IPL's Golden Goose: Have We Reached Peak Monetization?

A last-ball six, a dramatic run chase, an underdog's triumphant moment—the IPL delivers heart-stopping excitement that transforms casual viewers into devoted fans. We realised what we are missing when the 2025 edition had to take an untimely pause caused by external existential factors. As the Tournament recommenced last weekend, we just reminisced about all the legendary fan moments have helped the Indian Premier League become a cultural phenomenon—and a financial juggernaut that's reached unprecedented heights. 

With the IPL’s continuing evolution into one of India’s biggest entertainment properties, market forces are relentlessly tapping every revenue stream to maximize profits. Franchises, broadcasters, sponsors, and ancillary industries are all in a frenetic race to extract value. But the question on the top-of-mind of everyone is, how much more? 

The Meteoric Rise: From Experiment to Entertainment Empire 

Since its inception, IPL has evolved from an experimental cricket format into India's most valuable sporting asset. The league's brand value surged to a staggering $10.7 billion in 2023, marking a 28% increase from $8.4 billion just one year earlier. This remarkable growth hasn't happened by accident—it's the result of strategic innovation, savvy marketing, and an uncanny ability to monetize every aspect of the cricket experience. 

Key stakeholders have masterfully tapped into multiple revenue streams: 

• Franchise owners have transformed team identities into powerful brands with loyal followings 

• Broadcasters have changed how content is delivered, along with unique activation opportunities across platforms 

• Sponsors have used the massive audience engagement for visibility like never before 

• Top players have built personal brands worth millions in endorsements 

This growth also offers look into a marketing masterclass. Marketers have utilized techniques like the Zaltman Metaphor Elicitation Technique (ZMET) to make their ads a great success. For example, in the 2013 IPL season, the league launched a marketing campaign named "India aaj se sirf dekhneka nahi!" which showcased how people from different walks of life actively participated in the IPL tournament.  

The Media Rights Gold Rush: Billions at Stake 

Nothing illustrates the IPL's financial explosion better than the evolution of its media rights deals: 

• 2008-2017: Sony Pictures Network secured rights for ₹8,200 crore 

• 2018-2022: Star India dramatically upped the ante to ₹16,347 crore—a 158% increase 

• 2023-2027: The latest auction shattered all records, totaling ₹48,390 crore, with digital rights nearly matching television rights for the first time 

However, with the merger of Jio with Hotstar after Disney’s exit from Indian streaming, the overview has changed once again. Viacom18, backed by Mukesh Ambani's deep pockets, saw the streaming rights go over twice what Star had paid for the previous cycle. 

The IPL has become India’s crown jewel, and the playing field of India’s business royalty. The 2024 IPL season attracted 620 million viewers on JioCinema, marking a 38% increase from the previous season. Furthermore, the platform set a new global streaming record with 32 million concurrent viewers during the IPL 2023 final. In the first five weeks of the 2023 season alone, IPL racked up an astonishing 13 billion views on JioCinema.  

Digital Revolution: Changing How We Consume Cricket 

The battle between digital and traditional platforms has created a dual-consumption model that maximizes revenue across channels. JioCinema (now JioHotstar) set a global streaming record with 32 million concurrent viewers during the 2023 IPL final, while attracting 620 million viewers throughout the 2024 season—a 38% year-over-year increase. Meanwhile, television viewership remains robust, with a 15% increase in watch time and a 17% surge in Television Viewership Rating during the 2024 season. 

This multi-platform approach has broadened the market and created unprecedented opportunities for monetization: 

• Digital platforms offer interactive advertising, personalized content, and real-time analytics 

• Television continues to deliver mass reach and the communal viewing experience 

• Both channels can provide complementary revenue streams rather than simply cannibalizing each other 

The shift to an AVOD (Advertising-based Video on Demand) model has fueled digital accessibility, with JioHotstar offering free streaming to select users, with most required to pay a fee of ₹150 to stream.  

Is IPL Hitting the Growth Ceiling? 

As media rights values skyrocketed, so have franchise valuations. Mumbai Indians and Chennai Super Kings have established themselves as two of the most valuable franchises globally, with brand strengths reflected in valuations of $119 million and $231 million respectively. Kolkata Knight Riders and Royal Challengers Bangalore have also seen their brand values rise by over 80%, driven by consistent marketing efforts and passionate fan engagement. 

Newer franchises are entering at million-dollar valuations , a testament to the wealth-generating machine the IPL has become. However, despite the IPL's remarkable success story, there are growing indications that we may be approaching a saturation point in this market. Consider these warning signs: 

While the latest media rights deal represented a massive increase, the exponential growth rate is unlikely to continue at the same pace. The competition for eyeballs is intensifying as other sports and entertainment options expand. Advertising rates have reached levels that may prove unsustainable in a diversifying market. Besides, just like the rest of the world, there is a wave towards consolidation within media. 

The fundamental question emerges: Is there a ceiling to this growth trajectory, or will the next rights cycle see similar exponential increases? Industry experts increasingly suggest we're witnessing the peak of IPL's monetization potential. 

Looking Beyond the Boundary: Diversifying Sports Investments 

For investors and marketers who have benefited from cricket's gold rush, now may be the time to consider diversifying their sports portfolio. While the IPL remains a powerhouse, the triple-digit growth rates of the past may give way to more modest increases as the market matures. 

Forward-thinking brands and investors are already exploring new sporting frontiers with significant growth potential: 

• New leagues being created in emerging sports, like shooting, rugby, etc. 

• Emerging leagues in pickleball and kabaddi offer ground-floor opportunities 

• Women's sports represent vastly undervalued markets with passionate audiences 

• Digital-first sports properties align with changing consumption patterns 

• International expansion into non-traditional cricket markets offers untapped potential 

• International expansion using cricket to target the valuable disapora  

The IPL's journey from experimental cricket format to media behemoth demonstrates the incredible potential of sports as an investment vehicle. But as with any maturing market, the smartest players recognize when to diversify their portfolio. The next sporting gold rush may not be in cricket at all—and those who recognize this shift early will enjoy the greatest returns. 

As the IPL ecosystem matures, future growth will depend less on media rights inflation and more on innovative engagement models, merchandise, gaming integrations, and year-round fan interactions. At Zupotsu, we're helping brands find the right opportunities in India’s evolving sports ecosystem. While the IPL continues to deliver tremendous value, we encourage our partners to explore diverse sports investments that offer promising returns in less saturated markets. 

Zupotsu is a martech platform on a mission to ‘digitize’ sports marketing. Zupotsu enables the discovery, engagement, and evaluation (the ‘DEE’ framework) for every sports and esports marketing asset. Please sign up at www.zupotsu.com. Follow us on LinkedIn and Instagram. Reach out at ‘marketing@zupotsu.com’ for any queries.