Mumbai: The Indian sports industry has surpassed the Rs. 15,000 crore milestone accoriding to GroupM ESP’s ‘Sporting Nation – Building a Legacy Report 2024’. Sports sponsorship spends witnessed a 24% rise to Rs. 7,345 r in 2023 compared to 2022. Cricket spends swung upwards with a 13% boost in 2023.
This year the report’s title shifted to “Sporting Nation Building a Legacy” from “Sporting Nation in the Making” to reflect the elevated status we now have as a sporting nation. Indian sports industry, soared from Rs. 2400 crores in 2008 to over Rs. 15,000 crores in 16 years.
‘Sporting Nation – Building a Legacy’, report recounts the Indian sports industry’s sixteen years long journey. From the 2008 IPL’s spark to its current Rs. 15,000 crore powerhouse status, the report highlights not just expansion and commercialization, but also the industry’s growing influence on the global stage. While cricket remains a dominant force, emerging sports are gaining traction – both in terms of sponsorship reaching ₹1528 Crore (21% of the total) and performance with victories in Thomas Cup, 100+ medals at Asian Games and so on. This positive trend paints a vibrant picture of a multi-sporting future for India, ready to inspire and leave a lasting legacy.
Prasanth Kumar, CEO, GroupM – South Asia said, “Predominantly propelled by cricket and bolstered by emerging sports alongside the rise of OTT platforms, we’ve observed a transformative shift in the consumption and celebration of sports in our country. With a packed calendar of both local and international events, another year unfolds, offering ample opportunities to leverage technological advancements. As marketers, we have to seize this chance once more to champion inclusivity, innovation, and the enduring spirit of sport in our country.”
Vinit Karnik, Head – Sports, e-sports and entertainment, said, “In the dynamic landscape of sports commercialisation, the synergy between ground, team, and franchise fees, athlete endorsements, and media spends by brands has propelled revenue figures to soar past, marking a significant double-digit growth. This report not only delves into the commercial intricacies but also offers insights into the driving forces and impediments to growth, leveraging digital data and emerging trends to maximize value for all stakeholders.”
Key Highlights from the Report:
1. 2023 further accelerated the growth curve of sports industry: The sports industry in India witnessed a remarkable surge in 2023, recording a total revenue of INR 15,766 Crores (approx. $1.9 billion USD), marking an 11% incremental value over the previous year.
In 2023, 87% of the sports industry spending came from cricket, amounting to INR 13,701 Cr for the year. This marks a 13% growth from 2022 figures, reaching new milestones.
Sponsorship spending experienced a notable 24% growth compared to 2022, primarily fueled by a significant increase in Franchise Fee, which contributed nearly INR 1,000 Cr within a year. This growth underscores the robustness of India’s franchising ecosystem, exemplified by events like the IPL, WPL and so on.
Combining cricket and emerging sports, sports celebrities earned INR 927 Cr (equivalent to $112 Mn) in 2023. This nearing of the INR 1000 Cr milestone reflects the substantial influence our stars hold over the collective consciousness of India.
2. Emergence of OTT Platforms: Over-the-Top (OTT) platforms played a pivotal role in transforming the sports consumption landscape in India, with significant growth observed in digital spends for events like the IPL and ICC Cricket World Cup.
3. Rise of Participative Sports: Participative sports have gained prominence, transcended traditional boundaries and fostering community engagement. From golf and cricket to marathon running, these sports have become integral to India’s vibrant sports culture, with an organized market exceeding INR 1000 Crores.
4. Women in Sports: The report continues to celebrate the success of Indian women athletes and cricketers, highlighting their growth and achievements on the global stage. Platforms like the Women’s Premier League have provided avenues for women cricketers to showcase their talents, paving the way for greater inclusivity and recognition.
5. Future Outlook: Looking ahead, the report anticipates the Paris Olympic Games in 2024 to be a significant event for Indian athletes, while also forecasting advancements in technology-driven training programs and the integration of Artificial Intelligence (AI) to enhance athlete performance and fan engagement.
