As you know IPL 2024, is around the corner, and we fans couldn’t keep calm. IPL over the years has gained significant popularity. This excitement and joy has been increasing every year. No doubt IPL is a treat to the eyes of every cricket lover,but there is a business model side of this whole tournament as well. In the article, we will discuss about the business model behind IPL and the ways teams and owners earn money through it.
Ticket Selling:
The most obvious way of earning money in IPL is through the tickets which are sold for matches. Revenue earned by ticket sales accounts for 10% of the overall revenue earned by an IPL franchise. Usually, a small part of the revenue goes to BCCI and Sponsors and the rest is for the franchise.
Sponsorships
Another way teams earn money is through Spornships. Franchises collaborate with brands and help brands create their brand awareness and popularity by putting brands’ logos on their jersey’s or bats etc, in return brands give ipl teams money for promotion.
Merchandise
If you are a cricket fan, then we are sure you must have at least 1 merchandise related to cricket or of your favorite IPL teams. Well, this is also another way how your favorite teams earn money. So, here’s the tea, Ipl franchises sell products like jerseys, cups, wrist bands, etc, and collaborate with retail chains, and for each merchandise sold, the franchise earns commissions.
Selling of Media Rights
Not everyone can go to see matches in the stadium and thus, BCCI sells the media rights for live telecast of the matches to sports channels and OTT platforms. BCCI collects all the money and shares it among teams as well.
Conclusion
IPL is not just a league tournament, for fans, it’s an emotion and a great money-making model. The popularity of IPL is massive and it continue to grow in coming years as well. IPL 2024 is starting from March 22, 2024. Comment below and tell us which is your favorite team.
