Last Update on: July 10th, 2023 at 10:12 pm
The Indian Premier League (IPL) has reached new heights as the brand value of the league has skyrocketed to USD 3 billion as per the brand valuation study by Global Investment Bank Houlihan Lokey, Inc, reported TOI.
The brand value of the IPL has increased to 80% from 2022, which was 1.8 billion. The reports also revealed that the business enterprise value of the league now stands at USD 15.4 billion, which also has seen an 80% hike from the last year.
As per the report, the main reason behind the surge in the brand value of the IPL was due to the media rights deal with Viacom and Star. The IPL media rights have grown from 18% in 2008 and are expected to go to 196% by the end of 2027.
Senior Vice President of the Houlihan Lokey, Inc said that IPL has established itself as a hugely lucrative sports league. He confirmed the development while speaking to TOI:
“Created on the American style of franchise-based systems of hiring players, the IPL has established itself as a hugely lucrative sports league, along similar lines as the NFL and the NBA. Besides the exponential growth in brand and business enterprise valuation of the IPL and the franchisees, it is interesting to note the prominent shift towards acceptance of digital platforms for sports consumption.
“This shift is evident in the remarkable viewership numbers witnesse7d during the current season on Viacoml8’s OTT platform, JioCinema. However, Disney Star’s television viewing numbers were also very encouraging this year, achieving record levels.”
IPL 2023: Chennai Super Kings have the highest brand value among teams
Chennai Super Kings have the highest brand value among teams in the IPL as they are worth USD 212 million. Their value saw a hike of 45.2% from last year as they had a brand value of 146 million in 2022. The unmatched popularity of skipper MS Dhoni has seen them getting a massive rise from last year.
Chennai Super Kings etched history after they thumped Gujarat Titans by 5 wickets in the final of the IPL 2023 to bag their 5th title, joining Mumbai Indians with the most IPL trophies. They were exceptional throughout the tournament and played a staggering brand of cricket.
They ended the league stage second on the points table and then made their way into the final directly after winning against Gujarat Titans in the Qualifier. Chennai Super Kings then in a rain curtailed final batted magnificently well and chased 172 runs in just 15 overs to win the game.