THE IPL’S MEDIA rights market value looks to have peaked, at least as far as the next cycle (2028–32) is concerned, according to a new report from Media Partners Asia.
According to the report, released Tuesday and titled “The IPL: Teams, Rights & Valuations”, the upcoming IPL media rights cycle is expected to sell for around $5.4 billion, which means a drop from the consolidated deal value for the current 2023–27 cycle of $6.01bn.
The reasons ascribed for this are two-fold – market player consolidation and per match value depreciation. It bears noting that in the last bidding round, Reliance-backed Viacom18 secured digital rights with a $3 billion bid, while The Walt Disney Company retained television rights at about $3.01bn.
That head-to-head clash was the engine that drove the massive increase in IPL rights value over the $2.55bn Star India had paid out for consolidated rights covering the 2018–22 period. The subsequent merger of Viacom18 and Disney’s Indian operations, which created JioStar and unified all IPL rights under one platform, means there will be no BIG FIGHT when the BCCI kicks off bidding for the next cycle.
Per MPA, the per-match rights value is projected to fall by roughly 13%, from $13.2 million to $11.5 million. The report attributes this decline to the league’s expansion to a 94-match format, which increases the number of games without a proportional uplift in aggregate rights value.
And while viewership continues to scale, the economics around monetisation are showing strain. The report indicates that rights holders in the current cycle are facing estimated cumulative losses between $1.8 billion and $2 billion.
Advertising growth has also slowed, recording a compound annual growth rate of around 7% over the last three seasons, compared with 18% in the preceding cycle.
Several structural factors have contributed to this deceleration. The withdrawal of major advertiser categories such as ed-tech companies and real-money gaming firms, along with restrictions on crypto advertising, has reduced the breadth of the advertiser base.
At the franchise level, revenue composition has evolved significantly. Media rights now account for roughly 75% of total franchise revenues, up from 48% in 2017. While this shift has supported stronger profitability, with EBITDA margins rising to an average of 34% from about 10% in the league’s earlier phase, it has also increased reliance on a single income stream.
The report warns that such concentration amplifies risk if media rights values stagnate or decline in future cycles.
Non-media revenue streams, including sponsorships and commercial partnerships, have been expanding at a compound annual growth rate of 22% since the pandemic. However, this growth is occurring from a relatively modest base.
With limited upside anticipated from the next rights cycle, several franchise stakeholders are reportedly exploring stake sales to strengthen liquidity positions.
Mihir Shah, vice president of India at Media Partners Asia, highlighted the structural shift ahead. As quoted by Variety, he said the 2028 cycle “marks the beginning of a period in which franchise value creation depends on building the non-media revenue base, focusing on sponsorship, international presence and digital monetisation.”
He further noted that investors relying on current valuation multiples should account for the concentration risk tied to media rights, adding that the current pricing environment “may be shorter than the market assumes.”
In its franchise benchmarking, the report places Mumbai Indians at the top of the overall rankings, followed by Chennai Super Kings. Royal Challengers Bengaluru are ranked fourth, benefiting from a strong global fan base associated with Virat Kohli, though their position is constrained by limited championship success and a narrower organisational footprint.
At the lower end of the spectrum, Punjab Kings and Lucknow Super Giants feature near the bottom of the standings.
On the consumption side, JioHotstar continues to demonstrate significant reach, reportedly crossing 70 million concurrent users during the ICC T20 World Cup final. While audience growth remains strong and is expected to carry into the 2026 IPL season, the report underscores that monetisation has not kept pace with scale.
The widening gap between high content costs and revenue generation remains the central constraint shaping the valuation outlook for the next rights cycle.
What This Means for IPL Franchises
Franchises have become heavily dependent on central media revenue.
Media rights now contribute 75% of total franchise revenue (up from 48% in 2017)
Average EBITDA margins have grown to 34%
This looks healthy on the surface, but it creates high exposure to rights fluctuations.
If media rights stagnate or decline
Franchise valuations could plateau
Investors may shift focus to liquidity events (stake sales already rising)
Teams will need to build stronger independent revenue streams
The big shift: beyond media rights
Franchises will need to grow:
Sponsorship portfolios
Global brand presence (leagues, academies)
Direct-to-fan digital monetisation
Non-media revenue has already grown at a 22% CAGR post-pandemic, but from a smaller base. That growth now needs to accelerate.
