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In a significant milestone, the Indian Premier League (IPL) has reached the coveted decacorn status, with its combined brand value exceeding the $10 billion mark. Currently standing at $10.7 billion, the IPL’s brand value has seen a remarkable 28% increase from $8.4 billion in 2022.
A recent report by brand valuation consultancy Brand Finance highlighted that the IPL’s overall brand value has surged by an impressive 433% since its inception in 2008. Factors contributing to this substantial growth include a $6.2 billion media rights deal, an expansion of the central pool of IPL revenues, the addition of two franchise teams, and the return to full stadium attendance in 2023 post-COVID-19 pandemic.
The report identified the Mumbai Indians as the most valuable IPL brand, boasting a value of $87 million, closely followed by the 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.
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Gujarat Titans (GT), the IPL 2022 winners, experienced a remarkable 38% growth in brand value, securing the fifth position, a significant jump from eighth place the previous year. Lucknow Super Giants (LSG) emerged as the fastest-growing IPL brand, claiming the eighth position with a brand value of $47 million, showcasing a remarkable 48% increase.
The report also highlighted IPL franchises’ global expansion, estimating the franchise league ecosystem’s brand value at $1 billion. Teams like Mumbai Indians, Delhi Capitals, Chennai Super Kings, Lucknow Super Giants, Sunrisers Hyderabad, and Rajasthan Royals are actively participating in various franchise T20 leagues, extending their global visibility.
Ajimon Francis, Managing Director at Brand Finance India, emphasized that IPL 2023 is paving the way for a global T20 business ecosystem, with franchise owners expanding their brand of cricket to new potential markets in the Middle East, the USA, and the Asia-Pacific region.
-IANS
