11 Mar 2021: Brand value of Indian Premier League slips amid COVID-19 pandemic
In a huge development, the brand value of Indian Premier League (IPL) has slipped for the first time since its inception.
According to a report by Duff & Phelps India, the cash-rich league saw its value dipped in the pandemic-hit 2020.
The value fell by 4 per cent (Rs. 45,800 crore) from Rs. 47,500 crore, largely due to exit of title sponsor VIVO.
IPL 2020: The tournament was held in the UAE
The thirteenth edition of Indian Premier League was shifted to the United Arab Emirates (UAE) amid COVID-19 pandemic.
Notably, the tournament was played across three venues behind closed doors.
Other factors that contributed to the decline in IPL brand value are additional costs involved to create a secure bio bubble, the lack of gate receipts and reduced food and beverage revenue.
Impact: IPL value declined, viewership surged
Santosh N, external advisor at Duff & Phelps India, said, "Similar to the impact on other businesses and economy, the pandemic led to a decline in the IPL ecosystem value."
"However, with people forced to spend time at home, there was an increase in IPL television viewership. The 2020 edition was a huge success for broadcasters as it broke viewership and advertising revenue records."