The sports sector in India clocked in ₹15,766 crore, of which 87% came from cricket in the year 2023, as per the reports released on March 19. According to the media investment company GroupM ESP, the year 2023 accounted 11 percent more revenue as compared to 2022.
The report titled ‘Sporting Nation – Building a Legacy’ stated that Cricket, the most followed sport in India, accounted for ₹13,701 crore or 87% of the total revenue. This is 13% higher as compared to the revenue drawn by the cricket industry in 2022. Notably, the report takes into account the revenues earned through sponsorships, media spending and endorsement fees.
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As per the research, sponsorship expenditures are expected to reach ₹7,345 crore in 2023, a 22% increase over 2022. The spike in franchise fees, which emphasizes the allure of India’s sports franchising scene—which is presently dominated by the Indian Premier League (IPL)—was the primary driver of the growth. Sports personalities received endorsement fees totalling ₹927 crore in revenue in 2023. According to the report, this was a 24% increase over the previous year.
Even as sponsorship spending and endorsement fees went up, the sports industry witnessed muted media spending during the past year, the report suggested that the overall media expenditure came in at ₹7,494 crore, which was marginally down by 1% as against the preceding year.
Pointing towards the increasing share of OTT platforms in broadcasting IPL and World Cup matches, GroupM ESP stated that the cricket industry witnessed a growth in digital ad spending. With regards to the statistics related to IPL, TV ad spending dropped by 17%, but digital ad spending grew by 25% in 2023.
