IPL (Indian Premier League) is playing a big role in taking the sports business to new heights. (Representational Image)
The number of sports lovers in India is increasing day by day at a quadruple speed. Sports business is also flourishing due to people’s craze towards sports. India’s sports market has become an industry earning billions of rupees.
The number of sports lovers in India is increasing day by day at a quadruple speed. Games (Sports) Sports business is also flourishing due to people’s craze towards it. sports market in india (Sports Market) billionaire Industry has become. A report by brokerage firm Anand Rathi Investment Banking has claimed that the business of India’s sports sector will grow at about 5 times the pace in the next 5 years and will reach $100 billion in 2027, which was $27 billion in 2020. telecast of matches in sports business (Telecast) Media rights for sports, dressage related to sports, sports nutritionist, goods used in sports and other things are included.
It has been said in the report that IPL (Indian Premier League) is playing a big role in taking the sports business to new heights. The number of people watching IPL is in crores, which was well used commercially.
Big earnings from media rights auction
The popularity and earnings of IPL can be gauged from the auction of media rights of the league. The media rights for the broadcast of IPL matches between 2023 and 2027 were sold for Rs 48,390 crore ($6.2 billion). IPL is the second largest sports league in the world in terms of cost per match. The price of each IPL match has increased by 100 percent from the last time. Last time each match was worth Rs 54.5 crore. Now the cost of each match has exceeded Rs 114 crore. Globally, the value of each IPL match is $14.61 million, second only to the National Football League (NFL). Each NFL match is worth $17 million.
Lalit Modi, the former chairman of IPL and considered to be the architect of the league, said in an interview to a TV channel that IPL will become the biggest sports league in the world. He believes that the value of IPL media rights will be doubled again in the next cycle i.e. the next auction.
India ranks third in Asia in manufacturing of sports goods
According to the report of the brokerage firm, the media market of Indian sports will grow to 13.4 billion dollars by 2027, from only one billion dollars in the year 2020. At the same time, the global media rights market is worth $52.1 billion. The share of cricket in this has increased from 2.7 percent to 3 percent. In the matter of media rights, the reign of football remains intact. Its share is 42 percent. India ranks third in Asia after China and Japan in terms of manufacturing of sports goods and equipment. The sports goods market in India was $ 4.5 billion in the year 2020, which is expected to grow to $ 6.6 billion by 2027.
It has been said in the report that the sports industry in the country is continuously growing. However, challenges such as lack of infrastructure, high taxes on sporting goods and events, and lack of financial management and governance remain.
(Story: Pawan Pandey)