The Indian Premier League (IPL) has always been a massive revenue generator for the Board of Control for Cricket in India (BCCI). The 2023 edition of the IPL continued this trend, bringing in a financial boost.
With new media rights and sponsorship deals, the BCCI recorded an outstanding surplus from IPL 2023. This marked a substantial increase compared to previous years. It goes without saying that the league is a major contributor to Indian cricket's financial success.
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How much revenue did IPL 2023 generate?
In 2023, the BCCI earned an additional INR 5,120 crore from the IPL. This was a 116% increase compared to the previous year. The total income from IPL 2023 rose by 78% year-on-year, reaching an impressive INR 11,769 crore.
How much of the revenue was boosted by media rights?
A significant portion of this revenue surge came from the new media rights deal, which is valued at INR 48,390 crore for the 2023-27 cycle.
Disney Star secured the television rights with a bid of INR 23,575 crore, while Viacom18-owned JioCinema acquired the digital rights for INR 23,758 crore. These deals alone resulted in a 131% increase in media rights income, bringing in INR 8,744 crore for the BCCI.
Has sponsorship deals contributed to the growth?
In addition to media rights, strategic sponsorship deals also played a role in boosting BCCI's earnings. Tata Sons secured the title rights with an agreement worth INR 2,500 crore for five years. This deal, along with other sponsorships, contributed to the BCCI's financial success in 2023.
The financial success of the IPL also had a broader impact on the BCCI's overall finances. The board's surplus for the fiscal year 2023 increased by 38% to INR 3,727 crore. The BCCI's bank balance at the end of FY23 stood at INR 16,493.2 crore, up from INR 10,991.29 crore the previous year.
The IPL 2023 was a resounding success for the BCCI, bringing in a record-breaking surplus and boosting the board's overall financial standing. With lucrative media rights and sponsorship deals, the IPL continues to be the cash cow for Indian cricket.
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