IPL value drops for second straight year on media rights, online gaming ban

The valuation of the Indian Premier League (IPL) declined for a second straight year as the consolidation of media rights under JioStar effectively ended the bidding war and the real-money-gaming ban dealt up to a ₹2,000-crore hit.

The cricket league’s value declined 8% year-on-year to ₹76,100 crore in 2025, according to a report by consulting firm D&P Advisory. The tournament had reached a peak valuation of ₹92,500 in 2023, the report said.

The valuation of the Women’s Premier League also fell 5.6% year-on-year to ₹1,275 crore in 2025.

Mukesh Ambani-led Reliance Industries Ltd and Walt Disney merged their Indian media assets in 2024 to form JioStar. This move reduced competition in bidding for IPL’s broadcast and streaming rights, which once made IPL the world’s most lucrative cricket tournament.

“Two or three things could define the next renewal cycle of media rights,” said Santosh N, managing partner of D&P Advisory and author of the report. “One is how severe the competition is. In 2017, there was a fight between Sony, Star, and Zee. It was a multi-horse race, and there was a significant jump in media right values. There was an intense battle in 2021 between two players, and the number broke all records.”

The potential failure of the Sony and Zee merger also contributed to the less competitive environment. “If Sony and Zee merger had gone through, they would have been a formidable competitor. But on their own, they may not be serious contenders,” said Santosh.

He anticipates potential changes in the bidding process. “We might see new kinds of bidders in 2027, maybe from Big Tech firms. There will be growth, but there may be downward pressure,” he said. “We have tweaked the forecast for the growth in media rights value to 15-20% from much higher.”

The nationwide ban wiped out ₹1,500-2,000 crore in annual advertising and sponsorship from the ecosystem, creating a noticeable gap across broadcaster revenues, franchise partnerships and fan-engagement activations, according to the report.

“I don't think BCCI (Board of Control for Cricket in India) would struggle to replace real money gaming advertisers in terms of numbers,” said Santosh.

However, he said real-money gaming (RMG) sponsors brought unique value: “The RMG companies were contributing to keeping engagement for IPL high, and they were getting conversions from IPL advertising.”

In contrast, other advertisers view the IPL as just one of the many options. “Any other company coming into IPL is simply using it to advertise,” he said. “An FMCG company may want to be on YouTube, traditional TV, they have 90 other options.”

While the IPL’s fundamentals remain strong, the league has to shift from “episodic valuation spikes” to sustainable growth built on diversification, digital monetization, and potential entry of global streaming giants, the report said.

The business of cricket is no longer driven only by what happens on the pitch but equally by the platforms that deliver it and the policies that govern it, it added.