The Indian Premier League (IPL) has become a decacorn as the overall combined brand value has crossed the $10 billion mark. As of now, IPL's brand value stands at $10.7 billion, as compared to $8.4 billion in 2022, thus, registering an increase by 28%.
A decacorn is a term that describes a privately held company with a valuation of more than $10 billion.
A report by brand valuation consultancy Brand Finance said the total brand value of the IPL has surged by 433 per cent since its launch in 2008.
It added that the IPL's significant growth is attributed to factors including a media rights deal amounting to $6.2 billion (INR 48,390 crore), an increase in the central pool of IPL revenues, the addition of two franchise teams, and the return to full stadium attendance in 2023 after the Covid-19 pandemic.
Most valuable IPL teams
It further said five-time champions Mumbai Indians have emerged as the most valuable IPL brand at $87 million, followed by fellow five-time winners Chennai Super Kings (CSK), which is now the second most valuable brand with a value of $81 million.
Other franchises in the top five list include two-time winners Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) at $78.6 million and $69.8 million, respectively.
Newbies register significant growth
IPL 2022 winners Gujarat Titans (GT) showed a huge increase in its brand value ranking with a 38 percent growth and securing the fifth position, which is a jump from the eighth-place last year.
Lucknow Super Giants (LSG) are at the eighth position with a brand value of 47 million dollars and is now the fastest-growing IPL brand, up by 48 percent. The report added that despite starting with a relatively lower base, LSG has made substantial strides in the valuation landscape.
Combined brand value stands at $1 Billion
IPL franchises are also continuing to expand their global presence, as the franchise leagues ecosystem is estimated to have a brand value of $1 billion, extending their visibility in the year. Teams like Mumbai, Delhi, Chennai, Lucknow, Sunrisers Hyderabad and Rajasthan Royals are into various franchise T20 leagues.
"IPL 2023 is paving the way for a global T20 business ecosystem as more and more franchise owners will be taking their brand of cricket to newer potential markets in the Middle East, USA, Asia-Pacific.
"Franchise owners are now seeing a year-long commitment from players for various leagues played globally," said Ajimon Francis, Managing Director, Brand Finance India.
