The Indian Premier League (IPL) has completely changed the perception of Indian cricket is the eyes of the world.
Due to the IPL, India has become financially dependent and encouraged our country's youth to start a profession and earn fame from the sport.
To understand this we need to trace back to the beginning of this money making sport in India. We shall cover the revenue generated before and after the league.
Lalit Modi is the main man behind the T20 leagues. He is the one who took the initiative to conduct and generate huge amounts of revenue
from and of the IPL.
What Is IPL?
The Indian Premier League (IPL) is the League that has been started by the Board of Control Cricket in India (BCCI). They run the Indian cricket administration in India and represent India in the International Cricket Council (ICC).
IPL is contested by the eight teams representing eight states or cities in India, for example, Mumbai Indians, Chennai Super Kings, Delhi Capital, etc.
The League has been conducted every year from 2008 and now IPL has an official window in the ICC future tour Programme.
Cricketers from India and even those of foreign teams participate in the IPL. They play with different franchises in the IPL.
There are a pool of players and different franchises bid for them in an auction that is held every year. The highest bidder wins the auction for the player and he then belongs to that franchise for that particular year.
Birth of IPL
In 2007 Indian Cricket League (ICL) was launched with the funding and help from ZEE entertainment enterprises.
ICL was unable to get any kind of recognition from the BCCI and ICC. It became impossible for them to run this league without the help of the BCCI and ICC.
To rescue and protect their players, the BCCI introduced different kinds of perks and money to all the players. The money of their domestic set up was also increased.
They imposed a ban on players who played in the ICL. Some players were banned even for lifetime. This forced the Indian Cricket League to quit.
A few months later, with the help of Lalit Modi, the BCCI launched the IPL in 2008 and famous personalities in India were encouraged to buy a team in IPL.
Shahrukh Khan bought the Kolkata Knight Riders, Preity Zinta bought Kings Eleven Punjab and even India's richest family, the Ambani's boufght an IPL team.
Bollywood masala was added to the cricket atmosphere with celebrities buying teams. This spice and enthusiasm was seen in the first ever match of IPL of RCB VS KKR, where Shahrukh Khan's presence made the entire match
interesting.
Financial Benefits of IPL
Before IPL the biggest earnings for BCCI was the revenue generated from sponsorship and broadcasting. The revenue earned from that was not enough to run a sport like cricket in the Indian country.
With the introduction of IPL, fans were attracted to the stadium. It also increased the popularity of cricket in India and made domestic players more financially capable.
IPL is considered to be the most enjoyable and the most attended cricketing league in the world. In 2014, it was sixth by average in attendance among all sports leagues. IPL was the first sports league that was broadcasted live on Youtube in 2010.
The value of IPL has increased with time since 2008.
The brand value of IPL was ₹47,500 crore. Reports from the BCCI confirmed that the IPL in 2015 contributed ₹1,150 crore to the GDP of the Indian economy.
Massive records were made in the 2019 IPL with 31.57
million average consumption and impressions of the 2019 IPL season consumption
is 23%.
Sony sports network and world sports network are under a ten year broadcast deal of US $1.03 billion. Sony is responsible for broadcasting in India while World sports network is responsible for overseas broadcasting.
After the 2017 IPL season, IPL broadcasting rights were set up for an auction. Star India bought the global rights under a five year contract with a value of $2.55 billion U.S dollars.
That is over a 100% increase from previous deal. The digital media rights were sold to Facebook for $600 million U.S dollars. Star India was the only broadcaster which was selected from 14 bids.
"Very powerful property", stated by the CEO of Star India, Uday Shankar and he said, "Star would remain very committed to ensure the growth of sports"
This deal creates a monopoly between the BCCI and Star India in world cricket. Star India became a monopoly in broadcasting cricket in India along with ICC tournament rights.
Indian cricket financially made the BCCI stronger in world cricket. The BCCI now pays all the cricketers the money they deserve.
Written by Ritik Gupta
Edited by Jerusha Patel
Social