IPL valuation dips for second consecutive year as digital overtakes TV

The Indian Premier League (IPL), long regarded as India’s most powerful media and marketing property, has entered a rare phase of correction. According to the 2025 valuation report by D&P Advisory, the IPL ecosystem’s value has declined for the second consecutive year — from ₹92,500 crore in 2023 to ₹82,700 crore in 2024, and now ₹76,100 crore in 2025, an 8% drop from last year.

In dollar terms, that’s a slide from $11.2 billion in 2023 to $8.8 billion in 2025 — the steepest two-year contraction in the league’s history.

Digital surpasses TV for the first time in IPL history

Despite the contraction in value, the IPL continues to dominate Indian entertainment, drawing over one billion viewers across TV and digital platforms in 2025.
What’s changed, however, is where audiences are watching. For the first time in IPL history, digital audiences have surpassed television viewership, signalling a long-anticipated shift in India’s media consumption hierarchy.

The report attributes this surge to regional language streaming, connected TV adoption, and interactive fan formats, which have deepened engagement among younger and mobile-first viewers.

But as eyeballs move online, so do business dynamics. With audience monetisation models still evolving, the industry is now grappling with how to turn record reach into sustainable revenue.

Two shocks reshape the IPL’s commercial core

The D&P report identifies two structural shocks responsible for the ongoing decline in ecosystem valuation:

The consolidation of media rights under JioStar (formed after the Disney Star–Viacom18 merger) has effectively ended the high-stakes bidding wars that once fuelled IPL’s rights inflation. With both TV and digital rights now under one roof, the “auction fever” that drove exponential valuation jumps has cooled, creating what analysts call a plateau in media monetisation.

The sweeping ban on Real Money Gaming (RMG) advertising and sponsorship — enforced under the Promotion & Regulation of Online Gaming Act, 2025 — has wiped out an estimated ₹1,500–2,000 crore in annual spend from the IPL ecosystem.
RMG platforms had emerged as the league’s most aggressive advertisers and sponsors, powering deals across broadcasters, franchises, and fan-engagement activations. Their abrupt exit has left a visible gap in the sponsorship landscape.

These twin developments, the report notes, “mark a reset for the league’s business model,” moving the IPL from an era of high volatility and aggressive monetisation to one of recalibration and structural discipline.

Franchises pivot to stability over speculation

With gaming and fantasy categories exiting the scene, IPL franchises are now recalibrating their sponsor portfolios toward more stable and brand-safe sectors — notably automotive, BFSI, healthcare, and consumer tech.
The shift signals a move from high-churn partnerships to long-term alliances, reflecting broader advertiser caution in India’s post-regulation era.

Santosh N, Managing Partner at D&P Advisory, said the IPL’s fundamentals remain resilient despite the near-term contraction: “The growth model is shifting. With auction-driven surges less likely, future valuations will depend on diversified sponsor bases, new monetisation models, and the entry of global tech players to restore competitive tension in rights auctions.”

He added that while “auction fever” may have subsided, innovation in format packaging and cross-platform commerce could reignite revenue momentum in coming seasons.

A tale of two leagues: WPL grows as IPL resets

While the IPL navigates maturity and correction, the Women’s Premier League (WPL) continues its ascent — albeit with early market adjustments.
The WPL ecosystem’s valuation dipped slightly from ₹1,350 crore in 2024 to ₹1,275 crore in 2025 (a 5.6% drop), largely due to the same macro headwinds affecting the IPL.

Yet, the report emphasises that the WPL’s growth story remains intact. In its third season, the league saw television ratings jump by ~150% year-on-year, with digital viewership up by 70% for the opening game. Overall TV viewership surged by 142%, making the WPL one of India’s fastest-growing broadcast properties.

Stadium attendance rose across expanded venues, and travel data indicated spikes in bookings to WPL host cities during match weeks — a sign that women’s cricket has evolved from a novelty to a mainstream sports economy.

From scale to sustainability: the decade ahead

D&P’s report paints a larger picture of Indian cricket entering a post-hypergrowth phase. The sport’s scale and reach — over a billion viewers, global fanbases, and dominant cultural presence — are now undisputed.
What’s being redefined is where value resides and how it compounds.

With rights consolidation, regulatory intervention, and shifting sponsor portfolios, the IPL is transitioning from a “growth-at-any-cost” model to one anchored in resilience and diversification.

“If the past decade was about breaking records, the next will be about building resilience,” the report concludes.

Among the growth levers identified for the coming years are:

New monetisation models — from subscription bundles to commerce integrations.

Entry of global tech giants like Netflix, Amazon, and Apple into sports rights bidding.

Data-driven fan engagement via regional content, creator tie-ins, and connected TV innovations.

Expert voices weigh in

The report also includes perspectives from prominent voices including Harsha Bhogle, Satyam Trivedi (CEO, GMR Sports), and James Howlett (Emerging Media Ventures, majority owners of Rajasthan Royals).

Bhogle highlights the IPL and WPL’s growing social and cultural influence, noting how they’ve redefined franchise loyalty and fan identity. Trivedi and Howlett reflect on the shifting sponsorship landscape, evolving ownership models, and the need for long-term identity building in a more regulated ecosystem.

The bottom line

Cricket in India has officially entered its next innings — one where attention is abundant but capital is cautious.
As digital surpasses television, and regulatory winds reshape sponsorship and media models, the IPL’s future success may no longer depend on record-breaking valuations but on sustainable, well-balanced growth.

Or as D&P’s Beyond 22 Yards aptly puts it: “Cricket is no longer just a sport; it is a platform economy shaped by audiences, technology, and policy. Those who adapt to this reality will define the next chapter not just in valuations, but in impact far beyond 22 yards.”