB) completed as the highest franchise to earn probably the most revenue through sponsorship in FY 2023.
Chennai Super Kings (CSK) stood second on the listing with INR 78 crore whereas the GMR Group and the JSW Group-owned Delhi Capitals (DC) made INR 72 crore out of sponsorship in FY 2023.
Chennai Super Kings, who’re the joint-most profitable workforce in the historical past of the competitors in phrases of title wins appear to be succeeding outdoors of the taking part in subject too. They witnessed a 19% spike in their sponsorship revenue in FY 2023 in comparison with FY 2022.
Moreover, the RPSG group-owned Lucknow Super Giants witnessed an eye-popping 562% development in income through sponsorships in FY 23 in comparison with their inaugural IPL version (2022).
Notably, the decline in the general revenue means that the IPL market is likely to be nearing its saturation level. The report underlines the “over-saturation of cricket content, changing consumer preferences, or competing entertainment options” as the explanations behind the decline.
