Media investment firm GroupM ESP, in a report released on March 19, forecasts India’s sports sector to generate total revenues of ₹15,766 crore by calendar year 2023, up 11% from 2022
According to a report titled ‘Sporting Nation – Building a Legacy’, cricket, India’s most popular sport, generated ₹13,701 crores or 87% of total revenue by 2022. This is a whopping 13% if compared to the wealth of the cricket industry.
The report also includes sponsorship revenue as well as media and endorsement payments, which are worth mentioning.
The study predicted sponsorship spending to reach ₹7,345 crore by 2023, up 22% from 2022. The increase was attributed to increased franchise fees and builds on India’s sports franchise scene with the current Indian Premier including the interesting emphasis. The league is ruling (IPL).
In 2023, endorsement fees brought in ₹927 crore for sports celebrities. This was a 24% rise over the prior year, per the report.
The survey revealed that the sports business saw muted media spending over the last year, despite increases in sponsorship and endorsement fees. It noted that the total amount spent on media came to ₹7,494 crore, a slight decrease of 1% from the year before.
Nonetheless, GroupM ESP reported that the digital ad spending in the cricket business increased, citing the growing role of over-the-top (OTT) platforms in the World Cup and IPL programming.
According to the research, which shared IPL numbers, TV ad spending fell by 17% in 2023 while digital ad spending increased by 25%.
“We’ve observed a transformative shift in the consumption and celebration of sports in our country, primarily driven by cricket and bolstered by emerging sports alongside the rise of OTT platforms,” said Prasanth Kumar, CEO of GroupM – South Asia.
