New Delhi: The Indian sports industry surged 11% in 2023 as per GroupM ESP Sporting Nation Report 2024, largely driven by increased interest in cricket due to several big-ticket tournaments.
The report revealed that the Indian sports industry is worth Rs 15,766 crore - nearly four times its value from 10 years ago. The biggest spike in the industry came from franchise fees, which jumped 60% (from Rs. 1644 crore to Rs. 2628 crore) in 2023. This is in addition to steady intake from key elements like endorsements and key sponsorships, which recorded 24% and 22% growth rates respectively.
Advertisements on media platforms, or media spending, was the only element in the sports industry that recorded negative growth. Despite falling numbers for television broadcasts, the digital sector recorded an incredible 40% growth, jumping from Rs. 2045 crore of advertisement revenue in 2022 to Rs. 2870 crore in 2023.
The introduction of free Indian Premier League (IPL) live streaming on JioCinema was one of the major factors for the upswing in the numbers for digital media. Reliance Industries Ltd’s media & entertainment, the holding company of JioCinema, made Rs. 3,239 crore from advertisements during April-June 2023.
Cricket expanded its market share from 85% in 2022 to 87% in 2023. The IPL and the ODI World Cup, which India hosted, shouldered the growth of cricket, according to the report.
“An Indian has won an individual Olympic Gold in track and field, our shuttlers have clinched the prestigious Thomas Cup, and we have crossed the threshold of 100 medals at the Asian Games, the nation hosts a sports league with the second-highest per-match broadcast value in the world - all these and more are such sterling accomplishments have highlighted the new elevated status we now have in sports,” said Vinit Karnik, the head of the Sports, Esports and Entertainment departments in GroupM.
Indian athletes from other disciplines also registered an improved aggregate remuneration of 7% from endorsements – from Rs.109 crore in 2022 to Rs.117 crore in 2023.
Asian Games gold medallist Neeraj Chopra continued to hold a significant social media spotlight, while tennis star Sania Mirza too got a slice of the internet’s attention courtesy of her retirement announcement.
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