TV and Digital Media Rights of the Indian T20 League sold for a massive amount
Both TV and Digital Media Rights of the Indian T20 League have been sold for a hefty amount as it broke all the records of previous years. As per the sources of ESPN cricinfo, TV Rights for the Indian subcontinent, which came under Package A, has been sold for INR 57.5 crore ($US 7.37 million approx.) per match. On the other hand, Digital Media Rights for the league, which came under Package B, has been sold for the highest bid of INR 48 crore ($6.15 million approx.).
As per sources, Sony won the bid for Package A, while Viacom won the bid for Package B. Bid for both these packages was kicked off on Sunday, 12 June 2022. Package A ended at INR 57 crore while Package B was parked at INR 48 crore. Among the available four Bidders, these two big firms have come up with the highest ever bids for the upcoming cycle 2023-27.
This amount is 94.5% higher than the previous cycle of 2018-22
The combined number of INR 105.5 crore ($13.5 million approx.) has put this league alongside big sports events like the NFL and English Premier League. Even, it has been found that the total amount for the next cycle (2023-270 is 94.5% higher than the previous cycle of 2018-22.
The TV rights package for five years is worth INR 21,275 cr ($2.72 billion approx.). Combined with the Digital Media Rights, the overall number rose up to INR 39,035 crore ($5 billion approx.). This amount is 139% higher than the worth of the IPL rights in the previous cycle for INR 16,347.5 cr ($2.55 billion approx. at the time).
However, as per the rules of this league, the Package A winner has gained automatic rights to compete for Package B. They can lock horns with the highest bidder in the digital rights category for further contention. If Package A winner makes an incremental bid for Package B, then the above-mentioned figure can be revised. Hence, Sony can also win the Bid for Package B if they make a better and improved bid.
