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Cricket is more than a game in India and is considered a religion that has a huge fan base. As per the market research conducted by International Cricket Council (ICC), there are over a billion fans worldwide. The Indian subcontinent alone comprises more than 90 percent of them. Even on the Indian streets and narrow footpaths, children used to play street cricket.
Due to the large and loyal fan base, the BCCI (Board of Control for Cricket) in India decided to capitalize on the league of domestic cricket and this was the BCCI's latest news on domestic cricket. Within a few years, it became the most profitable annual sporting cricketing event of the BCCI.
Undoubtedly, cricket contributes a lot to GDP. There are macro-level and micro-level implications that help generate revenue. Moreover, Indian domestic cricket plays a crucial role in player development and serves as a pool of talent for the national team. In this blog post, we will discuss how the economics of domestic cricket works.
Domestic cricket in India relies on different revenue streams, such as broadcast rights, sponsorship rights, participation fees, merchandise sales, etc. The BCCI plays a key role in negotiating and securing these resources for domestic tournaments, such as Vijay Hazare Trophy, Ranji Trophy, and Syed Mushtaq Ali Trophy.
During the domestic cricket of India, the maintenance of stadiums, equipment, travel arrangements, training facilities, and other operational expenses is required. The state cricket associations bear these costs, which include coaching staff, logistics, ground maintenance, and administrative overheads. Over time, tier-2 cities are also uplifting themselves because of media exposure. During the IPL season, tourism activities increased which helped generate greater revenues for the city.
In the range of domestic cricket, IPL is one of the desired cricketing events that generates a significant amount of revenue through ticket sales, sponsorships, advertisements, and broadcasting rights. The format of IPL cricket increases the viewership of the audience because the duration typically lasts for three-four hours and people are quite comfortable watching these types of matches.
Due to this, audience engagement gets increased, and a significant amount of revenue was generated through ticket sales,
Due to the growing popularity of IPL, real-time marketing helps generate trending topics or events for audience engagement promptly. There are a plethora of sponsors associated with the IPL team. Each IPL team has its associate sponsor, social media and digital partners, etc. Around 20-30 percent of the team's revenue comes from sponsorship only. Ranging from caps to t-shirts, a sponsor can be found everywhere on the kit.
For instance, the teams, like Mumbai Indians and Chennai Super Kings are considered to be comparatively more expensive than the rest of the teams. Furthermore, their popularity on social media increases the engagement and helps get more sponsorship and brand. Due to social media, IPL live news can also be obtained at any point in time.
Every IPL team has its merchandise partner and a handsome amount of money is generated through it. Fans like to wear the merchandise of their favorite teams. Due to this, the franchise tries to sign a player with a bigger brand value that assists them in selling the jersey of that specific player. Apart from this, there are several other kinds of merchandise, such as mobile phone covers, pens, wristbands, etc. that contribute to revenue generation.
Cricket is known as the gentlemen's game. It has a huge fan base in India. The IPL is the most renowned and lucrative format of cricket. Over time, its popularity is just on the verge of rising.
Moreover, the advancement of digital marketing strategies leverages fan engagement globally. Domestic cricket in India serves as a platform for young and potential players. To stay updated with the latest IPL news, do visit the website of Shankar Speed News.
