In a remarkable surge, the Indian Premier League (IPL) witnessed a staggering 28% growth in its total brand value post the 2023 season. The T20 League reached to an impressive $10.7 billion (approximately ₹89,232 crore), according to a report by brand valuation consultancy Brand Finance. This marks a remarkable 433% increase in the brand value since its inception in 2008, showcasing the enduring popularity of India’s premier cricket extravaganza.
Mumbai Indians (MI) Reign Supreme
The report highlights the Mumbai Indians (MI) as the most valuable franchise brand in the IPL, boasting a substantial valuation of $87 million. MS Dhoni-led Chennai Super Kings closely follow, securing the second spot with a brand value of $81 million. Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) trail behind with $78.6 million and $69.8 million, respectively.
Gujarat Titans (GT) Striking Ascendancy in IPL
Notably, the Gujarat Titans emerge as the major gainer in brand value, leaping from the 8th position last year to an impressive 5th this year. The franchise witnessed a remarkable 38% surge in its brand value, signalling its growing prominence in the IPL landscape.
Rajasthan Royals and RCB as Formidable Brands
Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) continue to fortify their cricket brands, establishing themselves as formidable entities with each passing IPL season. While RR is expanding its global T20 presence with a broader cricket offering, RCB, despite not clinching an IPL trophy, remains a highly esteemed team mainly because of Virat Kohli.
Lucknow Super Giants (LSG) : Fastest Growing Brand
Lucknow SuperGiants (LSG), securing the 8th position with a brand value of $47 million, emerges as the fastest-growing IPL brand, experiencing an impressive 48% growth.
IPL 2023 Innovations
Brand Finance attributes the surge in brand values to notable changes introduced in the IPL 2023, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), infusing renewed excitement into the tournament. The introduction of the Women’s Premier League (WPL) also contributed significantly to boosting the respective brand values of the teams.
CSK: Powerhouse of Brand Strength in IPL
Chennai Super Kings (CSK) stands out not only in terms of brand value but also in brand strength. With a rating of AAA-, CSK is hailed as the strongest IPL brand in 2023, earning a Brand Strength Index (BSI) score of 81.8 out of 100. This places CSK on par with renowned entities like Chinese social media giant TikTok and German automobile company Mercedes Benz.
Jio Cinema’s Impact
Jio Cinema, owned by Mukesh Ambani, played a crucial role by offering free streaming of matches in over 15 languages. The innovative approach, including analytics-backed flexible pricing for advertisers, contributed to sustained marketer interest throughout the season.
Conclusion
The IPL’s remarkable journey from its inception to becoming a global cricketing phenomenon serves as a beacon for T20 leagues worldwide. With robust governance and proactive strategies, the IPL continues to set the standard for successfully scaling up a sports business model on a global level. As the tournament evolves, each franchise’s brand value and strength become pivotal elements shaping the narrative of this cricketing extravaganza.
Editor's Pick
Top Stories
