The composite brand value of the Indian Premier League (IPL) grew a whopping 28% after the 2023 season, reaching $10.7 billion (roughly Rs 89,232 crore), brand valuation consultancy Brand Finance has stated.
The total combined brand value of the IPL system has been calculated annually by Brand Finance since 2009, with the latest findings included in the IPL 2023 report.
The brand value of India’s flagship sports event has grown 433% since its launch in 2008.
The report credited massive spectator strength in stadiums, more consumption of IPL matches on the internet and other modes, and mega-media partnerships for this year’s upsurge in the brand value of world cricket’s most valuable (by a long mile) annual property.
Per Brand Finance’s latest IPL brand valuation report, Mumbai Indians is the most valuable IPL franchise brand, valued at $87 million. Chennai Super Kings is second on the list with a brand value of $81m. Kolkata Knight Riders (KKR) and RCB follow CSK at $78.6m and $69.8m respectively.
Gujarat Titans is the biggest gainer as far as the brand value is concerned. It jumped from 8th position last year to 5th this time. AT $65.4m, its brand value increased 38% this year.
Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) are consistently building their brand of cricket and have proven to be formidable brands with each passing IPL season. While RR is building a global T20 ecosystem with presence in multiple geographies with a wider cricket offering, RCB is continuing to be the much-vaunted team with no IPL trophy to show, the report said.
Lucknow SuperGiants (LSG), which secured 8th position with a brand value of $47m, is the fastest growing IPL brand, up an impressive 48%.
Ajimon Francis, managing director, Brand Finance India, commented: “IPL 2023 is paving the way for a Global T20 business ecosystem! More and more Franchise owners will be taking their brand of cricket to newer potential markets in MEA, USA, APAC. Franchise owners are now seeing year-long commitment from players for various leagues played globally. IPL in India itself is transforming into a platform that is fuelling a wider growth in the sports economy.”
According to Brand Finance, the introduction of the Women’s Premier League (WPL) boosted the respective brand values of the teams.
“Notable changes, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), bring renewed excitement to the IPL 2023 audience,” the report said.
The report also lauded Mukesh Ambani-owned Jio Cinema for offering free streaming of matches in over 15 languages. “Jio Cinema’s innovative approach includes analytics-backed flexible pricing for advertisers, ensuring sustained marketer interest throughout the season,” the report said.
The television audience on the Star platform faced stiff competition in attracting advertisers due to the matching regional language feeds. IPL maximized its engagement potential by offering a live match experience through stadium events and IPL theme parks in Tier 1 and 2 cities, creating a multiplier effect on food and beverage sponsor brands and merchandise sales.
As per the report, with a rating of AAA-, CSK emerged as the strongest IPL brand in 2023.
The report data also noted that perceptions of Aramco have improved among cricket fans following the Saudi oil giant’s IPL sponsorship, particularly in areas such as “Trustworthy” and “Innovative.”
Hugo Hensley, head of Sports Services, Brand Finance, London, said: “The IPL brand stands as a guiding light to all other T20 leagues, illustrating how the business model can be successfully scaled up on a global level. Teams are proactively recruiting professionals to handle year-round player management, organize tournaments, and manage sponsor pools. The key to upholding the IPL brand lies in robust governance.”
Report Highlights
Mumbai Indians is the most valuable IPL brand, valued at $87 million, while Gujarat Titans continue to rise
Lucknow Super Giants are the fastest growing IPL team
Full stadium experience and viewership explosion help drive brand value growth
Chennai Super Kings is the strongest IPL brand, earning AAA- rating and ranked 2nd most valuable Franchise brand in 2023
Aramco bolsters perceptions in India through IPL sponsorship
