BCCI: The Board of Control for Cricket in India (BCCI), known as the richest cricket body globally, is said to be actively pursuing global giants Amazon.com Inc. and Alphabet Inc. (Parent company of Google) to participate in a media rights auction. The auction will determine the media rights for Team India’s bilateral series over the next five years.
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BCCI attempting to lure global giants
To ensure the participation of both global giants, the BCCI has decided to postpone the auction process for the media rights. Additionally, the cricket board is actively approaching other firms to encourage competitive bidding and secure another lucrative contract for the media rights.
As per a report, the media firms that were previously engaged in a fierce competition for the IPL media rights have not displayed significant interest this time. The lukewarm response from these firms once again underlines the challenges in generating substantial revenue through advertising in the cricketing landscape.
Ernst & Young, the organization overseeing the auctions, originally planned to complete the process by the end of August. The sale of rights for 102 matches was projected to fetch a minimum of $750 million. Notably, in 2018, the BCCI had awarded their media rights to Star India for a staggering amount of Rs 6138.10 crore ($741 million approx.) for a five-year duration.
IPL’s media right value
In the same period, the IPL has experienced a meteoric rise, with last year’s media rights auction fetching a whopping Rs 48,390 crore for a five-year term. Undoubtedly, the IPL stands as one of the most prominent sporting brands globally today.
The IPL media rights were secured by Viacom 18 Media Ltd., a company under the control of billionaire Mukesh Ambani, and Walt Disney Co. However, the report highlights that both firms have faced challenges in achieving substantial profits. Ambani’s JioCinema streamed the 2023 edition of IPL online for free, while Disney encountered difficulties in generating profits primarily due to weak advertisement revenues.
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