Indian Premier League record 28% brand value growth with value now exceeding US$10 billion

January 11, 2024

A new report from leading brand valuation consultancy Brand Finance has revealed that the total combined brand value of Indian Premier League (IPL) cricket grew 28% to $10.7 billion through its successful 2023 season.

With the IPL returning to full-capacity stadiums, with increased viewer consumption on diverse devices, huge media partnerships and renewed confidence among advertisers strengthening the brand during the season, Brand Finance sees the IPL as an ideal platform for launching new products and initiatives, reaching the largest audience base in India.

With the IPL surges into decacorn territory (companies that have reached a valuation of over $10 billion) with a rise of 433% in brand value since its 2008 launch, Hugo Hensley, Head of Sports Services at Brand Finance London, advised “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. The mother ship must remain steadfast and on course, ensuring a continuous commitment to value creation.”

Mumbai Indians the most valuable IPL brand
The report showed that the Mumbai Indians maintains its position as the top- ranking IPL Franchise in terms of brand value - coming in at US$87 million. The brand has continued to expand its global presence with MI#OneFamily. Following behind, Chennai Super Kings has leapfrogged into the second most valuable brand position with a brand value of US$81 million, while Kolkata Knight Riders and Royal Challengers Bangalore follow at US$78.6 million and US$69.8 million respectively.

Lucknow Super Giants the fastest growing IPL team
Lucknow Super Giants, which secured 8th position with a brand value of US$47 million, was the fastest growing IPL brand, up an impressive 48%. Despite starting with a relatively lower base, the franchise has made substantial strides in the valuation landscape.

Growth of Women's Premier League
Brand Finance advise that the Women's Premier League (WPL) and viewership explosion help drive brand value growth, with the female tournament significantly boosting teams' brand values by addressing equity gaps and elevating IPL governance standards.

Notable changes, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), bring renewed excitement to the IPL 2023 audience.

Jio Cinema’s offering of free-to-view access to all telecom users across devices in over 15 regional languages, has significantly enhanced the IPL viewership market. Jio Cinema's innovative approach includes analytics-backed flexible pricing for advertisers, ensuring sustained marketer interest throughout the season.

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 major cities, creating a multiplier effect on food and beverage sponsor brands and merchandise sales.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

According to this analysis, Chennai Super Kings is the strongest IPL brand, earning AAA- rating with a Brand Strength Index (BSI) score of 81.8 out of 100.

Aramco sponsorship
With cricket dominating the Indian sporting market, Saudi Arabian oil company Aramco’s recent partnership with the IPL has enhanced perceptions of the company, particularly in areas such as being ‘trustworthy’ and ‘innovative’.

Click here to view the full Brand Finance IPL 2023 report.

Images courtesy of Shutterstock.

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