IPL Full form is Indian Premier League .It was organise in 2008 from then till now it has given so many advantages to BCCI (Board of Control for Cricket in India) and India. It also play a important role in making BCCI the richest Cricket Board in the world.
It is organised in a T20 format of cricket which is also the shortest form of Cricket. The Fans of cricket all over the world like IPL so much especially in India. According to Google, the Brand Value of IPL in 2o19 was Rs 47,500 Crores around $6 Billion. Now IPL has become the second most expensive sports league in the world. It has happen after the new media rights sold by the BCCI that costs Rs 100 Crores for each match of IPL.
According to the ICC ,there are more than 1 billion cricket fans across the world of which 90% of them live in the Indian Subcontinent only. IPL has become a major source of revenues for the BCCI. The two major factors from which BCCI earns money from the IPL are Sponsorship and Media Rights.
1. IPL Sponsorship
‘Sponsorship’ is a marketing strategy in which it allows companies to promote their products or services in popular events. By getting sponsorship ,the products of that company are popular among the people ,At same time, with the monetary benefit available against it, that event makes itself bigger and more attractive.
List of IPL sponsors every year.
No Company wants to miss the opprtunity to associate its Brand name with IPL . TATA is the current sponsor of the IPL and had to pay Rs 670 Crores to the BCCI for the sponsorship. Other than TATA , BCCI has also signed deals in Crores with Rupay and Swiggy Instamart.
2. IPL Media Rights
Now Media Rights, Sony Entertainment had purchased the IPL broadcasting rights in Rs 8,200 crores for the period 2008-17. After Sony’s media rights expired , Star Sports had purchased the broadcasting rights in Rs 16,347 Crores for 2018-22. The IPL Media rights from 2023-27 has been sold for Rs 48,390 Crores .In this there is TV rights for 23,575 Crores to Star Sports and digital Redia Rights or OTT for Rs 23,758 Crores to Viacom 18. In this tenure of IPL the media rights has been three times for 48,390 Crores which previously was sold for 16,347 Crores.
Now after these factors we will talk about that how IPL boost Indian Economy.
How IPL contributes in Indian Economy
The KMPG survey revelaed that positive impacts of IPL over the Indian Economy. The countries like United Kingdom, Australia , South Africa in which there are a large number of cricket fans visit India during the IPL. IPL also generates a large number of jobs in Sports, Tourism , Hospiatality and Entertainment Sectors. It has also led to the improvement in the infrastructure of tier-2 citites.
BCCI has also paid Rs 3500 crores as tax to the government of India and has emerged as one of the largest taxable entity .