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How IPL Impact Indian Economy

Do you want to know How IPL Impact Indian Economy? If your answer is yes then this blog provides you all information regarding this.

Cricket is enjoyed by over a billion people worldwide, with Indians accounting for 90% of the total. Whoa!

With such enthusiasm, it’s difficult to be outraged about cricket being referred to as a religion by millions of Indians. You might be astonished to learn that there is a more important religion on the earth with the largest following: money, money, money, or currency!

According to sources, the BCCI (the world’s richest cricket organization) foresaw this and launched the Indian Premier League (IPL) in 2007 as a commercial version of the game. The IPL climbed to prominence swiftly, becoming cricket’s most glamorous and dramatic event. Even more noteworthy is its affiliation with the entertainment sector and corporate groups, which has boosted the cricketing carnival’s energy levels. Today, this sporting event has a huge impact on the economy, causing it to quiver uncontrollably.

IPL — Cricket’s most opulent guise?

We are a religiously diverse country that is also secular. So, while some of you may devote your time and energy to your favorite deity (player/team), non-religious fans can keep their excitement alive by following the IPL’s money trail, or the direct and indirect impact the tournament has on our economy, throughout the tournament. That doesn’t make it any less exciting than the matches themselves. To gain information, follow the procedure through to the end.

First, a quick history lesson: The Indian Premier League, often known as the IPL, is a cricket tournament that began in 2008. The tournament is called Twenty20 (T20) since it is played in a ’20-over’ format. As of now, the 14th season has already concluded in 2021, with Chennai Super Kings becoming the 14th IPL champion and winning their fourth title. The Indian Premier League (IPL) features eight teams, each of which is scheduled to play two games against each of the other teams for a total of 60 games over the course of a month and a half.

Essentially, this professional sports league is modeled after well-known UK/American leagues such as the English Premier League, NBA, Major League Baseball, and the National Football League, among others. The next hysteria is no less ferocious.

Let’s talk about statistics now, because without numbers, what is cricket? Wait a minute, we’re not going to discuss cricket scores or static statistics like run rates, most centuries, or overdone ducks; instead, we’re going to discuss some dynamic economic data.

The IPL brand is valued at $4.7 billion, according to February 2022 statistics, a 7 percent raise over the previous year.

Media rights, which account for 60% of overall revenues, are one of the company’s most important sources of revenue.

The Mumbai Indians (MI) have the highest brand value of any team in the world, with a brand worth of $79.5 million, up 13% from last year.

The real action is about to start.

During a soccer match, you might be able to estimate how many Pani Puris or Pizzas are sold. What if you don’t know? So, what kind of clever lies do guys devise to avoid working for how many hours in order to attend a sporting event? You’re unable to express yourself? So, how many memes, jokes, and social media posts do you think there will be throughout the IPL? Duh! Is this something you’re serious about?

Okay, so the cricket craze hasn’t fully taken us by surprise. We were just curious as to how much entertainment you could bring. After all, we’ll be discussing the Indian Premier League, which is a popularised form of cricket.

So, how about we take a look at some real-world economic data? There is a slew of other business activities that take place during and around the IPL championship, which range from 100s of millions to hundreds of millions of dollars per player, in addition to the billion-dollar deals signed between the BCCI, sponsors, global media houses, advertisers, and others. Money is pouring in from all corners of the globe for this cricket Kumbh. This increases the financial resources of not only the players but also the BCCI and huge corporations, as well as the government and the entire country.

(Well, we won’t let you down in any way, so near the end of the article, look for the best few memes/jokes/tweets about the IPL.)

Let’s get back to the meat of the matter.

The American yardstick has become a little too enamored with us. As a result, here’s a comparison of our players’ salaries with that of top-tier players in the US league.

Wow! Only the NBA is higher on the list than the Indian Premier League (IPL) (National Basketball Association). We were well aware, however, that our cricket/IPL players are handsomely compensated financially.

Despite the fact that cricket is not as well-known as other global sports such as football, basketball, baseball, hockey, and so on, we are solely concerned with the game’s economics, and we are not far behind.

Who has the most to gain: the BCCI, the franchises, or the players?

The BCCI collected INR 4,000 crores from the IPL 2020, according to its treasurer. This means that each cricket fan contributed a total of 40 rupees. Actually! So take satisfaction in the fact that you’re not just a bystander in the economy, but also a participant. Do you require any other proof? The Indian Premier League’s television and media rights have been purchased by Star Network for a record 2.3 billion dollars (approximately INR 16k+ crores).

Here are a few more fascinating statistics about the Indian Premier League that you may use to pique your interest or simply enjoy while watching a game.

The Tata Group has taken over as title sponsor for the 2022 and 2023 seasons of the cricketing craze, succeeding Chinese phone company Vivo. Vivo had been booked as title sponsor for the period 2021-2023, according to reports, which is why Tata would remain the principal sponsor, with Vivo following in second place and still having two years left on their contract with them.

