IPL brand value jumps to $10.7 billion; Mumbai Indians most valuable: Report
The total brand value of the Indian Premier League (IPL) grew a whopping 28% after the 2023 season, reaching $10.7 billion (roughly ₹89,232 crore), brand valuation consultancy Brand Finance has said in a report. The brand value of India’s flagship sports event has grown 433% since its launch in 2008.
The report credited massive spectator strength in stadiums, more consumption of IPL matches on the internet and other modes, and mega-media partnerships for this year’s upsurge in the brand value of the annual cricket tournament.
The consultancy judged Mumbai Indians to be the most valuable franchise brand in the Indian Premier League, valued at $87 million.
Mahendra Singh Dhoni-led Chennai Super Kings is second on the list with a brand value of $81 million. Kolkata Knight Riders (KKR) and RCB follow CSK at $78.6 million and $69.8 million respectively.
Gujarat Titans is the biggest gainer as far as the brand value is concerned — it jumped from 8th position last year to 5th this time. Its brand value increased 38% this year.
Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) are consistently building their brand of cricket and have proven to be formidable brands with each passing IPL season. While RR is building a global T20 ecosystem with presence in multiple geographies with a wider cricket offering, RCB is continuing to be the much-vaunted team with no IPL trophy to show, the report said.
Lucknow SuperGiants (LSG), which secured 8th position with a brand value of $47 million, is the fastest growing IPL brand, up an impressive 48%.
According to Brand Finance, the introduction of the Women’s Premier League (WPL) boosted the respective brand values of the teams.
“Notable changes, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), bring renewed excitement to the IPL 2023 audience,” the report said.
The report also lauded Mukesh Ambani-owned Jio Cinema for offering free streaming of matches in over 15 languages.
“Jio Cinema’s innovative approach includes analytics-backed flexible pricing for advertisers, ensuring sustained marketer interest throughout the season,” the report said.
As per the report, with a rating of AAA-, CSK emerged as the strongest IPL brand in 2023.
“In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors. According to this analysis, Chennai Super Kings is the strongest IPL brand, earning AAA- rating with a Brand Strength Index (BSI) score of 81.8 out of 100,” the report said.
CSK’s BSI score was similar to that of Chinese social media giant TikTok and German car company Mercedes Benz. Gujarat Titans and Mumbai Indians come 2nd and 3rd respectively in brand strength.
Hugo Hensley, Head of Sports Services, Brand Finance, London, said: “The IPL brand stands as a guiding light to all other T20 leagues, illustrating how the business model can be successfully scaled up on a global level. Teams are proactively recruiting professionals to handle year-round player management, organize tournaments, and manage sponsor pools. The key to upholding the IPL brand lies in robust governance.”