Cricket World Cup 2023 to Generate Rs 2,000-2,200 Crore in Ad Revenue
The upcoming Men”s Cricket World Cup 2023, which will be hosted by India next month, is expected to generate Rs 2,000-2,200 crore in combined ad revenue on TV and digital platforms, according to a note by brokerage firm Elara Capital. This is a significant increase from the 2019 edition, which brought in only Rs 1,350 crore.
According to Elara analysts, the Cricket World Cup is likely to generate almost INR 20-22 billion, with digital revenue accounting for Rs 950 crore and TV ad revenue reaching Rs 1,150 crore. This is an increase from Rs 450 crore and Rs 900 crore in 2019, respectively.
Disney Star, which holds the ICC TV and digital rights, is planning to stream the matches for free on its Disney+Hotstar app in an effort to generate more revenue. Disney is following the lead of Reliance Industries-backed Jio Cinema, which streamed the IPL cricket matches for free in 2023. Disney will also have live broadcasting of the matches on its Star network channels.
Elara Capital”s Senior Vice-President Karan Taurani expects a huge jump in digital revenue, as the country has witnessed a digitalization push over the last four years. Moreover, the matches are scheduled to start at favorable timings, i.e., at 10.30 AM or 2 PM. During this time, people are more likely to opt for live streaming rather than clinging to TV broadcasts.
“The timings are favorable and viewers may watch the first half of the match on OTT. The World Cup will be available for free for all mobile users on Disney+ Hotstar app. In terms of TV advertising, expect a 6% CAGR versus the prior edition of the CWC in CY19. For the digital medium, CAGR may touch 21% versus 2019 levels,” he said in his note.
This is the fourth time India is hosting the prestigious One Day International World Cup tournament, and this is the first time all the matches will be held exclusively in India. On the three previous occasions, that is in 1987, 1996, and 2011, India hosted the tournament with Pakistan; Pakistan and Sri Lanka; and Pakistan, Sri Lanka, and Bangladesh, respectively.
This time, 10 teams will lock horns in 48 matches from October 5 to November 19 onwards. The matches will be conducted at 10 venues, and the opening and final matches will be held at Ahmedabad.
