The craze for cricket in India is reflected in the quantum of business the sport generates in the country. Today, cricket is not just about sports. There has been a rise in the element of thrill, thanks to the little tweaking of rules that favour batsmen. Cricket has now become akin to a much-awaited film or a reality show, with an audience that never fails to attend.
Of its various formats, the short-format cricket - Indian Premier League (IPL) Cricket - attracts high attendance in all three mediums: stadiums, online (digital), and television. This attendance remains stable and, in fact, has been growing over the years.
What is astounding is the amount of business that frequent IPL cricket is generating. It is akin to a well-placed mid-sized company that is flourishing with each passing year. Behind the glamour, glare, glitz, and wide acceptance, it is the business of IPL that is the key reason why this short-format cricket is played so frequently. It has been 15 years since this short-format cricket was started in India.
Let us understand the business of IPL cricket by exploring how this short-format cricket has generated significant interest from all stakeholders in the game.
THE BASICS
IPL cricket in India began in 2008, with well-known stars of the Hindi film industry spending an estimated $723.59 million to buy eight IPL teams, which were nothing but city-based franchises.
To provide perspective on the growth of IPL as a major sporting event, consider this statistic: In 2021, British equity firm CVC Capital paid close to $740 million for the Gujarat Titans team.
In 2008, Sony paid 8,200 crore for television rights for the period 2008-17. Subsequently, Star India acquired the television and digital rights of the tournament for $2.55 billion for the period 2018-22.
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