The total combined brand value of the Indian Premier League (IPL), the most popular cricket league in the world, grew 28 per cent to $10.7 billion (Dh39.27 billion) in 2023, according to a new report from valuation consultancy Brand Finance.
Mumbai Indians (MI) maintained its position as the top-ranking Indian Premier League (IPL) Franchise in terms of brand value estimated at $87 million, followed by Chennai Super Kings ($81 million), Kolkata Knight Riders ($79 million), Royal Challengers Bangalore ($70 million) and Gujarat Titans ($65 million).
Saudi energy giant Aramco’s recent partnership with the IPL bolsters perceptions in India through IPL sponsorship, Brand Finance said, adding that perceptions of Aramco have improved among cricket fans, particularly in areas such as ‘Trustworthy’ and ‘Innovative’.
“The IPL brand stands as a guiding light to all other T20 leagues, illustrating how the business model can be successfully scaled up on a global level. Teams are proactively recruiting professionals to handle year-round player management, organise tournaments, and manage sponsor pools. The key to upholding the IPL brand lies in robust governance. The mother ship must remain steadfast and on course, ensuring a continuous commitment to value creation,” said Hugo Hensley, head of sports services, Brand Finance.
Ajimon Francis, Managing Director, Brand Finance India, said IPL 2023 is paving the way for a Global T20 business ecosystem.
“More and more Franchise owners will be taking their brand of cricket to newer potential markets in the Middle East and Africa, USA, and Asia-Pacific. Franchise owners are now seeing year-long commitment from players for various leagues played globally. IPL in India itself is transforming into a platform that is fuelling a wider growth in the sports economy,” said Francis.
The IPL’s triumphant return to full-capacity stadiums, increased viewer consumption on diverse devices, huge media partnerships, and renewed confidence among advertisers have collectively strengthened its brand. The IPL is now an ideal platform for launching new products and initiatives, reaching the largest audience base in India. Remarkably, the total brand value of the IPL system has surged by 433 per cent since its 2008 launch.
Lucknow Super Giants (LSG), which secured 8th position with a brand value of $47 million, was the fastest-growing IPL brand, up an impressive 48 per cent. Despite starting with a relatively lower base, LSG has made substantial strides in the valuation landscape.
The Women’s Premier League (WPL) introduction has significantly boosted teams’ brand values by addressing equity gaps and elevating IPL governance standards. Notable changes, including 52 matchdays, the impact player rule, and the Decision Review System (DRS), bring renewed excitement to the IPL 2023 audience, Brand Finance said.
In addition to measuring overall brand value, Brand Finance also evaluated the relative strength of brands, based on factors such as marketing investment, familiarity, loyalty, staff satisfaction, and corporate reputation.
According to these criteria, Chennai Super Kings is IPL’s strongest brand with a Brand Strength Index (BSI) score of 81.8 out of 100 and a corresponding AAA- brand strength rating. This is a Brand Strength Index score (BSI) similar to that of TikTok and Mercedes Benz, highlighting the significant power in terms of brand equity that many IPL team brands now possess.
Gujarat Titans and Mumbai Indians come 2nd and 3rd respectively in Brand Strength.