The 16th season of the Indian Premier League (IPL) proved to be a lucrative venture, generating a staggering INR 10,120 crore in advertising revenue, according to a report by Redseer Strategy Consultants. The analysis revealed that JioCinema, the streaming rights holder, and TV broadcasters Star Sports raked in INR 4700 crores from advertising, while the franchises earned INR 1450 crore and the Board of Control for Cricket in India (BCCI) secured INR 430 crores. Notably, 65 percent of the total advertising revenue was directly earned by the BCCI, franchises, and broadcasters.
The report further highlighted that fantasy sports platforms witnessed substantial growth during IPL 2023, amassing INR 2,800 crore in revenue. This represented a 24 percent increase in gross gaming revenue compared to IPL 2022, with the market experiencing a compounded annual growth rate (CAGR) of 30 percent since the 2019 IPL season. The analysis revealed that approximately 61 million users participated on fantasy gaming platforms during IPL 2023.
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Redseer’s report indicated that the top three fantasy sports platforms accounted for around 96 percent of the market share during the season, which culminated in the Chennai Super Kings clinching their fifth IPL title. The platforms achieved an Average Revenue Per User (ARPU) of approximately INR 458 in IPL 2023.
The IPL 2023 season demonstrated a robust user acquisition engine, with 35 percent of new users participating for the first time on fantasy gaming platforms. This influx of new users contributed to an 11 percent increase in cash users throughout the season, with an average spend per match of INR 127 per user.
Interestingly, the excitement of the IPL spilled over into non-IPL sporting events, accounting for approximately 13 percent of the revenue generated during the season, as highlighted by Redseer Partner Ujjwal Chaudhry.
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The financial success of IPL 2023 and the substantial revenue earned by fantasy sports platforms underscore the immense popularity and economic impact of the tournament. As the IPL continues to captivate fans and attract advertisers, its significance as one of the premier cricketing events globally remains unrivaled.
