Cricket World Cup 2023: Get ready for a financial game-changer, as it aims to bring in Rs 2,000-Rs 2,200 cr in ad revenues. ICC World Cup 2023.”
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icc world cup 2023 revenue
The Cricket World Cup 2023, officially known as the ICC World Cup 2023, is expected to generate an incredible Rs 2,000-Rs 2,200 crore in advertising income, according to analysts.
This article delves further into the causes that contributed to this tremendous windfall as well as the techniques used to obtain such astounding results.
In stark contrast to the 2019 edition, India’s upcoming Men’s Cricket World Cup 2023 is set to surpass past records by generating a staggering Rs 2,000-Rs 2,200 crore in total commercial income across broadcast and digital channels.
Several significant variables are expected to contribute to this exponential increase.
Brokers’ Perspective
Elara Capital, a well-known brokerage firm, has expressed optimism about the event’s prospective financial outcomes.
According to their estimations, the Cricket World Cup is expected to generate approximately 20-22 billion Indian Rupees (INR) in advertising income from television and online platforms combined.
The digital landscape is about to undergo a transformation, with digital sales expected to more than quadruple from 450 crore in 2019 to 950 crore in 2023.
This is because the digital landscape is preparing for a revolution. This increase in activity can be attributed to the surge in popularity of online streaming and participation..
Television Triumph & Disney Star’s Bold Move
Television, a steady medium, is expected to contribute significantly to the revenue stream, with ad sales of Rs 1,150 crore in 2023. This is a significant rise from the Rs 900 crore earned in the 2019 edition, demonstrating the ongoing appeal of televised sports.
To maintain its competitive edge, Disney Star, the business that owns the ICC TV and digital media rights until 2023, has adopted a daring strategy.
It has stated that all matches will be free to watch on its Disney+ Hotstar app, directly competing with Reliance Industries-backed JioCinema, which introduced free IPL cricket streaming in 2023.
In addition to the digital platform, the matches will be televised on Disney Star’s network of channels..
The Advantage of OTT Opportunity
The scheduling of matches, with start times of 10:30 a.m. and 2:00 p.m. IST, is critical in increasing overall viewership of the event. According to Karan Taurani, Senior Vice President of Elara Capital, these favourable timings would be a game changer, especially for digital income.
According to Karan Taurani, the time of the event is advantageous, allowing fans to watch the initial portion of the match through over-the-top (OTT) platforms.”
With the World Cup available to all mobile users via the Disney+ Hotstar app, advertisers looking to target a mobile-savvy audience have a perfect chance..
When compared to the previous edition of the Cricket World Cup in CY19, a Compound Annual Growth Rate (CAGR) of 6% is predicted in the sphere of TV advertising.
Meanwhile, the CAGR for the digital media is expected to reach 21% when compared to 2019 levels. This growing trend reflects cricket’s solid and ongoing attractiveness as a valuable advertising platform.
FAQs
1. What is the expected ad revenue for the Cricket World Cup 2023?
- The predicted advertising revenue for the Cricket World Cup 2023 is estimated to range between Rs 2,000 crore and Rs 2,200 crore.
2. How does digital revenue compare to the 2019 edition?
- Digital revenues are expected to more than double, increasing from Rs 450 crore in 2019 to Rs 950 crore in 2023.
3. Which company holds the ICC TV and digital media rights for 2023?
- Disney Star holds the ICC TV and digital media rights until 2023.
4. What is Disney Star’s strategy to compete in the digital streaming market?
- Disney Star plans to stream all matches for free on its Disney+ Hotstar app and broadcast them on its Star network of channels.
5. How will favorable match timings impact viewership?
- Favorable match timings, starting at 10:30 am and 2:00 pm IST, are expected to enhance overall viewership.
6. What are the growth projections for TV and digital advertising?
- TV advertising is projected to grow at a 6% CAGR, while digital advertising may experience a 21% CAGR compared to 2019 levels.
Conclusion
The Cricket World Cup 2023 is likely to rewrite the advertising income rulebook, breaking new ground and reinforcing cricket’s lasting attractiveness as a marketing platform.
This edition promises to be a financial extravaganza, generating unprecedented revenues of Rs 2,000-Rs 2,200 crore thanks to creative initiatives, favourable timing, and exponential development in digital involvement.
Advertisers and cricket fans alike are looking forward to the spectacle that will be broadcast on both television and digital platforms.
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