India’s sports sponsorship revenues stood at Rs 16,633 crore in 2024 ($1.944 billion), up 6% year-on-year (YoY) compared to 2023, with cricket contributing nearly 85%, a report released by GroupM ESP notes.
The overall Indian sports market is approaching the $2 billion milestone, marking a sevenfold expansion since 2008. With the sports economy growing 3.6 times over the past decade and maintaining a robust 13% compound annual growth rate (CAGR) over 17 years, sports in India have solidified their position as a thriving business sector.
The sports industry revenues cpatured in the report include sponsorships, athlete endorsements and media spends.
In 2024, sponsorship growth stabilized at 1%, attributed to IPL and ICC rights cycle resets and Team India playing 20 fewer matches compared to 2023. Despite these temporary revenue impacts, the industry demonstrated resilience, supported by a strong commercial foundation and an expanding sports ecosystem.
Athlete endorsements surge, emerging sports gain momentum
Athlete endorsements reached an all-time high of Rs 1,224 crore in 2024, reflecting a remarkable 32% YoY increase from Rs 927 crores in 2023. While cricket continued to dominate, endorsements in emerging sports saw a 46% surge, led by athletes such as Neeraj Chopra, PV Sindhu, and Manu Bhaker. The Olympic momentum further fueled growth, with sponsorships in non-cricket sports rising by 19% to Rs 2,461 crore from Rs 2,065 crore in 2023. Notably, distance running alone contributed a quarter of this market, underscoring India’s increasing focus on fitness and endurance sports.
Ashwin Padmanabhan, chief operating officer, GroupM South Asia, noted: “The Indian sports industry is experiencing a dynamic shift, driven by both legacy and emerging sports. While cricket remains a cornerstone, the rise of non-cricket athletes, the Olympic buzz, and the digital revolution are reshaping the landscape. Brands are increasingly leveraging sports as a powerful engagement platform, marking a transformative phase for the industry.”
Vinit Karnik, managing director, Content, Entertainment & Sports, GroupM India, added: “The Indian sports economy has grown sevenfold since 2008 and is now nearing the $2 billion mark. Beyond traditional powerhouses, the real growth story lies in the rise of emerging sports, athlete-driven brand value, and digital media, which saw a 25% spike in media spends. The record-breaking Rs. 1,224 crore in athlete endorsements reflects a significant shift—brands are now investing heavily in individual sports icons. As we move into a new era of engagement, innovation will be the key to unlocking the next wave of commercial success in Indian sports.”
As audience engagement deepens and consumer preferences evolve, India’s sports industry is poised for continued transformation. With increasing investments in emerging sports, digital innovation, and athlete endorsements, the sector is set to reinforce India’s position as one of the fastest-growing sports economies globally.
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