IPL 2024 ad spends shift to digital as fans flock to streaming platforms
Brands like playR are capitalizing on the IPL's popularity. Their successful partnerships with multiple teams demonstrate the power of the league in reaching a massive and diverse audience
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This year, we see that digital ad slots on platforms like JioCinema are pricing at a premium, roughly 20-25 per cent higher than traditional television broadcasts. This signifies an increase from previous years where digital and TV were closer in cost
There is a substantial shift towards digital platform when it comes to the branding for the ongoing IPL.
As we analyse the branding and advertising dynamics of IPL 2024, it's evident that there's a substantial shift towards digital platforms, reflecting the evolving consumer media consumption habits. For example, this year, we see that digital ad slots on platforms like JioCinema are pricing at a premium, roughly 20-25 per cent higher than traditional television broadcasts. This signifies an increase from previous years where digital and TV were closer in cost.
Talking to Bizz Buzz, N Chandramouli, CEO, TRA Research (a consumer insights and brand analytics company), said, “Moreover, the sponsorship stakes have surged, with title sponsorships reaching unprecedented figures, nearly double the previous cycles, illustrating the immense value brands perceive in associating with IPL. The integration of innovative digital strategies, such as targeted and interactive advertising, are set to enhance viewer engagement more than ever before.”
According to Chandramouli, Overall, IPL continues to not only entertain but also innovate in the way brands connect with a diverse audience, making it a powerhouse of commercial opportunity that's hard to match in today's sports marketing landscape.
There are many more changes in IPL branding this year when compared to the last year.
playR, a sports and lifestyle brand, has associated with Rajasthan Royals, the inaugural champions of the T20 tournament, as the team’s official merchandising partner, the journey that started in 2023 continues for 2024 season. At the forefront of innovation, this year it has successfully partnered with five major IPL teams Kolkata Knight Riders being a new addition to its previous partnerships with Chennai Super Kings, Mumbai Indians, Rajasthan Royals and Punjab Kings, and delivering exclusive global merchandise that transcends boundaries.
iCOREts as the parent company of playR is also the sports speciality B2B and distribution business channel partner for Adidas. Its overall gross sales were valued at around Rs 18 crore in FY23.
playR is a completely bootstrapped company and organically it has achieved an astounding 100 per cent year-on-year revenue growth, soaring to Rs 36 crores in FY24. This remarkable feat underscores our commitment to excellence and the ability to thrive in a competitive market.
Ravi Kukreja, Co-founder, playR and Director, iCOREts said, “playR is a trailblazing sports and lifestyle brand that has been shaping the industry since its establishment in 2021. We are a completely bootstrapped company and organically we have achieved an astounding 100 per cent year-on-year revenue growth, soaring to Rs 36 crores in FY24. This remarkable feat underscores our commitment to excellence and the ability to thrive in a competitive market.”
Last year it had partnered with four IPL teams as their official merchandising partner. The teams include Mumbai Indians, Chennai Super Kings, Punjab Kings, and Rajasthan Royals. This partnership included merchandise like apparel, accessories, and other lifestyle products. We also introduced the cricket equipment of these IPL franchises. We were able to expand our reach to a larger audience and give fans additional chances to interact with the team and the sport thanks to these partnerships. Our mission has been to give fans access to the best sporting goods and equipment available which we successfully accomplished in 2023, he said.
This year, playR is the merchandise partner for five teams and kitting and clothing partner with Punjab Kings.
“We have been focusing on strengthening our fundamentals so far and relying on organic growth, we wish to leverage the opportunity entrusted upon us and are looking for strategic funding to take it to the next level. We aim to provide excellent customer service for everyday use,” Kukreja added.