The BCCI earlier sold global broadcasting rights (TV and digital) to Star Sports for INR 16,347.5 crore for five years (2018-2022), but the cricketing body is now mulling expanding the number of broadcasters with the other broadcasters sharing the rights in 2022. In the previous incarnation of the Indian Premier League, the deal value for media rights climbed by 1.5 times compared to the previous year. The guaranteed advertising revenues that major media corporations receive encourage this leap of faith. By the way, the IPL ad revenue for 2021 has been estimated to be INR 2,950 crores, with only television advertising accounting for a percentage of that amount.

Tickets for the 2020 and 2021 seasons were not sold due to COVID19, and no tickets were sold for the 2019 season. Despite this, the number of on-air advertisers has grown year after year, and they have been bringing in more money. Over 10 sponsors, both large and small, have signed multi-million dollar partnerships with each franchise. The growing number of digital viewers will almost certainly compensate for this shortfall. The IPL 2022 matches, on the other hand, are scheduled to have a 25% seating capacity, and ticket sales have already begun, according to the IPL website, with the initial sales taking place at 12 p.m. on March 23, 2022.

Once again, sports/cricket tourism is a complete and utter failure! This is one industry that has suffered greatly both domestically and internationally since the outbreak of the coronavirus. As a result, it isn’t relevant in this situation. On the other hand, the gradual relaxation of pandemic-related regulations may result in some tourism in 2022.

What does the government get in return?

Didn’t anyone ever say that religion was just about finding God? Deity worship, rituals, festivals, and a multitude of other activities are all part of it. Recognize that cricket, like other sports, is no longer exclusively about fitness and wellness. It’s also about having a good time, doing business, and having fun. As a result, the government of the time saw the necessity to bring IPL’s earnings inside the tax net.

Income generates taxes, and taxes provide revenue for the government. Did you know the BCCI was categorized as a charitable organization under the Income Tax Act and paid no taxes as a result? In 2012, the government revoked the BCCI’s privilege and declared the IPL a commercial entity, making it taxable. Despite the fact that BCCI has so far refused to accept it.

In September 2019, BCCI paid a little more than INR 460 crore to settle tax debts (from a previous assessment year), all while litigating with the government on the issue in the background. However, with 400 million viewers and 400 billion viewing minutes in the previous season, it is probable that it would be obliged to pay the remaining outstanding dues, which are estimated to be around INR 1300 crore. After all, taxes are an unavoidable evil that must be faced.

But, what impact does the Indian Premier League have on your and mine economies?

It’s an excellent question, but it’s a little premature. I’m delighted to explain since it will benefit my bank account, or, to put it another way, the economy. See! In essence, this is how the economy works. In our world, there are no free lunches. Furthermore, you may not like it when big companies like Royal Stag, Flipkart, and Vivo appear on your television during a thrilling match; yet, the firms have unwittingly or consciously put an imprint on your subconscious thinking about their products. You are more likely to remember the brand name if you are exposed to such displays on a regular basis. Word of mouth is how they expand their customer base. Boom! Since brand sales have surged to new heights, you may believe you have only purchased one beer to celebrate.

What about the sponsors whose logos are clearly displayed on your favorite player’s (deity) jersey, cap, or bat, or on the field and in other visible locations? They are able to raise their company’s degree of awareness and attention to the desired level.

The IPL’s enthusiasm and popularity benefit not only these buyers but also the sponsor companies. The festive mood provided by India’s national sport, cricket, as well as the overall goodwill that exists, assist other businesses and sectors. Because economic acts always have a cascading effect, this is the case. For example, if you’re a YouTuber, you may make and monetize content about cricket or the IPL. An influencer, in the eyes of social media marketers, is someone who creates the perfect meme that goes viral faster than any known disease in human history.

An uncomfortably accurate statement

Religion encompasses more than just the search for God; it also encompasses god worship, rituals, festivals, and other celebrations. Please keep this in mind and understand that cricket is about more than just health and wellness. It’s also about having fun, doing business, and having a good time.

Let’s get deeper into this. Extremes in religion, such as fanaticism and fascism, can sometimes drive followers to extremes. Cricket, like every other sport, has a negative aspect to it.

This season, let’s work together on and off the field.

Cricket is a sporting activity by definition. Sport, on the other hand, is a tumultuous experience. As a result, the emotions are low without the energizing presence of a live audience rooting for the teams. We can’t remain emotionally trapped in the pre-COVID era, and we can’t refuse to accept the realities of our modern environment. What can we do, then, to keep our energy levels high? By reading high-quality stuff like this article? Please let us know what you think! We do this because we are enthusiastic about earning more and more points from our readers.

Conclusion

Let us end on a lighter note: ‘Stay home, stay safe’ was and continues to be the pandemic age’s slogan, and if you must go out and remain outside, make sure to take adequate precautions. The IPL 2022 season will begin on March 26, 2022, and you can support MS Dhoni or AB de Villiers as long as you stay healthy till the following year! This might be your catchphrase for the coming season. Shouldn’t it be a field day for us?

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